Is the Start-Up Visa Program available to me?
The Start-Up Visa Program (SUVP) is a fantastic opportunity for entrepreneurs who want to start and grow their companies in Canada. The program is designed for entrepreneurs and essential team members who want to establish, work, and grow their businesses in Canada.
Eligibility Criteria:
- Do you own a qualifying business?
- Do you have sponsorship and support from a designated organization in Canada?
- Do you meet the minimum language requirement for either English or French?
- Do you have sufficient funds to settle and live in Canada?
- Have you passed immigration security and medical clearance checks?
If you answered yes to all of the above, then the SUVP may be available to you. But, before you apply, let's dive deeper into the program's requirements.
Creating Jobs and Innovation:
Under the SUVP, business owners are given permanent residence (PR) as long as Immigration Refugees and Citizenship Canada (IRCC) is satisfied that their businesses can potentially:
- Create jobs in Canada
- Be innovative within a sector or industry
- Compete on a global scale
Even if your business venture should fail after immigration to Canada, you will retain PR status.
Ownership Requirements:
To be eligible for the program, you must own a qualifying business. This means that at any point in time, you (as an owner) will need to own at least 10% of the voting rights of the business. In addition, all owners (up to five may apply together) and the designated investment organization in Canada must (at all times) collectively own at least 50% of the total voting rights.
Proving Support from a Designated Organization
As a prerequisite, you must have support from a designated organization in Canada, including proof of funding. A designated organization is a business entity that has been approved by the government to invest in or support start-ups.
These designated organizations will need to give you a letter of support, which you will then have to include in your application for PR. In addition, the designated organization must send a commitment certificate directly to IRCC outlining their support and expectations from the venture.
Proof of Funding:
You will need to show a certain level of funding, depending on whether your business has support from a venture capital firm, or angel investor group. Note that if sponsorship is obtained from a business incubator, you do not need to show proof of obtained funding.
- If sponsorship has been obtained from a designated venture capital group, CAD $200,000 in confirmed funding must be shown.
- If sponsorship has been obtained from a designated angel investor group, CAD $75,000 in confirmed funding must be shown.
Minimum Language Requirements
To be eligible for the SUVP, applicants must show at least a Canadian Language Benchmark (CLB) level of 5 in either English or French. English testing can be done through IELTS or CELPIP, while French testing can be assessed through TEF or TCF.
Medical and Security Clearance
Canada also has standard security and medical clearance checks that must take place in order to be admissible to enter the country. These checks ensure that the applicant is not a security or health risk to Canada and its citizens.
The SUVP is a great opportunity for entrepreneurs looking to start and grow their companies in Canada. If you meet the eligibility requirements and can provide proof of support from a designated organization, funding, and language proficiency, you may be able to take advantage of this program. Remember, even if your business venture fails after immigration to Canada, you will retain PR status.
Are you planning to immigrate to Canada?
As one of the leading immigration consultants in Dubai, our major objective is to provide you with all the information you need to make good decisions. We help you plan and manage your immigration to Canada so that you can finally live a prosperous life in the nation of your desires.
Given that immigration standards and laws are always changing and difficult to understand and continue, it is essential to contact Canada immigration consultants which can help you and guide you throughout the procedure. We provide expert face-to-face help to ensure that you present your best performance in front of Canadian immigration, we help customers by estimating their prospects to be obtained, preparing them for visas, and building a tailor-made immigration strategy plan for each client. So, why are you delaying? Contact us immediately!
