Canada Startup Visa (SUV) program
Introduced as a three-year pilot, the program was made permanent in March 2018. The following are the unique features of the Canada SUV.
- The successful applicants get permanent residence. This permits them to make plans for the permanent shift with families, kids’ education, etc.
- Each startup group can have up to a maximum of five applicants. That means more co-founders, entrepreneurs, and seasoned professional can be part of the team.
- The Canada Startup visa has a special provision wherein one can move on a work permit and initiate the project’s business development while waiting for the permanent residence application to be approved.
- Indian entrepreneurs and professionals have an opportunity to invest in Canadian startups in various trial stages and become part of the country’s startup ecosystem.
- Highly flexible, the program carries no minimum education and personal net worth requirements. The Program’s primary focus is to get unique ideas to explore the opportunities offered by the country. It recognizes the fact that founders and other team members may be very young with limited means.
- The Program offers the options of Designated Canadian Incubators to applicants who cannot get an investment commitment from a Designated Angel Investor or Venture capitalist.
- “Canada is inviting international entrepreneurs interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for residents.
*To be eligible to apply to the start-up visa, applicants must have already created their business and secured commitment from a designated Canadian business Investment organization or incubator, approved by Immigration, Refugee and Citizenship Canada (IRCC). We have a strong working relationship with these organizations and can provide expert advise on how to obtain a letter of support from an Incubator or Investor.
Start-up Visa Program Requirements
- All applicants (up to 5 people can apply as owners) must each hold at least 10% of the voting rights attached to all outstanding shares of the business
- Together with the designated organization, they must hold more than 50% of the voting rights attached to all outstanding shares of the business.
- You play an active role in the ongoing management of your business while living in Canada.
- The essential operations of the business must partly take place in Canada.
- Your business is incorporated in Canada.
- Venture Capital Firms ($200,000 investment).
- Angel Investor Groups ($75,000 investment).
- Business Incubators.
You must score a minimum of Canadian Language Benchmark level 5 in speaking, reading, listening, and writing in either English or French.
Because the Canadian government doesn’t give financial support to this “investor” visa, you will have to be able to prove that you have enough money to settle yourself and your family in Canada.