The Start-Up Visa (SUV) program started as a pilot program in 2013, it replaced the Entrepreneur program which was discontinued in June 2014. The SUV was designed to attract innovative foreign entrepreneurs with globally competitive business ideas that will stimulate economic growth and create employment. The pilot program was evaluated 2 years prior to when it ended in March 2018. It will evolve to become a distinct immigration class of its own.
The SUV business class now connects innovative immigrant entrepreneurs to designated entities known as Canadian angel investors groups and venture capital fund organizations who provide essential resources to these SUV entrepreneurs.
SUV Entrepreneurs + Canadian angel investors
Eligibility
You must meet the minimum eligibility criteria before you can apply for the Start-Up Visa (Start-Up Visa) class.
1) Have a qualifying business.
2) Support Letter from a designated organization
3) Language skills requirements
4) Settlement funds
Have a Qualifying Business
Having a qualifying business means the entrepreneur in addition to pitching an innovative business that can create jobs and compete on a global scale, must meet these conditions at each phase of the application process:
First Phase:
Secure the commitment and support from a designated entity or investor. The required investment is dependent on which of the entities are involved:
1) Angle investor $75,000
2) Business Incubator No minimum requirement needed. You only need to be accepted into the incubator program
3) Venture capital fund $200,000
On securing the support of these designated investors or entities, the immigrant entrepreneur must:
1) Hold at least 10% or more of the voting rights attached to all the shares of the corporation. This ratio indicates that up to 5 persons can apply as the owners of the corporation.
2) Furthermore, the applicant(s) and the designated entity must jointly hold over 50% of total voting rights attached to all shares of the corporation at the time of application.
Second Phase:
The immigrant entrepreneur is now a permanent resident at this stage, and to continue meeting the qualifying business criteria:
1) You must actively manage and coordinate the business operations from within Canada
2) Business must be incorporated in Canada
3) Key part of the business operations must happen in Canada.
Support Letter from a designated organization
You must get a letter of support from a designated organization to demonstrate their commitment to support and invest in your business idea.
The designated organization or investor that has committed to support your will also send a commitment certificate to IRCC to indicate their support for your business idea.
Both the letter of support and the commitment certificate will be used by IRCC to assess your application.
It is noteworthy that while awaiting the decision of your permanent resident application as an SUV business immigrant, you can apply for a work permit to get to Canada and start the preparatory process for establishing your business in Canada.
Language skills requirements
The lability to speak any or both official languages of Canada will facilitate efficient communication, which is vital for business success. Language ability or skill is another eligibility requirement for the Start-Up business.
You must meet the minimum Canadian Language Benchmark (CLB) level 5 in either English or French for all four areas ability areas of listening, reading, speaking and writing.
Inability to meet this language requirement will result in application refusal.
Proof of Funds / Settlement Funds
You must demonstrate that you have enough money to support and sustain yourself and your family / dependents when you arrive in Canada. You must bring enough money because new Start-Up Visa business immigrants are not eligible for financial support from the government of Canada. The amount of money needed depends on the number of your dependents.
Admissibility
If you are applying for permanent residence status under the Start-Up business visa program:
While there is no regulated minimum net worth requirement, you need to provide proof that you have enough money to finance the work which your selection was based on and support yourself and your dependents when you arrive in Canada.
Start-Up (SUV) Business Stream
The Start-Up Visa (SUV) program started as a pilot program in 2013, it replaced the Entrepreneur program which was discontinued in June 2014. The SUV was designed to attract innovative foreign entrepreneurs with globally competitive business ideas that will stimulate economic growth and create employment. The pilot program was evaluated 2 years prior to when it ended in March 2018. It will evolve to become a distinct immigration class of its own.
The SUV business class now connects innovative immigrant entrepreneurs to designated entities known as Canadian angel investors groups and venture capital fund organizations who provide essential resources to these SUV entrepreneurs.
SUV Entrepreneurs + Canadian angel investors
Eligibility
You must meet the minimum eligibility criteria before you can apply for the Start-Up Visa (Start-Up Visa) class.
Have a Qualifying Business
Having a qualifying business means the entrepreneur in addition to pitching an innovative business that can create jobs and compete on a global scale, must meet these conditions at each phase of the application process:
First Phase:
Secure the commitment and support from a designated entity or investor. The required investment is dependent on which of the entities are involved:
On securing the support of these designated investors or entities, the immigrant entrepreneur must:
Second Phase:
The immigrant entrepreneur is now a permanent resident at this stage, and to continue meeting the qualifying business criteria:
Support Letter from a designated organization
You must get a letter of support from a designated organization to demonstrate their commitment to support and invest in your business idea.
The designated organization or investor that has committed to support your will also send a commitment certificate to IRCC to indicate their support for your business idea.
Both the letter of support and the commitment certificate will be used by IRCC to assess your application.
It is noteworthy that while awaiting the decision of your permanent resident application as an SUV business immigrant, you can apply for a work permit to get to Canada and start the preparatory process for establishing your business in Canada.
Language skills requirements
The lability to speak any or both official languages of Canada will facilitate efficient communication, which is vital for business success. Language ability or skill is another eligibility requirement for the Start-Up business.
You must meet the minimum Canadian Language Benchmark (CLB) level 5 in either English or French for all four areas ability areas of listening, reading, speaking and writing.
Inability to meet this language requirement will result in application refusal.
Proof of Funds / Settlement Funds
You must demonstrate that you have enough money to support and sustain yourself and your family / dependents when you arrive in Canada. You must bring enough money because new Start-Up Visa business immigrants are not eligible for financial support from the government of Canada. The amount of money needed depends on the number of your dependents.
Admissibility
If you are applying for permanent residence status under the Start-Up business visa program:
1) You must be admissible into Canada.
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Medical, Security Checks & Other Requirement
You and your family members must:
Take and meet the medical exam requirement.
Obtain police certificate for security check.
Proof of funds
While there is no regulated minimum net worth requirement, you need to provide proof that you have enough money to finance the work which your selection was based on and support yourself and your dependents when you arrive in Canada.