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Wed Mar

The PR path for Innovative Entrepreneurs – The Start-up Visa

Are you an entrepreneur or business owner that is interested in immigrating to Canada and starting a business? If yes, Canada’s Startup Visa Program is the best choice for you.

Canada’s Startup Visa, also referred to as the SUV program, is a fast-track immigration pathway that aims to target entrepreneurs from all across the world who wish to start a business in Canada and give them the support and capital that is needed for the success of the business.

SUV provides opportunities for ingenious entrepreneurs to receive funding from private sector investors in Canada.

The process is fast-tracked, many applications are processed in weeks, with the Canadian Entrepreneur Visa providing permanent resident status, the candidate has a set pathway leading to Canadian citizenship. The candidate initially moves to Canada on a Temporary Work permit, then goes on to qualify for Canadian Permanent Residence once their business in Canada is fully operational.

In return, the Canadian government wants these businesses to be innovative, create new jobs for Canadians, and add value to the country’s economy.

In this article, we will include everything you need to know about the SUV program, including a detailed outline of the application process.

Outline of the application process:

Given below is an outline of how Canada’s Startup Visa works:

Step 1Drafting a Successful Business Plan  1-2 months
Step 2Receiving a Letter of Support  6-10 months
Step 3Permanent Residence Application8-12 months

 

What are the eligibility requirements to qualify for SUV?

1.    Getting the Business Supported by a Designated Investor:

  • The first step to qualify for an SUV is to find a designated investor (Canadian angel investor group, business incubator, or venture capital fund) that will invest in the business.
  • Each investor organization has its own requirements and processes to get approved for funding.
  • After a candidate submits the business proposal, the investor organization either approves or rejects the business idea. If the business idea gets approved, the candidate receives a letter of support and a Commitment Certificate. The organization submits the latter to the IRCC and it contains the details of the agreement signed between the designated organization and the candidate.
  • What is Syndication: In case a candidate receives funding from more than one investor group, it is called syndication. Here, all the investor organizations funding the business will provide a joint Commitment Certificate.

What is an Angel Investor Group?

An Angel Invest Group is one of the three types of organizations that fund/support an applicant’s SUV application. For providing funding, in return, most of these groups ask for ownership equity in the business.

  • Minimum funding the candidate must secure for the business:
Amount of funding required:Type of Organization:
200,000 CADA Canadian VC
75,000 CADAngel Investor Organization
0 CADCanadian Business Incubator program
  • Education Requirements:

Candidates must complete a minimum of one year of study at a post-secondary institution approved by the IRCC. Supporting documents include:

  • Transcripts
  • A Letter of recommendation from the Institute the candidate graduated from
  • Additional Certificates to prove candidate’s education level or competence
  • Security and Medical Clearances:

Candidates (along with their families) must undergo a security clearance along with a medical examination. The IRCC holds checks in order to determine if the candidate poses a security threat to the safety of the country, or has a severe health condition that puts a burden on the Canadian healthcare system.

  • Meeting the Language Requirements set by IRCC:

Candidates must have proficiency in English, French, or both. The candidate must pass a language test from an IRCC approved agency and meet the minimum language requirements.

IELTS has two options for the reading and writing tests: “General Training” and “Academic.” You must take the “General Training” option.

For FRENCH:

  1. TEF Canada: Test d’évaluation de français

The candidate must submit results from the following TEF Canada tests as proof of the French language proficiency:

  • compréhension de l’écrit
  • compréhension de l’oral
  • expression écrite
  • expression orale
  1. TCF Canada : Test de connaissance du français

The candidate must submit results from the following TCF Canada tests as proof of the French language proficiency:

  • compréhension de l’écrit
  • compréhension de l’oral
  • expression écrite
  • expression orale

6.    Show Proof of Having Enough Funds to Settle in Canada:

  • Candidates must have sufficient funds to settle down in Canada and support their family/spouse to immigrate. The funds required depend on the size of the family estimates given in the table below (Source: IRCC)
  • It is advised that the candidate have as many funds as possible at hand when they immigrate to Canada as a new business does not break even overnight.
  • The candidate needs to notify a Border Services and Agency (CBSA) officer upon entry if they have more than 10,000 CAD in possession at the time of entering Canada.
Size of applicants family:Minimum funds required to settle in Canada (Values in CAD)
113,213
216,449
320,222
424,553
527,847  
For every additional member3,560

Application costs and process explained:

If the candidate meets all of the above eligibility criteria, they can proceed to the next step and apply for Canadian Permanent Residence. The steps of the application process are given below:

  1. Drafting a Successful Business Plan:

The candidate needs to put together a successful business plan along with supporting documents to submit it to the angel investor organization.

  • Receiving the Letter of Support:

After the investing organization approves the business plan, they will provide the candidate a Letter of Support to the candidate and a Commitment Certificate to the IRCC.

  • Submitting the Permanent Resident Application

After all of the above has been done, the candidate applies for PR along with supporting documents that include the Letter of Support. The IRCC then analyses the application and either accepts or rejects it.

List of Documents required along with PR application: (Source: IRCC)

  1. Detailed CV of the applicant
  2. Draft of the Business Proposal
  3. Digital copy of Applicant’s Passport or Travel Document accepted by the IRCC
  4. Letter of Support from a designated investor organization in Canada
  5. Birth certificate
  6. If married, a copy of the applicant’s Marriage Certificate
  7. Police Clearance Record from applicant’s country of origin and current residence
  8. Language Test Results from an agency approved by the IRCC
  9. Medical Examination Confirmation from a certified health institution approved by the IRCC
  10. A recent Bank Statement covering at least six months
  11. Reference letter from applicant’s bank

All documents need to be legally translated to English or French and certified or apostilled from the corresponding country.

Breakdown of Application Costs (Source: IRCC)

Application FeeFunds required: (Values in CAD)
For main applicant2,075
For spouse (of applicant)1,325
For Dependent Child225
Legal FeesDepends on RCIC (this payment is usually done in US $)

Canada’s Startup Visa is one of the best options to immigrate to Canada as the Permanent residence granted for entrepreneurs and their family also functions as a work permit which accelerates their pathway towards a Canadian Citizenship.

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