Startup Visa Program
Startup Visa For Entrepreneurs
What is Startup Visa?
Canada’s Startup Visa (SUV) Program was developed by Immigration Business Canada, and it is meant to attract foreign innovative entrepreneurs, who are willing to establish new, high-growth businesses in Canada and support innovation and job creation.
Canada Startup Visa Eligibility
To be eligible for the Startup Visa under this stream, entrepreneurs must be accepted into a program offered by a designated Canadian business incubator.
An entrepreneur interested in attending a business incubation program offered by a designated Canadian incubator is expected to be prepared to go through an application process and a stringent selection by the designated organization.
An applicant should submit exhaustive information about their proposed Canadian business venture. The application package should consist of a business plan and all other relevant information which will substantiate the viability of intended Canadian business.
The business that applies for startup visa Canada must demonstrate financial and marketing viability to contribute to Canadian economic development and substantiate market/consumer interest in their products or services.
Is There A Language Requirement?
Entrepreneurs applying for startup visa must know English or French on a sufficient communication level. Entrepreneurs applying for permanent residence usually need to have pertinent education, experience, and expertise to ensure a success of the proposed business venture.
Applicants under a Startup Visa Program may apply as a single entrepreneur as well as a group of entrepreneurs of up to 5 people for one proposed business project.
Do I Qualify For Startup Visa? What Are The Requirements?
In order to qualify for Canada’s Startup Visa Program, the Applicant should have one of the following:
- A letter of support from a Canadian investor (a designated angel investor group, a venture capital fund or a business incubator)
- Meet the ownership requirements for the qualifying business
- Get scores of at least 5 for each language skill: reading, writing, listening and speaking according to Canadian Language Benchmark (CLB) for either English or French
- Prove availability of sufficient funds to settle in Canada and provide for the cost of living prior to earning an income
There is a minimum investment requirement (CAD 200,000 for a venture capital fund, and CAD 75,000 for a designated angel investor group). The minimum investment requirement does not apply to incubators.
Business Incubation Program application process starts with a review of the application forms. If initial review of the application is successful, the applicant is invited for a thorough and exhaustive interview with the specialists of the Incubator.
In case of a successful outcome of the interview, the Applicant will receive a formal letter of acceptance to the Business Incubation Program.
Our Firm has partnered with highly qualified business and financial experts in order to assist foreign entrepreneurs with preparation of an Application to a Canadian business incubator.
Startup Visa Service
- Evaluation of the proposed Canadian business venture or business idea
- Preparation/ review of a Business Plan
- Assistance in compiling the Application package to a Business Incubator; coaching and formal support
- Assistance with selection of a Business Incubator
- Preparation for an interview with the selection committee of a Business Incubator
Stages Of Admission Process to Startup Visa Program
Upon successful interview with the Incubator, an Applicant is required to complete a two-week program.
Upon successful graduation from the Business Incubator, an Applicant for a Startup Visa will go through the following process:
- Applicants will receive a Certificate of Completion of the Business Incubator program
- Then they will Receive a Support Letter from the Incubator
- Then they will need to prepare an Application for the Permanent Resident visa for the entire immediate family of the Applicant
- Finally, the applicants will receive Canadian Permanent Resident visa/visas for family members
Check Processing Time For Your Startup Visa
Once you found out that you are eligible for the program and you have applied, you can find out the processing time of your startup visa on Immigration Canada website.
Jane Katkova & Associates is an immigration consultant located in Toronto, Ontario.
We are helping dozens of new applicants to process immigration applications every month. If you need assistance, please contact us for a consultation.