Canada Start-Up Visa (SUV)
Entrepreneurs can immigrate to Canada through the Start-Up visa program to start a new business. The Canada Start-up Visa program seeks immigrant business people with the knowledge and ability to create innovative companies and new businesses that can compete globally and provide jobs for their citizens.
The main criteria for obtaining a start-up in Canada:
To be eligible for a Canadian entry visa, you must meet the following four criteria:
1. Own an authorized business
In order to qualify, the applicant must hold 10% or more of the overall voting power of the business. Along with the specified organization, the applicant must also have at least 50% of the voting rights attached to all of the Company's shares.
2. An endorsement letter from the chosen organization
A venture capital fund, angel investor group, or company incubator must attest to their support for you. So, the applicant must pitch his business concept to accomplish this and persuade the organization that it merits backing. For each organization, there will be a distinct procedure for presenting your business proposal. If your pitch is accepted, the organization will provide you with a letter of support, which you must submit with your start-up visa application.
3. Language prerequisites
Each applicant must be able to communicate in either English or French at least at the level of the Canadian Language Benchmark (CLB) 5 by passing a language exam administered by a recognized agency.
4. Evidence of funding
Once in Canada, the applicant must demonstrate that they will be able to support themselves and any dependents. the required quantity will vary based on the size of the family.
Businesses eligible for a start-up visa
In order to be eligible, the applicant must show (via a commitment certificate and a letter of support) that your company is supported by a particular group. These documents are essential to the startup visa application since they contain crucial information about the applicant's contract with one or more reputable firms. Contrary to investor programs run by the federal and provincial governments, which require candidates to contribute their own funds, there would be no such obligation for candidates.
As established by the Canadian government, those who qualify must instead raise a minimum of $200,000 from a Canadian venture capital fund or $75,000 from a Canadian angel investor. If the application gets accepted into a recognized Canadian business incubator, no financial commitment is necessary.
List of designated organizations
The steps necessary to submit an application for a start-up visa are as follows:
1. Complete the application form;
- Complete the Canada General Application Form.
- Click the "Validate" button and confirm that all of the fields are filled in.
- After Printing the application form that has been verified complete the date and sign the form, and be careful to include the barcode page.
2. Finish the document checklist;
- assemble all the documents given on the document checklist in the sequence that is indicated. Then, put all the necessary paperwork in a sealed envelope.
- After signing the document, Include the document checklist as the application's cover page.
3. Make application fees payment;
- The application fee covers the processing of your application and everyone on it, including; Right of permanent residence fee, Third-party costs, such as those related to language testing, police records, and medical exams, and Biometric charges
4. Submit your application
- Verify that the preceding step was carried out exactly before submitting the application. Finally, place all documentation in a 9" x 12" envelope, label it "startup visa," and send it to the designated location.
Note: Currently, the start-up visa takes between 12 and 16 months to process