Start-Up Visa Program

Overview

The Federal Start-Up Visa Program (SUV) is designed to attract innovative entrepreneurs from around the world who have the potential to build businesses in Canada that are innovative, can create jobs for Canadians, and can compete on a global scale. This program provides a pathway to permanent residence for eligible entrepreneurs.

Key Features of SUV

• Innovation and Job Creation: The program targets entrepreneurs with business ideas that are innovative, have the potential to create jobs for Canadians, and can compete globally.
• Permanent Residence: Successful applicants and their families are granted permanent residence, allowing them to live and work in Canada.
• Support from Designated Organizations: Entrepreneurs must secure a commitment from a designated organization in the form of a letter of support. These organizations include venture capital funds, angel investor groups, and business incubators.

Eligibility Criteria

To qualify for the Start-Up Visa Program, candidates must meet the following criteria:

1. Qualifying Business

   • The business must be incorporated and carry on business in Canada at the time of obtaining permanent residence.
   • Each applicant must hold at least 10% of the voting rights in the business.
   • Up to five applicants can apply as owners, but the designated organization and the applicants must jointly hold more than 50% of the total voting rights in the business.

2. Letter of Support from a Designated Organization

   • Applicants must secure a commitment from a designated organization. This can be:
     • A designated venture capital fund agreeing to invest a minimum of $200,000 CAD.
     • A designated angel investor group agreeing to invest a minimum of $75,000 CAD.
     • A designated business incubator accepting the applicant into its business incubator program.

3. Language Proficiency

   • Candidates must meet the minimum language requirements in English or French (CLB 5 in speaking, reading, writing, and listening).

4. Proof of Funds

   • Applicants must demonstrate that they have sufficient funds to support themselves and their family members after they arrive in Canada. The amount required varies depending on the size of the family.

Application Process

1. Secure a Letter of Support

   • Connect with designated organizations to pitch your business idea and secure their support. This includes venture capital funds, angel investor groups, and business incubators.

2. Prepare Your Application

   • Gather all necessary documents, including the letter of support, proof of language proficiency, and proof of funds.

3. Submit Your Application

   • Submit your application for permanent residence to Immigration, Refugees and Citizenship Canada (IRCC) along with all required documents and fees.

4. Work Permit Option

   • While waiting for your permanent residence application to be processed, you may be eligible to apply for a temporary work permit to start building your business in Canada.

Benefits of the SUV Program

• Permanent Residence: Successful applicants and their families can become permanent residents of Canada.
• Support for Entrepreneurs: The program provides access to funding and mentorship from designated organizations.
• Pathway to Innovation: Entrepreneurs can establish and grow their innovative businesses in a supportive environment.

Recent Updates

• The SUV program has been continually evolving to accommodate the needs of innovative entrepreneurs and to ensure the success of businesses in Canada.
• As of 2024, additional support measures and streamlined processes are being introduced to enhance the success rate of applicants and their businesses.

Useful Resources

• IRCC Start-Up Visa Program: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa.html
• Designated Organizations List: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/designated-organizations.html
• Language Testing: https://www.canada.ca/en/immigration-refugees-citizenship/services/study-canada/language-testing.html
• Proof of Funds: https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/proof-funds.html

How GEMS Can Assist

At Global Expert Migration Strategies (GEMS), we provide expert guidance on navigating the Start-Up Visa Program. Our consultants are knowledgeable about the latest updates and requirements, ensuring that your application is tailored to maximize your chances of success.