Immigrating to Canada via Start-up Visa
Are you an entrepreneur or part of a start-up team looking to immigrate to Canada through the Start-up Visa (SUV) program?
You need to make sure each step in this process is perfectly handled.
Analyze the requirements and understand the process
Ensure that your business plan meets the criteria for a successful SUV application and that you can satisfy all the requirements for application for Canadian PR through the SUV program.
Prepare and file the immigration application
Make sure your and your family’s immigration application materials are in order and meet the IRCC requirements.
Understand the investment and business terms
Make sure you understand the investment term sheets to be signed with the Designated Organization; enter reasonable business arrangements among co-applicants in an SUV application.
Deal with peer review or rejection
Get legal help immediately if your SUV application was rejected or sent for peer review; prevent such a situation from happening by engaging an experienced immigration lawyer from the beginning.
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What is the Start-Up Visa Program?
The Canada Start-up Visa program, a.k.a. the SUV immigration program, allows foreign entrepreneurs and a start-up company’s team members to obtain permanent residency (PR) in Canada.
What are the qualifications for applicants of Start-up Visa program?
To be eligible, a successful application (which may include up to 5 applicants and their respective families) must satisfy certain criteria, including (not limited to):
- The business is an innovative start-up with growth potential and can potentially create jobs in Canada.
- The applicants must obtain a commitment certificate and letter of support from a Designated Organization approved by the Immigration, Refugees and Citizenship Canada (IRCC).
- Each applicant must demonstrate language proficiency in English or French through a standardized language test, with a minimum score required.
What are the main differences between Angel stream and Incubator stream from the perspective of Start-up Visa application and stage of projects?
The Angel Stream and Incubator Stream are two different options for foreign entrepreneurs who want to apply for a Start-up Visa in Canada. The main difference between the two streams is the type of support that applicants receive from their designated organization.
Under the Angel Stream, applicants receive letters of support from a Designated Organization that is an angel investor group. The angel investor group must commit to investing a minimum of $75,000 in the applicant’s start-up company to be founded in Canada.
Under the Incubator Stream, applicants receive letters of support from a designated business incubator that does not need to commit any capital to the applicant’s start-up.
The stage of the project is also an important factor to consider. Generally, the Angel Stream is better suited for early-stage start-ups that have passed the MVP stage and have proven their business model. The Incubator Stream is better suited for start-ups that have a promising business idea and may or may not start business operations.
Are there any requirements for a specific industrial sector for a qualified business plan under the Start-up Visa program?
There are no specific requirements for the industrial sector for a qualified business plan under the Start-up Visa program. However, the business idea should have the potential for high growth and be innovative in nature.
The business must also be able to create jobs in Canada, and the applicants must demonstrate that they have the skills and experience necessary to successfully operate the business.
It is important to note that the designated organization providing support to the applicants may have their own preferences or requirements regarding the type of businesses they are interested in supporting. Therefore, it is advisable to research and carefully select a designated organization that is a good match for your business idea.
Can I apply for an open work permit through the Start-Up Visa Program?
Yes, if you are an essential applicant in a qualified Start-Up Visa application, you may be eligible for an open work permit that allows you (and your family) to move and live in Canada to work for your start-up business in Canada.
Does Trustiics offer services related to the Start-up Visa Program?
Trustiics partners with the most reputable Designated Organizations approved by IRCC for both Angel Investor and Incubator Start-up Visa streams.
Sign up for free and book a free call on your dashboard to see if your business plan can potentially be accepted by the Designated Organization.
What is the typical process for your Start-up Visa service?
A typical Start-up Visa case (Angel Investor Stream) facilitated by Trustiics will go through the following process:
- Deal Screening
- Signing of Service Contract
- Investor Roadshow
- Deep Dive
- Due Diligence
- Incorporation of SUV company
- Signing of Investment Term Sheet
- Issuance of Letter of Support by Designated Organization
- Submission of SUV application by Designated Organization
- Submission of the family immigration application by immigration lawyer
- Receipt of Confirmation of PR
- Landing in Canada