The Canada startup visa program allows founders, immigrant entrepreneurs, business owners and skilled professionals to enter the Canadian market and obtain permanent residency.
What makes Canada an attractive destination to live, work and do business?
There are ample reasons why it’s worth investing in Canada through the startup visa program:
- Canada boasts a strong and dynamic economy, always resilient to global challenges.
- Canada’s federal, provincial, and territorial corporate taxes are the lowest compared to other countries.
- Canada’s solid geographical position makes it an ideal destination to do business.
- As an entrepreneur, you will have access to a diverse workforce, paving the way for innovation and more production.
- Canada has a lower inflation rate than the US and the UK.
With low corporate tax at 15%, ease of doing business, a stable banking system, and a highly skilled workforce, Canada’s startup visa opens up tremendous opportunities for foreign entrepreneurs who wish to make it big in Canada. Moreover, the visa stream is backed by designated organizations and Canadian authorities that provide funds, mentorship, and networking with the selected entrepreneurs.
What is the startup visa program for Canada?
The Canada startup visa program allows immigrants to enter the Canadian market with innovative business ideas. One Canada Start-up visa application permits a group of five independent co-applicants, including the founder. The founder can be accompanied by four other co-applicants, experienced businesspeople or skilled Professionals.
Who is eligible to apply for Canada SUV?
The Canada startup visa program is designed for talented and innovative foreign start-up founders, entrepreneurs, and skilled professionals who can compete globally, generate job opportunities, and spur economic growth.
To be eligible for the startup visa program, you must:
- Have CLB5 in General IELTS test to prove your English language skills
- Have enough settlement funds to support your family in Canada.
- Your business idea must be backed by one of the SUV-designated organizations in Canada.
- Have good health and character record
What are the benefits of applying for the Canada SUV program?
Here are a few benefits to help you get started with the process:
- No age limits
- No minimum educational qualifications
- Minimum IELTS score only CLB5
- No minimum capital investment needed
- The principal applicant and each of their team members are permitted to apply for a three-year work permit to live, work and study in Canada. They can do so after the Canada PR visa application has been filed.
- While on the work permit, the applicant can run and manage a business or do a job besides being associated with the start-up project.
- Being on an open work permit, the spouse can also do a job, run an independent business or participate in a business being run by the applicant.
- As Canadian PR visa holders, the applicant and their family get all social and health benefits.
- Dependent children can pay the same tuition fee for higher studies as a resident.
- PR visa application is processed while the applicants are in Canada on work permits.
- Filing for a work permit is an optional and not compulsory requirement.
Getting a Letter of Support for the Startup Visa
A letter of support is a document provided by one of the designated organizations in Canada responsible for endorsing startup businesses and ideas. Also known as a Letter of Commitment, an applicant must connect with an appropriate designated body and convince them of their business idea to obtain their support. The aim of getting a letter of support regarding the SUV program is to ensure that the applicant’s business idea is worth promoting within the Canadian startup visa ecosystem.
Please note that the Letter of Support is just an entry ticket to the SUV program. It does not guarantee your Canadian PR visa under this program. Letter of Support is only a first step towards a much more extensive process. So, make sure you meet all eligibility conditions to secure your success.
Be willing to go the extra mile for your startup idea.
In evaluating an SUV application, one of the most essential aspects that Immigration, Refugees and Citizenship Canada considers is how committed an applicant is toward their startup idea in Canada.
Establishing a new business isn’t a piece of cake as it involves endless processes, obstacles, operational challenges, financial struggles, etc. As a startup visa applicant, you must show genuine willingness to put in extra effort to make your startup successful.
To succeed in the startup visa application process, the applicants must be actively involved in the business development process and take concrete steps to set up their business. The applicants need to secure a work permit to develop their business while waiting for the decision on their permanent residency application.
The candidates must submit a detailed business plan, progress report, and several documents to show the outcomes of their startup business. These documents include a certificate of incorporation, bank account statements, market research analysis reports, collaboration agreements, budgets, etc. It is critical to show the actual performance of the product you have introduced in the Canadian market to succeed under the SUV program.
What resources you can use to get a letter of support?
- Start by contacting a business immigration expert who can connect you with a VC, angel investors, and other business incubators for your startup visa process. Pitch them your business idea and see if they would be willing to offer you a letter of support.
- Next, read all immigration requirements for your startup visa. Ensure you have all critical documents for the process in advance to avoid delays.
- Finally, submit all documents and submit them with your application. Ensure you include all copies of the letter of support you obtained in the initial stages.
Permanent residency after the startup visa
Once you have received your Letter of Support, you will be eligible to apply for permanent residence in Canada under the SUV program. The processing time usually takes around 12 to 14 months.
Aside from LOS, all you have to do is fulfill the program’s criteria, including having a legal business, satisfying the language requirements of CLB 5, and showing enough settlement funds.
How can Abhinav help you to get your dream Canadian startup visa?
- With over 29 years of industry-leading experience, Abhinav Immigration helps you to apply for a Canadian startup visa, prepare your documents, get a letter of support, and apply for a work permit.
- As a team of professionals, our team will help you get matched with the best investment opportunities in Canada based on your immigration goals.
- Our experts have helped many entrepreneurs from India who wish to run their innovative businesses in Canada and get a family PR visa.
- We will review your business idea, prepare all necessary documents, draft a business plan, and provide IELTS coaching, guidance, and mentorship.