What is Start-up Visa Program?

Canada's start-up visa program offers aspiring business owners the chance to move to Canada and establish a new business venture. Entrepreneurs are required to demonstrate that their business is original, will generate new jobs for Canadians, and is competitive on a global level.

Eligibility Criteria:

To be eligible for the Start-up Visa Program, applicants must meet several key requirements:

1. Establish a Qualifying Business: You should hold a minimum of 10% of the voting rights attached to all company shares. Along with the designated organization, you must collectively hold at least 50% of the voting rights attached to all company shares.
2. Obtain a Letter of Support from a Designated Organization: We will assist you in demonstrating your endorsement by a venture capital fund, angel investor group, or business incubator. You will need to pitch your business idea and persuade the organization of its worthiness. The pitching process may vary with each organization. Upon successful pitching, you will receive a letter of support from the organization, which is a crucial component of your Start-Up Visa application.
3. Meet Language Proficiency Requirements: You must undergo a language assessment conducted by an approved agency. Demonstrate proficiency at a minimum level of Canadian Language Benchmark (CLB) 5 in either English or French, encompassing speaking, reading, listening, and writing skills.
4. Prove Sufficient Funds: We can provide guidance on presenting proof of funds. You must illustrate that you possess the necessary financial resources to support yourself and any dependents upon your arrival in Canada. The required amount depends on your family size.

Designated Organizations for the Start-Up Visa

As a part of the eligibility criteria, you will need to furnish evidence (Commitment Certificate and Letter of Support) confirming that a designated organization is backing your business venture. These documents will contain the pertinent information regarding your partnership with one or more designated organizations and are crucial for your Start-Up Visa application. Unlike federal and provincial investor programs that necessitate applicants to invest their personal capital, this program does not require any personal investment. Instead, eligible candidates must secure a minimum of $75,000 from a Canadian angel investor or a minimum of $200,000 from a Canadian venture capital fund officially recognized by the Government of Canada. If an applicant is admitted into a recognized Canadian business incubator, no investment capital is mandatory.

Note: As of April 30, 2024, restrictions were applied to the Startup Visa Program, and the Self-Employed Persons Program was suspended until 2026.

Canada's Immigration Minister, Marc Miller, has just unveiled significant updates to the Start-Up Visa and Self-Employed Persons Programs, aimed at reducing processing times and addressing the current application backlog.

Annual cap: Applications linked to no more than 10 start-ups per designated organization. Priority processing for ventures supported by Canadian capital or members of Canada’s Tech Network.
February saw 420 entrepreneurs receive PR through the SUV, a decrease from January but a substantial increase over last year!

Temporary Pause on the Self-Employed Persons Program:

A temporary halt on new applications to focus on existing ones.
Notable for individuals with experience in arts, culture, recreation, or sports aiming to enhance Canada's cultural scene.
These changes, effective April 30th, include a plan to significantly reduce wait times by the end of 2026 while continuing to welcome innovative talent.

Application Process:

1. Obtain a Commitment Certificate: Secure a commitment from a designated organization that agrees to support your business idea. This commitment will be provided in the form of a Commitment Certificate and a Letter of Support.
2. Language Testing: Complete a language test from an approved agency to prove your language proficiency.
3. Gather Required Documents: Prepare necessary documents, including proof of funds, educational credentials, identity documents, and any other documents required by IRCC.
4. Submit Application: Apply to the Start-up Visa Program by submitting your application along with the Commitment Certificate, Letter of Support, language test results, and other required documents.
5. Processing and Decision: The application will be reviewed by Immigration, Refugees and Citizenship Canada (IRCC).Processing time may take about 37 months, If approved, you will receive a permanent residence visa.

The Start-up Visa Program represents an exciting opportunity for entrepreneurs with innovative business ideas to establish their ventures in Canada. The program not only benefits the immigrant entrepreneurs by providing them with a pathway to Canadian permanent residence but also contributes to the Canadian economy by fostering innovation and job creation. Entrepreneurs interested in this program should focus on developing a compelling and innovative business idea and securing support from a designated organization in Canada.

To write a strong business plan for your Start-Up, you should carefully consider the following aspects:

• Purpose of Your Business: You must precisely describe your motivation behind the business and the short-term and long-term goals you have for it.
• Your Goods or Services: Describe in detail the services or products you offer and why they are attractive to customers.
• Your Resources: Explain your plan for capital provision and setting up your business, such as financial resources, equipment, space, staff, etc.
• Target Market: You need to explain who your customers are, their needs and behaviors, and how you intend to reach them.
• Your Business Advantage Over Competitors: You must explain how your goods or services are distinct from your competitors and what strategies you have to maintain and strengthen this competitive edge.
• Analysis of Your Business: You should show the current state of your business and how it will progress in the future. Also, refer to market trends and demonstrate how your business can benefit from these trends.
• Marketing and Sales Strategy: Plan how you will advertise and bring your goods or services to the market. This includes digital marketing strategies, social networks, distribution channels, etc.
• Management and Financial Forecasts: Explain how you will conduct budgeting and accounting for your business and provide a financial plan including initial budgeting, revenue sources, expenses, and revenue forecasting.

Discover Your Eligibility for Canadian Immigration Through Start-Up

We can assess your eligibility and assist you in exploring your options for Canadian immigration through Start-up. Start by completing our free online evaluation and we will provide you with our evaluation within two business days. If you have any additional questions or need further information, please feel free to reach out to us.

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