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The Start-Up Visa (SUV) Program in Canada is designed to attract innovative entrepreneurs from around the world who have the potential to build businesses in Canada that are innovative, can create jobs for Canadians, and can compete on a global scale. This program offers a pathway to permanent residence for eligible entrepreneurs.
What are the Eligibility Criteria?
To qualify for the Start-Up Visa Program, applicants must meet the following criteria:
- Qualifying Business:
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- Each applicant must hold 10% or more of the voting rights in the business.
- Together with the designated organization, the applicants must hold more than 50% of the total voting rights.
- If the application is successful, the business must be incorporated in Canada, and actively managed from within Canada, and a significant part of its operations must occur in Canada.
- Support from a Designated Organization:
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- Applicants must secure a letter of support from one of the designated organizations, which includes venture capital funds, angel investor groups, and business incubators.
- The designated organization must provide a commitment certificate directly to Immigration, Refugees, and Citizenship Canada (IRCC).
- Language Proficiency:
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- Applicants must meet the Canadian Language Benchmark (CLB) level 5 in English or French in all four language abilities: reading, writing, listening, and speaking.
- Language proficiency must be demonstrated through results from an approved language test.
- Proof of Funds:
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- Applicants must show they have enough money to support themselves and their dependents upon arrival in Canada. This amount varies depending on the number of family members and is updated annually.
Financial Proof Requirements (as of June 3, 2024)
- 1 person: $14,690
- 2 people: $18,288
- 3 people: $22,483
- 4 people: $27,297
- 5 people: $30,690
- 6 people: $34,917
- 7 people: $38,875
- Additional family member: $3,958 each
Application Process
- Obtain Support:
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- Contact a designated organization to pitch your business idea and secure their support. Each organization has its own application process and criteria.
- Prepare and Submit Application:
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- Once you receive a letter of support and a commitment certificate from the designated organization, prepare your application for the Start-Up Visa, including proof of language proficiency and financial stability.
- Temporary Work Permit:
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- While your application for permanent residence is being processed, you can apply for a temporary work permit to move to Canada and begin building your business.
- Review and Decision:
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- IRCC will review your application, and, if approved, you will be granted permanent residence in Canada.
What are the benefits of the Start-Up Visa Program?
- Permanent Residency:
- Successful applicants and their families receive Canadian permanent residence.
- Business Environment:
- Access to Canada’s robust economy, skilled workforce, and support for innovation and entrepreneurship.
- Global Competitiveness:
- Opportunities to expand and compete globally with the support of Canadian resources and networks.
What are the Challenges and Considerations?
- Compliance with Provincial and Federal Regulations:
- While the federal government grants study permits, provincial governments designate learning institutions and oversee educational standards.
- Monitoring and Reporting:
- Institutions must monitor and report on the enrollment status of international students to ensure compliance with study permit conditions.
- Financial Preparedness:
- Applicants must demonstrate financial stability to support themselves and their families without relying on Canadian social assistance programs.
The Start-Up Visa Program in Canada is a strategic initiative aimed at attracting talented entrepreneurs to foster innovation, create jobs, and enhance the country’s global competitiveness. By meeting the eligibility criteria and securing the necessary support, aspiring entrepreneurs can take advantage of this unique opportunity to establish their businesses and build a future in Canada.
For more detailed information and to begin your application process, you can visit the official IRCC Start-Up Visa Program page.
