The Canada Start-Up Visa program is a unique initiative the Canadian federal authorities started to provide a better immigration pathway to qualified and skilled entrepreneurs.

If you immigrate to Canada via the Start-Up Visa Canada Program, you can enjoy several advantages as a foreign business owner, such as a national pension plan, first-rate education, and national healthcare coverage.This guide will provide you with every detail about Canada’s Start-Up Visa, eligibility requirements, the Canada Startup Visa Process, and other related information. But before proceeding, let’s give you a brief overview of Start-Up Visa Canada.

What Is Startup Visa Canada?

The Start-Up Visa Program of Canada, also known as the SUV program, is designed for experienced entrepreneurs who want to move to Canada and implement their innovative ideas to run businesses there. 

An applicant with sufficient funds and expertise in running a business may be selected to live as a permanent resident in Canada. Under this visa program, upto five business partners can join the Start-Up Visa program. However, they should ensure that they fulfill the eligibility requirements. 

Top Benefits Of Getting The Startup Visa Canada 

The following are some of the top benefits of getting the Startup Visa Canada in 2024.

1. You and your family can get Canadian permanent residency
2. Multiple Applicants for a Single Company 
3. No Minimum Investment Requirement or Financial Threshold
4. Investment Assistance from Approved Institutions
5. Requirement of Basic English Proficiency
6. No Age Limit
7. A Clear-cut and Easy Qualification Process
8. The Road to Citizenship in Canada
9. There Is No Minimum Educational Requirement
10. Safeguarding the Status of Permanent Residency 

Startup Visa Canada Eligibility Requirements 

The Canadian start-up visa program aims to select innovative foreign entrepreneurs who will help create new jobs and develop the country economically. The minimum requirement that needs to be fulfilled to be eligible under this program is as follows:

• Must be able to meet the minimum requirement for Language Proficiency is Canadian Language Benchmark (CLB) level 5 in all abilities (English or French)
• Incorporate the business within Canada
• Plan to settle in a province other than Quebec
• A minimum of 10% of the voting rights in the company belong to a designated organization;
• The Designated Organization and the applicants must own more than half of the voting rights. 
• Pass Canadian security and medical clearance
• The designated organization must support business
• Meet the ownership requirements
• Lastly, candidates should show sufficient proof of funds to support themselves and their dependents when they immigrate to Canada. The proof of funds requirements vary based on the total number of family members. 

Under the Start-up Visa program, five foreign immigrants can apply for Canadian permanent residence as part of the same business program.

Investment Requirement In The Canada Start-up Visa Program

Immigration, Refugees & Citizenship Canada (IRCC) has included venture capital funds, business incubator organizations, and angel investor groups in the start-up visa program. 

Successful applicants must secure a minimum investment for their start-up. The investment from a designated Canadian venture capital fund should be CAD 200,000. In the case of the angel investor group, the minimum investment must be CAD 75,000. 

Candidates must be accepted into the Canadian business incubator program. However, the program does not require candidates to invest.

The candidate must not invest in their side. For the unsuccessful start-up, a candidate who has been granted permanent residency their status will be retained.

Canada Startup Visa Process From India 

The Canada Startup Visa Process involves following essential steps. 

• Build a Strong Business Plan

Make a thorough business plan that details the startup’s idea, market potential, projected finances, and staff qualifications.

• Find and Make Contact with Approved Organizations

Find approved organizations that align with your industry and can offer your assistance, then contact them.

• Get Letters of Support

Get letters of support or commitment certificates from approved organizations impressed with your business’s potential. 

• Prepare and Submit a Complete Application 

Submit a comprehensive application package comprising company correspondence, bank statements, language proficiency test results, and settlement fund data. 

• Attend the Interview(if required) 

To determine your business ability and program fit, take part in an interview with immigration officials. 

• Get the Visa Approval 

After a successful evaluation, you must obtain a visa to enter Canada and establish your unique startup. 

Canada Startup Visa Processing Time

The Canadian Immigration Authority, IRCC(Immigration, Refugee and Citizenship Canada), has stated that processing Canada’s start-up visa can take roughly 37 months, or slightly more than three years. 

These approximations, which give a general but imprecise estimate of how long future application processing will take, are based on the processing durations for 80% of previous applications. Meanwhile, the IRCC’s workload can also affect the Canada Startup Visa Processing Time. 

Canada Startup Visa Application Fee 

The following information explains the fee breakdown of Canada’s Start-Up Visa. 

Why Choose Province Immigration?

Province Immigration is the best immigration consultant in Delhi for start-up visas in Canada. We, as an Immigration consultant, provide 100% transparency in the whole process, Starting from visa consultation to visa approval. Some of the main factors that make us the Best Immigration consultancy for Start-Up visas –

• Processing fee—We don’t charge much money to send you abroad. It’s very affordable and success-based.
• Working Days – We work seven days for our clients.
• Scope of services – We work with you for the end-to-end process and support you throughout
• Refund—We at Province Immigration do our best to give you a positive result. However, we will refund 100% of our processing fee if an application is rejected.
• Complementary Services—Your visa application is just 50% of your settlement abroad, so we provide complimentary services such as Job Assistance, Resume writing, IELTS training, and Post-Landing Services.
• Success Rate – We have a success rate of close to 100%, Which is one Of the highest in the industry.
• Visa categories – We apply in multiple visa categories to confirm your invitation from your dream Country without any extra charge.

Please drop your query in to help us understand your unique visa needs, and our representative will get back to you. Call: +91 98961 96762.

Frequently Asked Questions 

1. What is Evidence of Commitment?

When the applicant successfully gets support from a venture capital fund, an angel investor group, or a business incubator, the organization must submit a completed Commitment Certificate to Immigration, Refugees & Citizenship (IRCC). 

A commitment certificate is a document that includes information related to the agreement between the applicant and the investment organization. It summarizes relevant details of the commitment. 

In addition to the commitment certificate, the applicant is provided with a letter of support from the investment organization that must be submitted with the application for the Canada PR visa. 

If there are multiple applicants for the same business venture, a commitment by the investment organization can be based on a condition where one or more “essential person” receive their permanent residence. “Essential Person” is for the person considered essential to the business by the investment organization. 

If the “essential person” application is rejected, the others included in the commitment certificate will also be dismissed.

1. How to Get Support from Multiple Organizations?

Sometimes, the applicant can get support from one or more designated organizations, collectively termed “syndication.” These designated organizations must submit a single Commitment Certificate and one Letter of Support. 

A designated venture capital firm must make a minimum investment of CAD 200,000 in a business, even if an angel group invests in the same company. 

If the business gets investment from one designated angel group rather than the designated venture capital groups, the minimum investment must be CAD 75,000. 

1. What are the startup visa Canada requirements? 

Applicants ought to own a legitimate business, possess an endorsement letter from a recognized organization, fulfill the linguistic prerequisites, and have enough cash to relocate to Canada before earning money from their company. 

1. How much money is needed for a startup visa to Canada?

Individuals who satisfy the qualifying standards must get a minimum of $200,000 from a Canadian venture capital fund approved by the Canadian government or a minimum of $75,000 from a Canadian angel investor. 

1. What is the Peer Review Process?

A peer review process has been included to protect deals between investment organizations and foreign entrepreneurs from fraud. An immigration officer can ask for a commitment to be assessed by a peer review panel. 

These panels are created by an industry association that shows the investment type that a committed organization makes.

• The National Angel Capital Organization established a peer review panel for the angel investor group.
• For venture capital fund – Canada’s Venture Capital and Private Equity Association.

The immigration officer requests peer review in cases that would assist them in making the decision; it can also be initiated randomly. The assessment provided by the peer panel is not binding on the Immigration officer. 

It only checks that the investment organization has been able to conduct proper checks and investigations. Peer review tests the level of due diligence that the designation organization does and also the following points:

• Ensure the company has been or will be incorporated in Canada
• Ensures that the business owner has been verified and satisfies program requirements
• It confirms that the designated organization has checked the viability of the proposed business, including its management team, and verified intellectual property ownership.
• It ensures the business is focused on providing high-growth products and services.
• Validates for business incubator applicants and acceptance into an incubator program.

The Start-up visa program is a five-year pilot program that will process a maximum of 2,750 applications annually. If it proves successful, the Canadian government can make it permanent before its five-year due date.