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start up visa

Start-up visa (SUV) is the most prominent business visa for Canada. It is facilitated by foreign entrepreneurs with unique business ideas and who are sponsored by venture capitalist, angle investors or business incubators. Entrepreneurs having innovative businesses as well as established start-ups might benefit from this program to obtain permanent residency (PR) in Canada. Through this scheme, up to five founding members of a start-up can be granted Canadian residence status.

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start up visa

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  1. START-UPVISA CANADA | LebizCanada • Start-up visa(SUV) is the most prominent business visa for Canada. It is facilitated by foreign entrepreneurswithuniquebusinessideasandwhoaresponsoredby venturecapitalist, angleinvestorsorbusinessincubators.Entrepreneurshavinginnovativebusinessesaswell as established start-ups might benefit from thisprogram to obtainpermanentresidency (PR) in Canada. Through this scheme, up to five founding members of a start-up can be grantedCanadianresidencestatus. • As of 2021, ease of doing business in Canada ranked 23rd worldwide. The highest score were obtainedin startingthe business,tradingacrossthe bordersand payingtaxes. • Canada is the major hub in the search of new entrepreneurs who can generate employment for its citizens and can boost Canadian economy. Start-Up Visa was initially an experimental programfor threeyearsuntil itwasmadepermanenton March31in 2018. • EligibilityRequirements: • Thereare fourcertainessentialrequirementsthatapplicantsmustsatisfy to be qualifiedto applyfor a Start-upVisaand that deducewhethertheyhaveaqualifying businessunder this SUV program: • HAVINGA QUALIFYINGBUSINESSPLAN • Eachcandidatemust beentitledto10% ormore votingrightsthat are linked to allthesharedoutstandinginthecorporation.

  2. The applicant and the designated entity together should hold greater than 50% of the voting rights attached to each share of the company that were outstandingat the time. • LETTEROFSUPPORTFROMDESIGINATEDORGANISATIONS • Foreign entrepreneurs orbusinessowners whoarenot familiarwiththe countrymustensure thattheyhave asolid backingfromoneof the designatedCanadian organizations. • They mustget a letterofsupport orinvestmentcommitmentfroman authorized grouptoinvestin orsupporttheirstart-upinCanada. • Thereare three different groupsofDesignatedOrganizations. • VENTURECAPITALISTFUNDERS • ANGLEINVESTORGROUPS • BUSINESSINCUBATORS • LOW-LEVELLANGUAGE REQUIREMENT • Alltheapplicantsfor the Start-Upvisa mustmeetthebasic eligibilityoflanguage test atleastinone ofthemajorspeakinglanguagesinCanada;English orFrench.They all musttakealanguagetest(IELTS/CELPIP/TEF/TCF)fromanapprovedagencyand mustmeet the minimumlevelofCLB5(CanadianLanguagebenchmark). • PROOFOFFUNDS • Canadian government doesnot provideanyfinancialsupport to thenew Start-upvisanewcomer. • Eachapplicantismust toshowsufficientcapitaltosupporttheirbusinessand sustain themselvesandtheir dependentsafterarriving in Canada. • Dependingonthesizeof theapplicant’sfamily,this amountcan beranged between$13,310 to$35,224. Advantagesand disadvantagesofstar-upvisa:

  3. Howto applyfor Canada Start-Up visa: • Inorder to applyfor aCanadianStart-upVisa Program,you mustfollowtheinstructionsin thefollowingsteps: • Candidatesneedtopresenttheirbusinessmodel to thedesignatedorganizationslike angleinvestorsorbusiness incubators ora venturecapitalist and makeassure toget an investment commitment fromthem. • Uponapprovalfromanyofthedesignatedauthorities,obtaina‘LetterOfSupport’ • fromthem. • Applyforyourpermanentresidencyand Work permitalongwith theletterof support. • Ifyoupass yourmedicalexam,Finalstampedvisawillbeissuedtoyou andyour spouseandtoyourchildren under theageof 22years. • ArriveinCanada andstartrunning yourbusiness. • After completing 3yearsinCanada,youareeligibletoapplyforaCanadian citizenship(Optional). • ProcessingTime forSUV: • Thestandard processing time for theStart-Up Visa(SUV) programcan be between from12 monthsto 20monthsafterthecandidate submittheir application.But,againthisis totally depending on thebacklogofIRCC.

  4. Canada isnotrefusingorrejectinganyapplicationsinprogress.Due totheCOVID-19 pandemic,and thelack ofdocuments,Canadais givingtheapplicant’satat of 90 daysto completetheirapplicationscientificallyincludingtheirdocuments,biometricsormedical exam. As oftoday,the currentprocessingtimeline isaround32months. Youcancheckthecurrent timeline statusfrom theofficialIRCC Website. HowcanLebiz helpyouwith this : While the immigrationprocesscanoftenbe complicatedandchallengingforentrepreneurs looking tostart a businessornew-setup inCanada,the highlyexperiencedFinancial experts & BusinessConsultantandteamatLebiz Canada can help you navigate thisprocessand evaluatewhytheStart-UpVisaprogrammaybe thebestoptionaccordingtoyourprofile. We’re#1BusinessconsultantinIndia.Our team do the completehand-holding andprovide theentire ecosystemthroughout theprocessandalsoable to helpyouconnect with prospectiveinvestment companiesforassistance andalso toensure thatyou have completedyourapplicationinaccordance with theeligibilityrequirements.

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