What is Canada’s Startup Visa Program?
Canada’s Startup Visa program offers entrepreneurs a pathway to immigrate to Canada for the purpose of launching a new business venture. Immigrant entrepreneurs are required to showcase the originality of their business concept, its potential to generate employment opportunities for Canadians, and its ability to operate successfully internationally.
Are there Requirements for Canada’s Startup Visa Program?
To be eligible for a Canadian startup visa, you must fulfill four key requirements:
Proof of Business Ownership
You must possess a minimum of 10% of the voting rights associated with all shares of the company. Alongside the designated organization, you must collectively hold a minimum of 50% of the voting rights associated with all shares of the company.
A Letter of Support from a Designated Organization
Canadim assists you in demonstrating that you have garnered support from a venture capital fund, angel investor group, or business incubator.This involves presenting your business idea and persuading the organization of its merit.The process of pitching your idea varies for each organization.Upon successful pitching, you’ll obtain a letter of support from the organization, which is a vital inclusion in your startup visa application.
Meeting Language Proficiency Requirements
You must undergo a language assessment conducted by an accredited agency and demonstrate proficiency meeting at least Canadian Language Benchmark (CLB) 5 in English or French across speaking, reading, listening, and writing.
Funding Requirements
To enter Canada, a business owner must provide evidence that they have enough money to keep themselves and their potential family supported. Depending on how many people are immigrating to Canada from the business owners family, the total amount of funding required to successfully enter and stay in Canada varies. Contact OneHub if you want to know more about the funding requirements for Canada’s Startup Visa Program.
How To Apply for a Startup Visa Program
Here are the steps to complete and submit your application for the Start-Up Visa program:
Fill out the Application Form
- Complete the Generic Application Form for Canada.
- Click the “Validate” button on the form to ensure all required fields are filled out.
- Print the validated form, ensuring the barcode page is included.
- Sign and date the form.
Complete the Document Checklist
- Review the document checklist and gather all required documents in the specified order.
- Place all necessary documents in a sealed envelope.
- Print and sign the document checklist.
- Include the signed checklist as the cover page of your application.
Pay Your Application Fees
- Application fees cover processing fees for you and any individuals included in your application.
- Pay the right of permanent residence fee and any third-party fees, such as medical exams, police certificates, and language testing fees.
Submit Your Application
- Before submission, ensure your application is complete and signed.
- Pay processing fees and include receipts in your application package.
- Include all supporting documents.
- Place all documents in a 9” x 12” envelope, clearly labeled with “Start-Up Visa” on the outside, and mail it to the appropriate address.
Following these steps diligently will help streamline the application process and ensure all necessary components are included for successful submission.
How Long is The Processing Time for Canada’s Startup Visa Program?
The processing time for the Startup Visa Canada program varies depending on individual circumstances and application volumes. Once you’ve applied for the SUV program, which typically takes between 24 and 48 months to process, you and your family will be granted permanent residence in Canada. For those eager to arrive sooner, an optional work permit application is available.
Grow Your Venture Capital in Canada
OneHub collaborates with SPRING to incubate your SUV. Get started with growing your business internationally! Reach out to OneHub and we will help with you & your families’ immigration process and guide your enterprise to global success.