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Canada’s Start-Up Visa (SUV) allows foreign entrepreneurs to obtain permanent residence in Canada through business immigration
We wouldn’t be wrong in stating that one of the most popular visa categories among Indians, after the operator visa, is the Start-Up Visa.
The basic eligibility of Start-up visa is your business idea/concept must be Innovative, highly scalable and high revenue generating business!
Here are four requirements you need to meet in order to be eligible for a Canadian start-up visa
- Have a qualifying business:
- You must hold at least 10% of the voting rights attached to all shares of the company
- Together with the designated organization, you must hold at least 50% of the voting rights attached to all shares of the company
- Have a letter of support from a designated organization:
- Meet the language requirements:
- You must take a language test from an approved agency and show that you meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in speaking, reading, listening, and writing.
- Proof of funds:
- You will need to demonstrate that you have enough money to support yourself and any dependents once you arrive in Canada.
- https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/work-permits.html#4.2
A Simple Canada Start-Up Visa Roadmap
- Identifying or finalising the project, concept, or business that meets the criteria of the IRCC Start-up Visa Guidelines
- Approach the right business incubator as per your project for mutual benefit!
- Submit your project with the business plan, application form, and all other relevant documents.
- Wait for the business incubator to accept your application and pay their fees.
- A letter of support will be issued as per the business incubator timelines (they will also send the commitment certificate to the IRCC).
- Apply for the work permit and/or permanent residency visa.
𝐋𝐞𝐬𝐬𝐞𝐫-𝐤𝐧𝐨𝐰𝐧 𝐟𝐚𝐜𝐭𝐬 𝐚𝐛𝐨𝐮𝐭 𝐂𝐚𝐧𝐚𝐝𝐚 𝐬𝐭𝐚𝐫𝐭-𝐮𝐩 𝐯𝐢𝐬𝐚
𝟏) 𝐘𝐨𝐮 𝐰𝐢𝐥𝐥 𝐧𝐨𝐭 𝐛𝐞 𝐣𝐮𝐝𝐠𝐞𝐝 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐄𝐧𝐠𝐥𝐢𝐬𝐡 𝐩𝐫𝐨𝐟𝐢𝐜𝐢𝐞𝐧𝐜𝐲: Unlike the Express Entry process, you will not be judged on your English proficiency or given more points! The only requirement is CLB5.
𝟐) 𝐂𝐫𝐞𝐚𝐭𝐢𝐯𝐢𝐭𝐲 𝐢𝐬 𝐦𝐨𝐫𝐞 𝐢𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐭𝐡𝐚𝐧 𝐑𝐞𝐯𝐞𝐧𝐮𝐞: Unlike the ICT process, you will not be selected based on your company’s revenue, but if your idea or concept is innovative or unique, you will qualify! It’s a great feeling when talent outshines money!
3) 𝐘𝐨𝐮 𝐚𝐫𝐞 𝐧𝐨𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐫𝐚𝐧𝐤𝐢𝐧𝐠 𝐫𝐚𝐜𝐞 𝐭𝐨 𝐠𝐞𝐭 𝐚 𝐏𝐑!: Currently, other than the province entrepreneur category, this is the only visa not associated with Express Entry where you must compete with all others in the ranking system, whether owner operator, C-10, or ICT, all of which are associated with the Express Entry ranking system. You can apply for the PR after you receive a LOS from the business incubator.
𝟒) 𝐍𝐨𝐭 𝐚 𝐜𝐨𝐧𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐏𝐑: It’s not a conditional PR! However, as a startup, you need to make sure that your business is operational, and it’s important to demonstrate the growth of your business and your involvement in it. As long as you’re sincere about the progress of your business and it’s operational at the time of PR stamping.
Government Fees
The SUV application fees are as follows:
- PR: Main Applicant – PR Processing fee- ($1625) and right of permanent residence fee ($515). = 2140CAD
- PR: Spouse – Processing fee ($850) and right of permanent residence fee ($515)= 1365 CAD.
- PR: Dependent Child – $230
Business Execution Costs
- These costs will depend on the nature of the business and industry. However, be prepared to set aside at least $100,000+ per applicant to fund the operational costs of your start-up venture while waiting for your permanent residence.
Why choose Success Immigration for your Start-up Visa?
We have partnered with official partners of business incubators, enabling us to collaborate with multiple incubators based on your unique and innovative business plan. This ensures that we select the most appropriate business incubators, not only to receive a Letter of Support but also to provide a seamless PR journey for your business in the foreseeable future.
We can also assist you with the business plan if you have an innovative project idea that meets the criteria of the Business Incubator and the IRCC start-up guidelines. To assess the credibility of your idea or project, please send your pitch deck to priya@thesuccessimmigration.com
You can also fill in the details below for our experts to review and inform you if there’s any opportunity for your PR through the Business Immigration program and specify the visa category. We will call you back within 24 hours after receiving the inquiry form to discuss your opportunity in detail!