Canada is without a doubt on a steady path to become an innovation powerhouse. Based on growth, performance, funding, and exit values, Canada is ranked among the best startup ecosystem in the world. In fact, outside of Silicon Valley, Waterloo has the highest startup density of any area in the world. And with a combination of economic freedom, low startup costs, government funding, accessible business tools, and plenty of talent, Canada is one of the best places to launch and/or grow your venture.
The Start-up Visa (SUV) program is an integral part of the overarching policy of bolstering innovation economy in Canada. This program attracts foreign entrepreneurs who can contribute to the new and innovative needs of the Canadian economy, and facilitates their entry and permanent settlement in Canada.
In contrast to the Entrepreneur (EN) Program which the SUV replaced in 2014, the decision on applicant’s qualification in the SUV program is delegated to Designated Organizations rather than immigration officers. If a Designated Organization approves the applicant for the program, it will issue a Letter of Support that will then enable the applicant to apply for and receive Permeant Residency.
In short, SUV will enable up to 5 entrepreneurs and their families to become Canadian Permanent Residents with a single innovative venture. Although the federal program does not specify any requirement other than obtaining a Letter of Support from a Designated Organization and having a Language proficiency level of CLB 5, each Designated Organization has its own criteria for endorsing innovative ventures.
Regardless of where you are in your start-up journey, our team will help you bring your venture to Canada, navigate its legal and business landscape, and plan for your permanent settlement. Our perfect blend of legal and business expertise will help you reach your next milestones expeditiously.
If you are an innovator working on an existing venture, among other services we can:
If you are an active investor with the intention and ability of running an innovative business, we can help you identify/acquire or start a new qualified venture that matches your experience, and risk appetite.
|Legal Ground||Section 98.01 of Immigration and Refugee Protection Regulations|
|Net Worth||No minimum net worth required|
|Investment||No minimum investment required|
|Experience||From none to +10 years (depends mainly on Designated Organizations)|
|Education||From none to post-secondary (depends mainly on Designated Organizations)|
|Business Proposal||Required (for Designated Organizations)|
|Ownership in Proposed business||Each applicant must hold 10% or more of the voting shares of the venture company|
|Job Creation||Not required|
|Location||Anywhere except Quebec|
|Scope of Business||Depends on Designated Organizations (IT, ICT, IOT, AI, Fintech, Cleantech, Energy, manufacturing, medical and treatment, etc.)|
|Exploratory Visit||Not required|
|Interview||Depends on Designated Organizations (some conduct 3 rounds of interviews)|
|Path to PR||Direct|
|Processing Time||12-16 months|
|Performance Agreement Highlights||NO Performance Agreement|
|Remarks||– Requires proof of settlement fund for PR application that will range from $13,000 to $30,000 depending on applicant’s family size
– Possibility of obtaining a specific work-permit while waiting for PR decision only for Essential Persons
– Allows up to 5 individuals and their dependent family members to obtain PR with a single business venture