Start-Up Visa Program: Business Immigration for Innovators

Canada has established itself as one of the most attractive destinations for entrepreneurs looking to expand their horizons and establish innovative businesses. The Start-Up Visa Program (SUV) is a Canadian government initiative that offers foreign entrepreneurs the opportunity to obtain permanent residency by launching an innovative company in the country. A separate article discussing entrepreneur programs in Québec is available here.

What is the Start-Up Visa Program (SUV) ?

The SUV is designed to attract entrepreneurs with innovative business ideas that can compete globally and generate employment in Canada. Unlike other business immigration programs, the SUV does not require a minimum direct investment from the applicant. Instead, it focuses on obtaining a letter of support from a Canadian designated organization, such as business incubators, venture capital funds, or angel investor groups.

Requirements

To be eligible for the SUV, applicants must meet the following criteria:

• Eligible Business: Each applicant must own at least 10% of the voting rights of the business. In addition, applicants and the designated organization must jointly own more than 50% of the voting rights.

• Letter of Support: Obtain a letter of support from a designated organization that endorses the business idea.

• Language Requirements: Demonstrate proficiency in English or French with a minimum level of CLB 5.

• Settlement Funds: Prove that sufficient funds are available to settle in Canada, the amount of which varies according to family size.

Program Benefits

• Permanent Residency: Direct access to permanent residency for the applicant and his or her family.

• Business Support: Access to networks of incubators and mentors that facilitate business growth.

• Geographical Flexibility: Possibility of establishing the business in any Canadian province, except Quebec.

• No Prior Business Experience Requirements: The program does not require prior business experience

Application Process

1. Develop the Business Idea: Create an innovative and viable business plan.

2. Getting Support from a Designated Organization: Pitch the idea to a designated organization and get their letter of support.

3. Prepare Documentation: Gather all necessary documents, including proof of funds and language test scores.

4. Submit Application: Submit the application for permanent residence to the Canadian government.

5. Temporary Work Permit (Optional): Apply for a temporary work permit while the permanent residence application is being processed.

Final Thoughts

The Start-Up Visa Program represents a unique opportunity for entrepreneurs who want to bring their innovative ideas to a favorable environment such as the Canadian one. With the right backing and meticulous planning, it is possible to establish a successful business and obtain permanent residency in Canada.

At Wexcan, we offer legal advice to find the best immigration pathway according to your profile. Our team works with business specialists who will accompany you, and help you choose the best option.

🔍References :

Canada.ca/Start-up visa program

Canada.ca/Start-up eligibility

Canadian designated organizations

None of our posts on this blog constitute legal advice. For legal advice, we invite you to schedule a meeting here.