What is Canada Startup Visa?
SUV or Start-Up Visa Program is a federal immigration program created by the Canadian government for immigrant entrepreneurs who want to start and grow a business in Canada. The successful SUV applicants will then be granted Canadian permanent residence. The purpose of this initiative is to encourage entrepreneurs around the world to move to Canada to start a business, create new jobs, boost innovation and drive economic growth.
What are the requirements of SUV Program?
- Have an innovative business along with qualifying ownership.
- Have a letter of support from a designated organization to show validation.
- Meet minimum language fluency requirements in English or French.
- Have sufficient funds to settle in Canada.
What is the Eligibility of SUV Program?
- Work experience
- Family members
- Income and/or net worth
- Canadian security and medical clearances
Canada Start up Program step by step Process?
1.Qualifying startup Plan: your business plan is
- is innovative
- can create new jobs for Canadians
- can compete at a global scale
- is a Canadian company or will be incorporated as a Canadian company?
- will put an essential part of the operation in Canada, and the applicants will actively manage it from within Canada.
2. A letter of support from a designated organization: As stated above, you have to get an official letter from a designated organization to prove that your business is qualified for SUV.
The designated organizations can be categorized into three groups:
- Venture capital funds
- Angel investor groups
- Startup incubator
And you have three corresponding ways to get a support letter:
- Receive investment from a designated venture capital fund with an amount of $200,000 and above
- Receive investment from a designated angel investor group with an amount of $75,000 and above
- Or get accepted to a startup business accelerator/business incubator.
3. Language requirements: English and French are the two official languages of Canada. So the ability to communicate effectively in either English or French will determine how well your life can be integrated here. For the SUV program, you have to reach Canadian Language Benchmark 5 in listening, reading, writing and speaking.
4. Sufficient Funds: A minimum amount of funds will be required by IRCC to make sure it’s sufficient for you to settle in Canada. This number will be recalculated and updated every year pending on the then-current living standard.
Here are the detailed numbers:
- 1 person: $12,669 CAD
- 2 persons: $15,772 CAD
- 3 persons: $19,390 CAD
- 4 persons: $23,542 CAD
- 5 persons: $26,701 CAD
- 6 persons: $30,114 CAD
- 7 persons: $33,528 CAD
For each additional family member $3,414 CAD
Canada Start up visa Process flow as below
Here is a simple checklist of what needs to be done:
- Have a perfect plan
- Obtain a letter of support from the designated organization.
- Gather required documents
- Pay the fees
- Submit your application to IRCC and wait for the result
- If everything is ok, you will receive your Start-Up visa can come to Canada.
What is the Fee for Canada Start up Program?
- Right of permanent residence fee: $490
- Your application processing fee: $1,540
- If your application includes your spouse or partner: $1,040
- If your application includes dependent children: $150 per child.
- Biometrics fee: $85
- Biometrics fee for your family of 2 or more: $170
- Medical exams fees
- Police certificate fees (PCC)
- Language testing fees (IELTS)
What are the documents required for Canada Start up visa?
- Valid Passport
- Proof of language proficiency. IELTS certificate: general training, original, less than 2 years.
- Letter of Support – Valid up to 6 months
- Identity and Civil Documents
- Children’s Information (if applicable)
- Police Certificates and Clearances
- Photo Requirements
- Receipt of Fee Payment
- Settlement Funds
- Generic Application Form to Canada