In 2013, Canada launched a pilot Start-up Residency Program to attract foreign professionals to come and advance business in Canada. By providing a start-up visa, qualified individuals with a solid business plan can move to Canada and work with their investors to launch their businesses. This initiative aims to attract professional talent from around the world instead of just raw investment. Through the Start-up Residency Program, Canada not only offers a welcoming environment for immigrant entrepreneurs but also positions itself as a global hub for innovation and entrepreneurship.
Those who apply for the Canadian SUV can apply for an early work permit that allows applicants who have a secure source of income to live in Canada, outside of Quebec, and begin working on their startup. An applicant’s family can also be eligible for work or study permits so the family can reside together.
Residents enjoy many of the benefits of citizenship like public healthcare, subsidized education, and other social services. Being a permanent resident through a Canadian SUV also requires you to register to pay taxes and get a social security number.
If a qualified permanent resident lives in Canada for 1,095 days out of their 5 years there, they can apply for full Canadian citizenship. This grants them the ability to vote and take higher government positions.
Canada is the second largest country in the world known for its large vast of natural resources. Canada is now shifting its economy towards innovation and wants talent from around the world to bring innovative businesses. Thanks to its wealth of natural resources, Canadians have a high standard of living, which attracts top talent from around the world as well as investors who see a healthy environment for startups.
The requirements for applicants are straightforward for a Canadian startup visa.
The Canadian government will not be providing financial assistance to investment visa residents. The resident is responsible for providing proof of funds they can use when arriving in Canada.
To qualify for a startup visa in Canada, the business must be innovative, employ Canadians, and be scalable globally.
Immigration, Refugees and Citizenship Canada (IRCC) needs a letter
your business idea or venture must get the support of one or more of the designated venture capital funds, angel investor groups, or Business incubators. Venture capital funds need to agree to invest more than CAD $200,000, an angel investor must give at least CAD $75,000 in order to qualify. If an organization chooses to support your business idea, they will give you a Letter of Support, validating your business idea.
In order to qualify for a Canadian startup visa, each applicant from the startup must hold 10% or more of the total voting rights, and applicants in the designated organization together must hold more than 50% of the total voting rights.
Many startups fail. That does not mean you will lose your Canadian Startup Visa if the startup goes under. There are already strict standards for getting approval from investors so as long as the business acted within the law and stipulations, residency in Canada will not be revoked.
The best way to get a letter of support for a Canadian Startup Visa is to get professional help in the application process. Experienced professional agencies can give you the written framework needed to make a proper proposal to increase your chances of receiving funding in a very competitive field.
There are many parts of the application for a startup visa in Canada that require diligent work. After creating a proposal for your startup in Canada, it needs to be approved by investors, receive a letter of support, and then be approved by the Canadian government. Hiring a consulting agency can fill any gaps you have in presenting your business to venture capitalists and investors, as well as in the application process.
A Canadian Startup Visa, a Canadian SUV, is a permanent residency status given to those who open a qualified startup in Canada. The startup visa program aims to attract worldwide talent, create jobs for Canadians, as well as make Canada more competitive in the global market. Startups that receive formal support from approved investors can move on in their application process which can take up to 3 years.
Entrepreneurs from any nationality can apply for a Canadian SUV. The startup visa program was created to attract new businesses that would be innovative, employ Canadians, as well as be globally scalable. Business proposals must be backed with a letter of support from an approved investor, which states that they will invest at least the minimum funds needed for the startup. Applicants for the Canadian SUV must each hold at least 10% of voting power in the application and collectively hold at least 50% of voting rights in the organization. Each applicant is required to have a level 5 English or French language mastery, personal funds to support themselves, and proper work experience.
