Start-Up Visa For
Start-Up Visa For Entrepreneurs
Canada provides a chance for entrepreneurs with innovative business ideas that are competitive on a global scale and can create employment for Canadians to immigrate to Canada under the Start-Up Visa Program.
As a business based program, it allows either one or a group of up to five entrepreneurs working on the same project to immigrate to Canada as Permanent Residents.
Start-Up Visa Requirements
To be eligible for Canada’s Start-up Visa Program, one must meet the following minimum requirements:
- Provide a letter confirming that your business has backing from a Canadian Investor/ designated organization
- Secure the minimum required investment from the designated organization/investor
- Venture capital fund – minimum $CAN 200,000
- Angel investor – minimum $CAN 75,000
- Business incubator – no minimum investment requirement
- Have a minimum level of CLB (Canadian Language Benchmark) 5 in language skills, i.e., speaking, listening, writing, and reading (either French or English).
- Prove that you are capable of financially supporting yourself and your dependants once you’re in Canada
- Have a qualifying business
- Meet the admissibility requirements
If you plan to live in Quebec province, check Quebec’s Immigration Requirements as they assess their business immigration programs.
How To Apply For Start-Up Visa
Check Your Eligibility
The Start-Up Visa Program has business, investment, financial, and other requirements that all applicants must meet. Make sure you meet all of the requirements before you begin your application. This will save both time and money.
Get the Application Package
If you’re eligible for a Start-Up Visa, get the application package and fill out the necessary information. The package comes with an instruction manual and a document checklist to help you complete the forms as required. Once you fill out the required forms, print them out, sign them as stated and attach all the documents as per the document checklist.
Pay Your Application Fee
There are payments that you’re required to make, including the right of permanent residence fee, biometrics fee, and processing fee. Pay the fees through the provided online payment methods. Make sure it’s the exact amount required by IRCC and attach a copy of the receipt as proof of payment.
Submit Your Application
Review your application to ensure that you’ve filled all the necessary parts and provided signatures where stated. Make sure all the supporting documents are attached to your application. If everything is in order, send your complete application package to IRCC through the address provided on the instruction guide.
Provide Additional Information
During processing, IRCC will request you to provide your biometrics. They might also ask for medical exams and police certificates as per your case.
Start-Up Visa Processing Time
Applications for start-up visas are processed within 12-16 months. As you wait for your application to be processed, you can acquire a temporary work permit and work in Canada.
Start-Up Visa Checklist
- Make sure you secure an investment from a designated investor and that you meet all the other requirements
- Complete your forms as required and submit them through the correct channels
- Ensure that you attach all supporting documents, including proof of investment from approved investors/organizations
- Make all payments early to avoid delays or rejection
How We Can Help
We are dedicated to providing you with a successful outcome when you’re looking to immigrate into Canada as an entrepreneur. With our years of experience, we have acquired what it takes to navigate the intricate IRCC system.
Let us help you bring your business into Canada by assisting you in your whole application process. Our partnership with experts in the business industry and financial sectors enables us to provide entrepreneurs with the best strategies to successfully gain Start-up Visas.
Contact us to learn more about the Start-up Visa Program and how we can help you through your application process.
The SUV Program is very attractive as it:
- offers a direct path to Canadian Permanent Residency;
- allows an applicant and their family to establish a business anywhere in Canada, except Quebec; and
- there are no age limits, no minimum education levels, no minimum net worth requirements and no previous management experience requirements.
Program Overview and Eligibility Requirements
The SUV is designed for entrepreneurs with the skills and potential to build a business in Canada that is innovative, will create jobs, and can compete on a global scale. The program is designed to connect these entrepreneurs and their ideas with organizations in Canada that can assist them to realize their projects. In order to be eligible, the candidate must:
- Own a qualifying business in Canada;
- Applicants, whether alone or as a group (up to five applicants), must own more than 50%, with each applicant owning at least 10% of the shares.
- Get a letter of support from an authorized designated organization, which could include one of the following;
- Venture capital fund, or
- Angel investor group, or
- Business incubator.
- Meet the minimum language requirements of at least CLB 5 in speaking, listening, reading and writing in either English or French;
- Test results must be no older than 2 years at the time of applying.
- Bring enough money to settle in Canada with their family (under $50,000 in most cases).
Application Process and Timeline
- Seed Stage and Assessment of Eligibility
- Before charging any fees, we will collect the information required to assess the candidate's eligibility for the SUV.
- Our team will review the candidate’s background and their preliminary business idea. We will work with the candidate to fine tune the idea with the Canadian context in mind.
- Preliminary Business Plan and Creation of the Company
- We will begin the process of preparing a formal business plan, and initiate communication with designated incubators to solicit feedback and suggestions.
- A Federal Corporation will be created for your client. As Federal law requires that 25% of the Board of Directors are Canadian permanent residents or citizens, we will appoint someone to sit on the board of directors of the company until such time as your client becomes a PR.
- Letter of Support
- The complete business plan will be presented to the designated incubator. The incubator will review the proposal and upon approval, offer its support by way of an official Letter of Support.
- Submit the Application for Permanent Residence
- Launch the Start-up Business, and begin the business incubation period
- At this stage, the applicant(s) must begin investing in their company, if they haven't already. The amount will depend on their business idea but we should expect at least CA$100,000 to ensure sufficient liquidity during the company's start up phase. Please note, the business incubator may charge fees. These fees will be paid from the start-up capital of the business.
- The applicant will become a permanent resident.
- The success of the business is now in the applicant's hands, as he will be the principal driver of its growth. To date the business to the next level, he may now need to invest additional capital, or raise capital from outside.
- Our Director representative will resign from the Board of Directors.
Timelines are always difficult to predict, but within 14 to 20 months, the applicant could be a permanent resident of Canada.
Our fees are CAD$100,000 for the entire process listed above:
- CAD$20,000 once you have given us the mandate to start preparing the business concept,
- CAD$50,000 when the applicant receives his Letter of Support,
- CAD$30,000 at the time permanent residence is issued.
Our fees include:
1.Fees for the development of the business plan;
2.Professional fees related to the incorporation of the business, shareholders' agreement, tax registration, director appointments, and more as may be necessary;
3.Director's Fees (Appointed representative to sit on the board of directors);
4.Immigration representation for the PR application, and for the principal applicant's work permit application (if required).
It is important to note that the client's investment in his business is not mentioned above. The amount of investment will vary depending on the client's business idea, but we'd suggest from experience, that any business will need at least $100,000 at start-up to get off the ground.
•Communication with the Business Incubator
•Assistance in the preparation of the permanent residence application and documents collection, submission of the application and representation with IRCC
•Preparation of any additional documentation, if required by IRCC, and interview preparation, if required•
Accompaniment throughout the process of the application for permanent residence•
Professional Fees for the family’s permanent residence application, and temporary residence application for the principal applicant(s), if required
Not Included Services in Our Fees
•Business Incubator Program Fees
•Government processing fees charged in relation to the applicant’s permanent or temporary residence application
.•Professional and Government processing fees for any temporary status request for the applicant’s dependent family members (such as study permit and work permit)
•Fees related to collecting, translating or couriering any documents to Canada
•Accounting and other Expenses related to the launch of the business (to be paid with the initial investment amount)*
•Administrative appeal or any judicial processing