The Start-up Visa (SUV) Program in Canada is designed to attract innovative entrepreneurs from around the world who have the potential to establish a successful business in Canada. This program allows individuals or groups of up to five owners to apply, provided they meet specific eligibility requirements.
Eligibility Requirements
- Qualifying Business: To qualify, each applicant must hold at least 10% of the total voting rights in the business. Together with a designated organization, the applicants must hold more than 50% of the total voting rights. Successful applicants are required to incorporate their business in Canada, actively manage it from within the country, and ensure that a significant part of the business operations occurs in Canada.
- Letter of Support: Applicants must obtain a letter of support from a designated organization, which could be a business group, an angel investor, or a venture capital firm that is approved to invest in or support start-ups. This involves convincing the organization of the viability of the business, after which the organization will issue a letter of support and a commitment certificate, the latter of which is sent directly to Canadian immigration authorities.
- Language Requirements: Applicants must demonstrate proficiency in either English or French by achieving at least a Canadian Language Benchmark (CLB) 5 in listening, reading, writing, and speaking through an approved language test.
- Settlement Funds: The Canadian government requires proof that applicants have sufficient funds to support themselves and their dependents upon arrival in Canada. The exact amount depends on the family size and is updated annually.
Additionally, while waiting for permanent residency approval, applicants may apply for a temporary work permit to start working on their business in Canada.
How we can Help
Our experienced immigration lawyers are dedicated to helping entrepreneurs navigate the complexities of the Start-up Visa Program. We understand that every business is unique, and we tailor our services to meet the specific needs of each client. From securing a letter of support from a designated organization to ensuring all eligibility requirements are met, we provide comprehensive guidance throughout the entire application process. Our team is committed to helping you achieve your entrepreneurial goals in Canada, offering personalized legal advice to increase your chances of success. Let us handle the legal intricacies so you can focus on building your business in Canada.