Canada Startup Visa Program offers Canadian permanent residence to qualified immigrant entrepreneurs with the skills, potential and capability to build businesses in Canada that are innovative, can create jobs for Canadians and can compete on a global scale. The program targets innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up business. It is officially known as the Canada Start Up Class. But it is largely referred to as the Start-Up Visa program (SUV).
Under the Canada Startup Visa Program immigrants can initially come to Canada on a work permit supported by their designated Canada-based investor, before qualifying for permanent residence once their business is up and running.
There are three types of private-sector investor:
- Angel investor
- Venture capital fund
- Business incubator
In order to qualify for the Canada Startup Visa Program, you must meet these four eligibility requirements, as well as the admissibility requirements to enter Canada.
The basic candidate eligibility requirements for the Start-Up Visa are:
- A qualifying business
- A letter of support from a designated entity
- Meeting the language requirements, and
- Sufficient available and transferable funds to settle in Canada before you make money from your business
Qualifying Business
A qualifying business under Canada Startup Visa Program would be defined as a business that meets the following conditions:
- You should hold 10% or more of the voting rights attached to all shares of the corporation at the designated organization. Along with the designated organization and you should jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time
- When you receive your permanent residence you should provide active and ongoing management of this business from within Canada, an essential part of the operations of the business should happen in Canada and this business should be incorporated in Canada.
Letter of support from a designated organization
To qualify for the Canada Startup Visa Program you must get a letter of support from the designated organization. This would mean that the business group should be approved to invest in or support possible start-ups by the Canadian government. When you reach an agreement with a designated organization, it will send you a letter of support. You need to include this letter when you submit your application.
Meet the language requirements
The ability to communicate and work in English, French or both languages will help your business succeed in Canada. To qualify for the Canada Startup Visa Program you must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in speaking, reading, listening and writing.
Bring sufficient funds to settle
When you apply for Canada Startup Visa Program, you will be required to give proof that you have enough money to support yourself and your dependents once you arrive in Canada. This required amount depends on the size of your family. The amount is updated each year.