Gateway for Innovative Entrepreneurs
Canada Start-up Visa Program is a pathway to the Canadian Permanent Residence for foreign entrepreneurs who are interested to establish businesses in Canada (outside Quebec). Owners of innovative start-ups or established foreign companies may use this program to permanently relocate to Canada provided that they meet other requirements for the program.
Start-up Visa (SUV)
All You Need To Know
Under this program, the applicants are issued with PR to come to Canada, incorporate a company, and work on a start-up business concept in conjunction with a Canadian government-approved angel investor.
The Canada Start-up Visa (SUV) Program’s main motive is to invite potential foreign nationals who can create new jobs and contribute to their economic growth.
Eligibility Criterion
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Each applicant must have a qualifying business, where the foreign national owns at least 10% of the voting rights attached to all shares in the start-up AND jointly have more than 50% of the total shares (voting rights) with their Designated Organization;
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Foreign nationals must get a Letter of Support or investment commitment from one of the Designated Organizations in Canada;
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Each applicant must meet the minimum English or French language skill at CLB level 5; and
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Each applicant must demonstrate having sufficient funds to settle in Canada, where the amount depends on the size of the applicant’s family.
In addition to the above, to be successful in this program, entrepreneurs should be prepared to also meet the following basic criteria:
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Secure at least $200,000 CAD from a venture capital source or at least $75,000 CAD from an angel investor to invest in a start-up business;
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Be accepted into a Canadian business incubator program;
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Pass the Canadian medical and security requirements.