Canada Startup Visa in 2024- A Pathway to Growth and Prosperity

Canada Startup Visa in 2024- A Pathway to Growth and Prosperity

If you have an innovative business idea to launch in Canada, then a Canada startup visa is for you. It’s a type of Canada business visa that allows foreign entrepreneurs with scalable, unique, and viable business ideas to migrate to Canada and eventually gain permanent residency.

Canadian startup visa is a promising pathway for startup founders and entrepreneurs seeking to expand their business overseas and get benefits from the Canadian market. The motive behind the SUV is to attract the most talented and ambitious entrepreneurs who can generate job opportunities for Canadians and compete globally. The program links potential entrepreneurs with angel investors and incubators willing to support their business ventures in Canada.

Benefits of Canada startup visa program

  • The Canadian startup visa offers the right platform for talented foreign entrepreneurs seeking to move to Canada and launch their business.
  • You cannot just apply for a business visa but a work permit. This means that you can start working immediately on your business after arriving in Canada.
  • The SUV has a lower application fee compared to other business migration programs such as Self-employed Visa Canada.
  • No requirement to have started or been involved in your business before applying.
  • Priority processing upon meeting all eligibility requirements.
  • Your family can join you in Canada.
  • The program provides financial assistance to startups.

Eligibility Requirements for the SUV Program

The government of Canada has determined four significant areas where potential applicants must prove their eligibility. They are mentioned below:

  • You must have a qualifying business supported by a designated organization in Canada.
  • Each startup member has at least 10% of the corporation’s shares. A startup can have up to five members.
  • Applicants and the designated organization jointly hold over 50% of the total shares of the corporation.
  • You must acquire a Letter of Support from a Designated Organization.
  • You must pass a language test in English or French to be eligible.
  • Demonstrate sufficient funds to support you and your family in Canada.

A designated organization is a group the government approves to invest in or support potential startups. Following are the types of organizations, along with the amount they must invest in your business:

  • Designated Venture Capital Fund: At least $200,000
  • Designated Angel Investor Group: At least $75,000
  • Designated Business Incubator: You must be accepted into a Canadian business incubator program.

You can acquire support from a designated organization by presenting a detailed business plan demonstrating your business’s innovativeness and how it will boost Canada’s economy. 

Just like C-11 visa Canada, the startup visa program is LMIA exempt, meaning an applicant does not have to grow through the Labor Market Impact Assessment before having this visa.

For more information, you can contact us at 8595338595 or [email protected].

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