Step 5: Escrowed Funds Are Released Upon Government Approved Immigration and Permanent Resident Application
Upon receiving approval for Canadian permanent residency, or upon agreement between all members of the Start-Up, the applicant’s investment amount from the escrow account is released for the growth and development of the Start-Up in Canada.
The Letter of Support and proof of transfer of investment are added to the application for permanent residency, and the completed file is submitted to the Immigration authorities in Canada.
Once final approval is provided by the business support organization on the business proposal, a letter of support is granted to each applicant. A Letter of Support is the formal legal document that is issued by the designated business support organization to show its support for the Start-Up and its participants. Business agreements are signed and the applicant will only then transfer the investment amount to a secured escrow account that has been set up for the business.
At this stage, the Start-up is assessed as to how it can compete and succeed in Canada and a proposal is drafted and aligned as per the requirements of both the business support group and the immigration authorities. All participants are required to attend their short online training to get well acquainted with the business plan and respective roles in the business.
The primary applicant’s updated CV is collected along with the estimated figures of their net worth. An eligibility assessment of the profile is done with the help of the legal team based in Canada to determine whether the applicant fulfills the required profile criteria under the Canada SUV Program, or to determine if there are areas of concern that should be addressed prior to moving forward. If the applicant’s assessment results are positive, then the process officially is initiated and the individual is onboarded as a client. Civil documents of the applicant and dependents are collected, and various Start-Up ideas are discussed with the client.