Canada startup visa (SUV) program
Canada provides interesting programs for entrepreneurs who already have innovative businesses or ideas.
No matter, in which field your idea is defined, if you think, your idea will make a profit for Canada, we are dead sure the Canadian government will support you.
Many people don’t know about the process of exporting their idea to Canada as a start-up owner and how easy is this process. In the following, CansultHub experts thought instead of you as an entrepreneur and provide all you need to know for moving to Canada as the start-up owner.
SUV Launch-Setup Procedure
Launch-Setup is one of the services provided in the CansultHub Startup & Innovation department that is covering a wide range of clients who are entrepreneurs (including founders, co-founders, investors, and local or international students). Regarding the SUV program, the procedure of incubating a startup project is divided into the below categories:
CansultHub Launch-Setup Services
Revision:
- Idea Assessment and Review
- Idea Pre-Validation (Concept Approval & Technology Formulation)
- Idea Polishing and Finalization (Proof of Functionality)
Development:
After revision step, we polish and finalize your idea with our experts:
- Explore the Business Topic (Conducting the Market and Customer Research)
- Team Arrangement
- Business Incorporation
- Prepare the material for selected business incubators with our experts and dedicated team including the application, proposal, business plan, company playbook, pitch deck, and executive summary.
- Follow on the LOS (Letter of Support)
- Start the TRV/Work Permit and PR Processes
- Create the Product Road Map(s)
- Supervise and support the team during the training program and build the prototype/MVP
- Conduct the Prototype Testing Phase
- Create the Product Landing Page
- Launch the MVP
- Write/ Revise the Business Plan
- Run the Business Plan
- Business Development (Further Service Including Fundraising, and Networking)
What is the SUV program?
Canada startup visa is the program that provides for foreign entrepreneurs who intend to bring their business ideas to Canada. These ideas should be new, innovative, have high-growth potential to establish in Canada with the ability to create jobs for Canadians(Permanent Residents and Citizens), to move forward to the next scale and compete in the global Market. Entrepreneurs just need to get approval from one of the designated organization by CIC.
Designated organizations for SUV Program
Getting proof of support from one of the designated organizations is the most important step in the process of applying for Canada start-up visa.
By submitting an application and uploading required materials you will be approved by commitment certificate and letter of support (LOS) provided to you that is concluded to TRV/ work permit and Permanent Residency status respectively.
A business idea or venture must get the support of one or more of the designated organizations listed below:
Canada start-up visa requirements
To be eligible for the Start-up Visa Program, you must:
1. Have a qualifying business
- At the time you get a commitment from a designated organization Each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners)
- AND
- Applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time
- At the time you receive your permanent residence:
- You provide active and ongoing management of this business from within Canada
- An essential part of the operations of the business happens in Canada
- This business is incorporated in Canada
2. Get a letter of support from a designated organization
You must get a letter of support from a designated organization (a business group that has approved to invest in or support feasible start-ups).
You’ll need to:
- Contact the designated organization to find out how to get its support
- Convince the organization that you have a business idea that is worth supporting
- Get a letter of support from the designated organization
The process to pitch your idea is different for each organization. Each organization has its own requirements. For example, you may be asked to present your business concept in person or submit a detailed business plan.
If 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 to CIC. This is the proof you need to show that the venture capital fund, angel investor group, or business incubator is supporting your business idea.
The organization will also send a commitment certificate directly to CIC. They’ll use both your letter of support and the organization’s commitment certificate to assess your application. Please note, they may ask you for more business information in order to take a final decision on your application.
If you don’t include the letter of support or meet any of the other requirements, they’ll refuse your application.
3. Meet the language requirements
The ability to communicate and work in English, French or both languages will help your business succeed in Canada.
You must take a language test from an approved agency and include the results with your application, or CIC won’t process it.
You must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in either English or French in all of these four areas:
- Speaking
- Reading
- Writing
- Listening
Use your test results to find your CLB level. If you don’t meet the minimum language skills, CIC will refuse your application.
4. Bring enough money to settle
The Government of Canada does not give financial support to new start-up visa immigrants. When you apply, you’ll need to give proof that you have the money to support yourself and your dependents after you arrive in Canada. You can’t borrow this money from another person. The amount you need depends on the size of your family. CIC update these amounts every year.
| Number of Family Members | Fund Required (in CAD) |
|---|---|
|
1 |
$ 13,310 |
|
2 |
$ 16,570 |
|
3 |
$ 20,371 |
|
4 |
$ 24,733 |
|
5 |
$ 28,052 |
|
6 |
$ 31,638 |
|
7 |
$ 35,224 |
|
For each additional family member |
$ 3,586 |
Processing time of Canada start-up visa program
Meantime there is not an accurate time for processing Canada Startup Visa program and it may take up to 2 years between getting the approval from one of the designated organizations to be the Permanent Resident of Canada which will be decreased in near future based on the CIC announcement. After getting an approval from a designated organization (Letter of Support), the applicant and his team based on their roles(founder, co-founder or investors) need to:
- Apply for TRV/Work-permit
- Provide reports to show their business is up and running
- Apply for PR status
- Business due diligence and follow up their Permanent Residency status
Can I be a start-up investor and get the Canadian permanent residency
Up to 5 people can apply through the Start-up Visa Program as partner of an incorporated business. If you want to be the co-founder or investor of a startup project, you need to meet the requirements of our Pre-Incubation service to achieve the possibility of an opportunity that can be customized for you.