Also known as the Canada Start Up Class, the Start Up Visa (SUV) program is an immigration pathway designed to recruit talented entrepreneurs. So if you have an innovative idea and are looking to launch a business in Canada, this is the best way for you to become a permanent resident.
While this program was originally launched as a 3-year pilot, it remains in force through 2023. Through it, entrepreneurs are linked to private sector investors like:
Ultimately, the Start-Up Visa program was designed to create more job opportunities for Canadians and help boost local economies.
Essentially, this means you have to show that you have the support of an angel investor, business incubator, and venture capital fund. As such, you’ll have to keep pitching your business idea until you’re successful and get a commitment certificate and letter of support to support your visa application.
Moreover, there are some specific numbers you need to achieve. You need to secure at least $75,000 from a Canadian angel investor and at least $200,000 from one or more Canadian venture capital funds that are recognized by the government. Also, you need to be accepted into a Canadian business incubator.
This means you must have at least 10% of the company shares’ voting rights. Also, you and the designated organization must hold at least 50% of the company shares’ voting rights.
To support your visa application, you’re going to have to prove that you’re proficient in either English or French. So you’re going to have to take a test from an approved agency and get at least a Canadian Language Benchmark (CLB) level 5 in writing, listening, speaking, and reading English/French.
To be eligible for a Start-Up Visa, you’ll have to prove that you have enough money to support yourself and your family when you move to Canada. The exact amount of money you’ll need will depend on the size of your family – the more family members you have, the more money you’ll need. Another thing you have to keep in mind is that the funds you need to be easily available and transferable.
If you’re thinking of moving to Canada, we have some good news for you – there are several ways you can become a permanent resident. Five of them are:
The first thing you need to do when applying for this program is to fill out the Generic Application Form for Canada. Once you’re done, click the validate button on the form to ensure that you’ve filled all the required fields. Afterward, print the form, ensuring that the barcode is included. Finally, sign and date the form.
Once you’re done with your application form, it’s time to check the document checklist and gather all the documents listed in it – arrange them in the order listed. Afterward, put all these documents in a sealed envelope, print the checklist, and sign it. This checklist will serve as the cover page of your application.
The fees you’ll have to pay for your Start-Up Visa application include:
After ensuring that your application is complete and signed, include your receipts with your documents and place them in a 9” by 12” envelope. Once you’re done, write “start-up visa” on the outside of the envelope and mail it to Immigration, Refugees, and Citizenship Canada (IRCC).
If you have a viable business idea, it usually takes 4 to 6 months to get a letter of support or commitment certificate from a designated organization. And once you apply for your start-up visa, it takes 12 to 16 months to be processed.
If you’re looking for a temporary solution as you figure out your start-up visa application situation, you can apply for a short-term work permit. This is only possible if you have a commitment certificate though – a designated organization must support your request. Ultimately, this is a viable way to get started on your business as you work on your visa status.
Interestingly, there can be more than one visa application under the same business. But in such cases, the designated organization can make their commitment conditional upon one or more “essential people” obtaining permanent residence. These are people who the designated organization deemed essential to the running of the business.
As such, if the permanent residence application of an essential person is rejected, those of all the other people included in the commitment certificate will also be rejected. It doesn’t matter what the reason for the rejection is.
If for some reason your start-up fails after you have settled in Canada, don’t worry – you will still retain your status as a permanent resident.