Start-Up Visa Canada
The Canadian federal government warmly welcomes foreign entrepreneurs who wish to establish successful and innovative businesses in the country, making investments in the Canadian economy and contributing to job creation. The Start-Up Visa Program (SUV) is a highly sought-after business immigration program that offers a streamlined pathway to obtaining permanent residency in Canada with minimal requirements.
Start-Up Visa Program Requirements
What are the program requirements? To be eligible for the SUV program, each applicant must:
- Demonstrate the required level of proficiency in English or French (CLB level 5).
- Have a viable business concept.
- Obtain a letter of support from a designated financial institution.
- Possess sufficient funds to settle in Canada.
- Successfully complete the necessary medical checks.
- Pass a Canadian security screening.
The Start-Up Visa Program presents an excellent opportunity for entrepreneurs and their families to immigrate to Canada through a start-up venture. Up to five entrepreneurs can be included in a single application.
Permanent Residence Under the Start-Up Visa Program
The Canadian government has approved and certified three types of investor organizations and groups to participate in the Start-Up Visa Program. To receive a Letter of Support from a designated financial institution, it is essential to secure the appropriate level of investment.
- Venture Capital Funds: These authorized organizations invest in start-ups, with a minimum investment of 200,000 Canadian dollars. Since 2020, the government has approved 22 venture capital funds to invest in Start-Up Visa projects.
- Angel Investors: Angel investors provide early-stage support to start-ups. The total investment from angel investors should amount to at least 75,000 Canadian dollars. As of 2020, the government has approved 9 angel investor groups to participate in the program.
- Business Incubators: Business incubators specialize in supporting start-up projects from the initial idea stage to implementation and commercialization. Canada has authorized 29 business incubators as of 2020, which can host projects participating in the SUV program.
Business Support
Upon arrival in Canada, successful applicants under the Start-Up Visa program immediately obtain permanent residency. The process consists of two main components: the Business phase and the Immigration phase.
Rendezvous Immigration collaborates with a network of experienced business consulting experts who specialize in start-up projects. Direct collaboration is established between our partners and specifically designated entities such as venture capital funds, angel investor groups and business incubators.
Work Permit for Start-Up Participants
After receiving a letter of support key start-up participants have the opportunity to apply for a temporary work permit. This work permit allows participants to set up their business and prepare the company for operation in Canada. Key participants act as both employer and employee, and no labour market impact assessment (LMIA) is required. Additionally, family members can accompany key employees to Canada.
What happens if my start-up is not successful in Canada?
Engaging in a start-up business always involves risks, and success depends on numerous factors. As a start-up represents an innovative and unparalleled business endeavor, no one can guarantee its success. However, even if the start-up does not succeed and closes, obtaining permanent residency through the SUV program remains unaffected. All project participants and their family members will retain their Canadian permanent residency. Furthermore, after living in Canada for three years, individuals may also apply for Canadian citizenship.
Our company possess over 5 years of experience in dealing with various government and private entities involved in business affairs. We collaborate with a diverse group of experts in the field of business consulting for start-up projects. Our partners have direct connections with venture capital funds, angel investor groups, and business incubators. Moreover, our partners have extensive experience working with regulators, the Canada Revenue Agency, as well as federal, provincial, and municipal governments.
