The Canada Start-up Visa (SUV) program is one of the most unique immigration programs for entrepreneurial individuals. Key changes were announced by the Canadian government regarding the program is effective since the 30 April 2024.
In this article, we will first provide you with an overview of the Canada SUV program and review the key changes.
WHAT IS THE CANADA START-UP VISA PROGRAM ?
The Canada startup visa program is an entrepreneurship visa designed for foreign entrepreneurs worldwide with innovative business ideas who can contribute to economic growth in Canada by establishing a Canadian start-up venture.
QUALIFY FOR THE CANADA START-UP VISA PROGRAM: ESSENTIAL CRITERIA
In order to qualify for the Canada Startup Visa Program, you need to fulfill the following criteria:
- Qualifying Business: The applicant must operate and manage the business venture from within Canada;
- Committed Support from IRCC-designated Entity: The applicant must secure a letter of support from a designated organization;
- Language Requirement: The applicant must meet a minimum of level 5 in the Canadian Language Benchmark Test in English or French, in speaking, reading, listening, and writing;
- Financial Capacity: The applicant must be able to financially support himself and his dependent family members; and
- Admissibility Requirements: The applicant and his dependent family members must be in good health and have a clean criminal record.
RECENT CHANGES TO THE STARTUP VISA PROGRAM
In essence, the Canadian government amended the SUV program to streamline the application process and prioritize promising start-up business ventures.
One significant change is the introduction of a cap on the number of permanent residence applications IRCC-designated entities can accept under the SUV category. By way of background, the designated entities are Canadian business groups approved to invest in a start-up venture under the SUV program, comprising venture capital funds, angel investor groups, and business incubators.
If these organizations confirm the commercial viability of the applicant’s business idea and find it worth supporting, they will grant them a letter of support – which is a key requirement for the applicants to qualify for the SUV program. It is crucial to bear in mind that each designated organization has its own set of requirements for reviewing the business idea. For instance, the applicant may need to submit a detailed business plan.
With the effect of this new regulation, each of these designated organizations will only be able to support a maximum of 10 start-ups per year. This cap is intended to foster a more focused approach and improve the current backlog, allowing designated entities to concentrate their support on a select number of high-potential start-up ventures.
Read also : Startup Visa in Canada: Your Blueprint for Entrepreneurial Success
TALK TO US ABOUT YOUR STARTUP VISA APPLICATION
Given the recent caps on applications, it is more important than ever to have a solid understanding of the program and the criteria required for a successful outcome. Having established strong relationships with different business incubators across Canada, HLG’s dedicated SUV team is best positioned to connect you with the right partners for your start-up.
Canada entrepreneur visa
As a longstanding law firm that has overseen hundreds of canada entrepreneur visa applications, we have developed and curated bespoke expertise to assist our clients in identifying the right incubator, liaising with the relevant authorities, and providing dedicated in-Canada guidance throughout the application process. With a strong network and over 30 years of extensive experience in Canadian immigration, we are committed to ensuring our clients have every opportunity to succeed in their immigration journey and beyond.
If you wish to learn more about the Canada Startup Visa program, we strongly recommend you reach out to your local Harvey Law Group office here. Our lawyers would be delighted to schedule a free consultation to review the program details with you.
