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Canadian Start-Up Visa program is intended for immigrant entrepreneurs from around the world who have the capability of building a business that is innovative, globally competitive, and can create jobs for Canadians.
This business immigration program helps these immigrant entrepreneurs come to Canada by awarding them a Permanent Residency to satisfy all the program requirements. While waiting for their Permanent Residency, applicants can receive a temporary work permit to come to Canada and start developing the business.
Advantages of the Canadian Startup Visa Program
The Canada Startup Visa Program offers six benefits:
- Robust startup ecosystem
- Fast-track permanent residency
- Diverse and inclusive culture
- Global market access
- No age or higher educational requirement
- Provides a direct path to networking and funding opportunities
- Give access to the strategic location and vigorous trade relationships – ideal for startups
What are the eligibility criteria for the Start-Up program?
The main four points eligibility criteria of this program are:
1. Meeting the language proficiency requirements
2. Bringing in enough settlement funds to Canada
3. Obtaining a letter of support from – “A Designated Organization”
4. Building a Qualifying Business
Meeting the language proficiency requirements
You must give at least one of the approved language tests, i.e., IELTS, CELPIP-G, TEF Canada, or TCF Canada, and score a minimum of CLB 5 in:
Not being able to meet this requirement will result in the refusal of your application.
Bringing in enough settlement funds to Canada
You must show sufficient funds to settle in Canada for yourself and your dependents. The exact required amount would depend on the family size and range from $12,960 for just yourself to $34,299 for seven family members.
Obtaining a letter of support from – “A Designated Organization”
A “Designated Organization” is an approved business group that can invest in or support potential start-ups through the start-up visa program. You must convince at least one of these Designated Organizations to fund your business idea. Each type of Designated Organization has specific minimum investment requirements, and they are divided into three categories:
Designated Canadian Organizations
Venture Capital Funds
Angel Investor Groups
No minimum investment security is required.
A list of all approved organizations under these categories can be found here.
Once you can convince at least one of these organizations by contacting them and getting your business idea approved, you must obtain a letter of support from them. This “Letter of Support” must be included in your application. This letter and a commitment certificate provided by the Designated Organization will be used to assess your Start-Up Visa application.
Building a Qualifying Business
The created business should meet these conditions to be termed a “Qualifying Business”:
- When getting a commitment from the designated organization, every applicant should hold a minimum of 10% of the corporation’s voting rights at that time. The designated organization and the applicant should have more than 50% of the voting right.
- You should actively manage the business inside Canada when receiving your permanent residence. The business should also be incorporated in Canada, and you must be an essential part of its operations.
Meeting these four requirements can make you eligible to apply for this program.
What is the application fee for the Start-Up Visa Program?
The current Start-Up Visa Program fee set by the IRCC is $2,075 (Subject to Change).
Frequently Asked Questions
Is there any age limit for the startup visa in Canada?
No age limit is imposed for applying for a startup visa in Canada. Therefore, anyone can easily apply for the same without worrying about age.
Is Canada's startup visa worth it?
One of the most prominent advantages of the Startup Visa is that it offers a straight route to Canadian Permanent Residence (PR). Successful candidates become permanent residents with access to various social benefits and a high standard of living.
What is the success rate of Canada's Startup Visa?
According to IRCC, the SUV program has a more than 75% success rate overall.