Start-up Visa (SUV)
The Start-Up Visa Program in Canada 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.
Eligibility Requirements:
Qualifying Business: The business must meet the ownership requirements. Up to five people can apply for the Start-Up Visa as owners of a single business, but each must hold at least 10% of the voting rights in the business, and together they must hold more than 50% of the voting rights.
Letter of Support: Applicants must secure a commitment from a designated organization (a business incubator, angel investor group, or venture capital fund) in the form of a Letter of Support. This demonstrates that the business idea is supported and has potential for success.
Language Proficiency: Applicants must meet the minimum level of Canadian Language Benchmark (CLB) 5 in English or French in all four language abilities (speaking, reading, listening, and writing).
Sufficient Funds: Proof of sufficient funds to settle and support themselves and their family members in Canada is required. The amount needed depends on the number of family members.
Security and Medical Clearances: Applicants must pass the necessary security and medical clearances.
Designated Organizations:
Venture Capital Funds: Must confirm that they are investing at least $200,000 in the qualifying business.
Angel Investor Groups: Must confirm that they are investing at least $75,000 in the qualifying business.
Business Incubators: Must accept the applicant into their business incubator program.
Application Process:
Obtain a Letter of Support from a designated organization.
Submit an application for permanent residence, including all required documents and information.
Wait for application processing, which typically takes 12 to 16 months. Applicants can apply for a temporary work permit to start building their business in Canada while their application is processed.
Program benefits:
Permanent Residence: Successful applicants and their families receive permanent residence in Canada.
Business Environment: Canada offers a strong support system for start-ups, including access to venture capital, a skilled workforce, and a high quality of life.
Additional Considerations:
The business must be actively managed from within Canada.
The business must be incorporated in Canada.
Applicants must intend to reside in a province other than Quebec