What Is the Start-Up Visa Program in Canada, and Who Qualifies for It?

Imagine, thousands of people from all over the globe in one place, a big market that is waiting just for you to launch your business. Sounds fascinating right? Let me tell you something you don’t know but you should know.

If we talk about markets, Canada is one of the most flourishing markets in the world. With different people from different countries, traditions, and cultures, gathering in one place. A big market to launch an educational business, healthcare innovation, agri-tech, and many more ground-breaking business ideas. 

That is the reason the Canadian government has come up with this program- Canada’s Start-Up Visa Program. 

The Start-Up visa program, popularly known as the SUV program of Canada is no less than a boon. That allows you to bring your innovative business ideas to Canada, and build your very own unicorn business venture.  

Start-ups are the best way to create jobs in any country. It not only allows a country to compete globally but also improves Canada’s entrepreneurial system. 

In this blog, we will discuss what a Start-Up Visa program really is. And how can you as an inspiring entrepreneur avail this opportunity? 

Know every detail, with this complete guide. Read it till the end, know what it is, and enjoy the profits of your business.  Successfully!

Now, what is the Start-Up Visa Program?

The first thing that must have struck your mind is what exactly is this program- Start-Up Visa Program? Relax, I am here to tell you every minute detail. 

Start-Up program visa, popularly known as the SUV program of Canada, is nothing but a business immigration program. That allows foreigners with exceptionally brilliant business ideas to start their business, and obtain a permanent residency in Canada quite easily. 

Innovation is what Canada needs to boost their growth and their entrepreneurial system. Unlike previous investor immigration programs that only focused on the financial capacity of the person. 

This new SUV program aims to prioritize your business model, and how positively will your goal impact Canada’s economy. 

If your business idea gets approval from the Canadian authority, you are free to move and relocate with your family to Canada. Don’t worry, this process only requires 3-6 months, however for obtaining permanent residency you will have to wait longer, around 2.5-3 years. 

Start-Up Visa Canada Requirements

If you already have a unicorn business idea and have made up your mind to settle and start your business in Canada. Then, you need to know the potential requirements that you need to fulfil to be eligible for the SUV program.   

Here’s a list of requirements that will help you accomplish your dream. 

• Get a letter from a Designated Organization in Canada.
• Start incorporating your business within Canada.
• You at least need to hold 10% of your company’s voting rights alongside a Designated Organization.
• You along with the designated organization must collectively possess over 50% of the voting rights.
• You must actively manage the business with core operations during and after the application process.
• You must have language proficiency at CLB 5 in English or French.
• You must have adequate settlement funds and operational capital, ideally over $200,000.

Eligibility Criteria for the Start-Up Visa Program

Now, how to be eligible? You have an idea, you know how to deliver it, and you have a plan! But still, one thing you don’t have is your approval for the SUV program. 

Let’s know the eligibility criteria you need to meet in detail.

Innovative ideas

The first, and foremost thing you need is an innovative business idea. A business idea that you will implement in real life that will help you with finance in a whole new country. And that aligns with Canada’s economic goals.

Now, you must be thinking, what are the economic goals of Canada that your start-up needs to meet?

• Your start-up idea must have the potential to create jobs for fellow Canadians.
• It should help in improving Canada’s growth rate.
• And it should have the ability to compete with other companies on a global scale.

Support from the designated organization in Canada

As an applicant who wants to start a new start-up in Canada, you need approval. You need a letter of support from one of the program’s designated organizations. Let me tell you what kind.

• You need venture capitalist funds, and a commitment to invest at least CAD 200,000.
• Angel investor groups that is an investment of at least CAD 75,000.
• Business incubators: Provide business development support (investment not mandatory).

Proficiency in the language

English and French are the official languages of Canada, the place you want to work and live in. So, do you know French and English? Or both but you’re not good at either? 

It’s important to know the language of people, it is the best way, or should I say the only way to run a successful business. 

You just need to have language proficiency in either or both languages. You will need to appear for standardized tests- IELTS for English or TEF Canada for French.

Learn, practice, and try listening, speaking, reading, and writing. 

As an entrepreneur, you must prove your proficiency in the language. You at least need to achieve Canadian Language Benchmark (CLB) 5 in all listening, speaking, reading, and writing. 

Proof that you have funds

Business is not a golden hen, and it won’t start giving profits in its initial days. So, it is important for you to have sufficient funds, not only to look after your family but also to start a business. 

However, the fund amount varies with the size of the family, if it’s small, you will need less funds, and vice-versa. Let me give an approximate figure of how much you will need. 

If you’re single, you need around CAD 13,757, and if you’re with your family of 4, you’ll need around CAD 25,564. 

Qualifying Business

Your business must meet proper ownership criteria, and then only will you be eligible for the SUV program.

• Your business can have up to 5 members as owners, and they must collectively hold over 50% of the voting rights.
• And at least one of the owners must be a resident of Canada, and manage all the operations actively.

Background check

The last step you need to qualify is the background check. The Canadian authorities will have your background checked for health, security, and criminal admissibility to Canada.

And tada! If you pay all of them, you are eligible to start your own business in no other Canada!

Who Qualifies for the Start-Up Visa?

If you are a global entrepreneur it is for you, if you are a collaborator it is for you, if you are an aspiring innovator then this program is just for you.

• Global entrepreneur: for individuals who are filled with innovative ideas, and are willing to contribute to Canada’s economy.
• Collaborators: for a group of up to five entrepreneurs who want to jointly establish a business.
• Aspiring Innovators: People from different fields such as technology, education, healthcare, and agri-tech.

Conclusion

See, there’s no tomorrow, if you have the capability, start today. Make it a true sweet dream, not a real nightmare, regret!

In this blog, we discuss the minute details that you need to know about this Start-Up Visa program. Which will in turn help you gain your dream of having a life of having a successful business in Canada. 

Starting a business in Canada is quite a tough task, you need to apply for it, need proper financial support, a proper program, and whatnot.

But with guidance, you can easily do so. Don’t worry we got yuh! We will help you from the very start to the end. From Express Entry to PNP, our team of experienced consultants will help you create a perfect plan that will maximize your chances.