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June 28, 2022

What Is The Start-Up Visa Program?

Many people around the world want to immigrate to Canada for some reason or another. There is a booming housing market, a high standard of living, universal healthcare, and a thriving economy. Some people, in particular, want to take advantage of Canada’s thriving economy and begin their business venture here in the Great White North. Thankfully, the Start-Up Visa Program can help.

The Start-Up Visa Program is designed especially for people who want to immigrate to and start a business in Canada. It is a unique way to start your journey to obtaining permanent residence and, eventually, Canadian citizenship. We will explain more about the Start-Up Visa (SUV) application and program below.

A Visa Program For Immigrant Entrepreneurs

The Start-Up Visa Program (SUV) is a business immigration program designed to help immigrant entrepreneurs immigrate to Canada. Foreign entrepreneurs who want to establish a start-up business and immigrate to Canada can use their business idea to support their permanent residence application.

Get Support From A Business Incubator Program

The first step to applying for a Start-Up Visa is to receive support to start a business. Business incubators are organizations designed to help entrepreneurs and companies develop their businesses. They often provide financial, administration, marketing, and legal help.

The support of a business incubator is essential for your application. Oro Immigration Services will assist you in this part of the process.

Immigration consultant explaining documents to young couple in Toronto apartment

What You Will Need For Your Start-Up Visa Application

The Start-Up Visa Program is a great way to secure permanent residence in Canada and establish yourself in the Canadian economy. But, those who want to start a business in Canada must meet several requirements. For example, their business must be considered innovative on industry standards, competitive on the global scale, and prosperous; they will create jobs for Canadians.

Innovative entrepreneurs who want to come to Canada under a Start-Up visa will need to meet specific eligibility requirements, including:

Having A Qualifying Business

The Government of Canada states that a qualifying business will meet the following conditions:

  • When you get a commitment from a designated organization:
    • Every applicant holds 10% or more of the voting rights attached to all shares of the corporation at that time, AND
    • applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation at that time
  • When you receive permanent residence, you will:
    • Provide active and ongoing management of a company in Canada
    • Be an essential part of the business operations that happen in Canada
    • Incorporate your business in Canada

Having A Letter Of Support From A Designated Entity Or Organization

A commitment certificate and letter from a designated entity that has been approved to invest in or support start-ups. Some designated organizations will have their own requirements to provide you with a letter of support.

Meeting Language Requirements

You need to take a language test from an approved agency and include the results in your application form. You must meet the minimum level of Canadian language benchmark 5 in speaking, reading, listening, and writing in either English or French.

Having Enough Money To Settle

Beyond the venture capital funds needed to start a business, you will also need sufficient funds to immigrate to Canada. The recommended amount for one person is $13,310.

If you bring family members, you will need more money. The sum increases with each additional family member that you bring. 

Providing Other Supporting Documents

An applicant will need several documents to support their application to move to Canada. Most often, an applicant will need to provide police certificates, birth certificates, and proof of medical exams. Other further information may be required to complete your application for permanent residency.

Apply For A Short-Term Work Permit First

The processing time for Canada’s Start-Up Visa Program is approximately 12-16 months. The estimated processing time may seem like a long time to wait, especially since the permanent residence fee for Canada’s Start-Up Visa is $2,140 CAD. Thankfully, applicants can come to Canada and begin working before their visa is approved with a work permit.

A short-term work permit is available for Start-Up Visa applicants. It has much of the same requirements as the SUV program, so you do not have to worry about trying to gather additional documents.

We Help Immigrant Entrepreneurs Come To Canada

An entrepreneur can apply for permanent residence through the Canada Start-Up Visa. Our services include the legal aspects of the application, as well as the business aspects, such as plan, interaction with the incubators and assistance during the whole process.

Understanding the complexities of business immigration by yourself can be difficult. In fact, we often find immigrant entrepreneurs struggling to navigate the process by themselves. At Oro Immigration, we provide professional immigration advice to help make applying for your visa easier. Reach out to us today for more information.

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