SUV Is one of the very intensive immigration programs that provide a straightforward path to permanent-resident status— for foreign entrepreneurs.
What are the program’s advantages?
· Permanent Residency can be obtained before arriving in Canada.
· Processing time: 12 – 16 months
· Up to 5 applicants/ business owners can apply.
· A net worth evaluation is not required.
· There is no minimum investment requirement.
. There is not any university degree required
What Is the Start-Up Visa Program?
The Start-Up Visa Program in Canada looks for talented foreign entrepreneurs with innovative business ideas that are working toward starting a business in hopes of creating employment opportunities and growing the Canadian economy. It’s one of the sole immigration programs that ease the path toward becoming a permanent resident of Canada
The application can be started once the business idea receives a letter of support from a designated organization such as venture capital, angel investor group or business incubator in Canada.
Who Can Apply for A Start-Up Visa?
Interested entrepreneurs must either own a startup business in their current country of residence or have an innovative start-up idea to qualify for a Canadian Start-Up Visa. No more than 5 people can apply as an owner and each applicant must hold 10% or more of the voting rights attached to all shares of the corporation outstanding at that time.
What is Required to Apply for A Start-Up Visa?
· Meet the Requirements.
· Get a letter of support from a designated organization.
· Apply for Permanent Residency.
· Establish your company in Canada.
Step 1: Meeting the Start-Up Visa Requirements
· Hold between 10% to 100% of voting rights attached to outstanding shares of the company and be active in the ongoing management of this business.
· Demonstrate sufficient fluency in either English or French to meet or exceed Canadian Language Benchmark 5 (for listening 5.0, reading 4.0, writing 5.0, and speaking 5.0).
· A letter from a designated organization is mandatory.
· Be subject to a criminal record check. A relevant, non-expired Police Certificate should be provided to facilitate this process.
· Submit medical exam results from a physician that is not your personal/family doctor to ensure you are medically admissible.
· Demonstrate proof of sufficient settlement funds.
Step 2: Getting Support from A Designated Organization
Designated organizations are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program. You must present a pitch to the organization to prove that your business is worth supporting (this process differs across organizations). If successful, a mandatory letter of support will be provided to include in your start-up visa application.
· Venture capital funds: At least one of these groups must agree to invest a minimum of $200,000.
· Angel investor groups: One or more investors connected to these groups must agree to invest a minimum of $75,000.
· Business incubators: One of these groups must accept you into one of their programs.
Step 3: Applying for Permanent Residency
To follow IRCC procedures include all the forms, supporting documents, signatures, language test results and proof of payment of the processing fees.
While your application for permanent residence is being processed, you can apply for a temporary work permit to get to Canada and start building your business.
At Genesislink, we specialize in assisting foreign entrepreneurs in preparing for the Canada Start-Up Visa Program. Here’s how we can help you navigate this program and increase your chances of success:
- Program Understanding: Our team has an in-depth understanding of the Canada Start-Up Visa Program. We will guide you through the eligibility requirements, application process, and program criteria. We ensure that you have a clear understanding of the program and its benefits for foreign entrepreneurs.
- Business Assessment: We assess your business idea or existing venture to determine its suitability for the Canada Start-Up Visa Program. Our experts evaluate factors such as market potential, scalability, innovation, and job creation potential. We provide guidance on how to strengthen your business proposal to align with program requirements.
- Document Preparation: Applying for the Start-Up Visa Program requires extensive documentation. We assist you in gathering and preparing the necessary documents, including business plans, financial statements, market research, and supporting evidence. Our team ensures that your application is complete, accurate, and compelling.
- Business Plan Development: A comprehensive and well-crafted business plan is essential for the Start-Up Visa Program. We work closely with you to develop a robust business plan that highlights your business concept, market analysis, competitive advantage, financial projections, and job creation potential. Our expertise helps you create a compelling business plan that showcases your entrepreneurial vision.
- Networking and Connections: As part of our services, we provide access to our extensive network of industry professionals, investors, and mentors. These connections can offer valuable guidance, support, and potential partnerships to further strengthen your business prospects in Canada.
- Program Compliance: We ensure that your application and business plan meet the program’s compliance requirements. Our team is well-versed in the program guidelines and helps you adhere to the necessary regulations, timelines, and program expectations.
- Ongoing Support: Our assistance doesn’t end with the application process. We provide ongoing support throughout your entrepreneurial journey in Canada. We offer guidance on business expansion, accessing funding opportunities, connecting with mentors, and navigating the Canadian business landscape.
With our specialized knowledge and experience, Genesislink is your trusted partner in preparing for the Canada Start-Up Visa Program. We are dedicated to helping foreign entrepreneurs like you successfully launch and grow your businesses in Canada. Our comprehensive support, from program understanding to ongoing assistance, ensures that you are well-equipped to seize the opportunities available through the Start-Up Visa Program.