Canada Start Up Visa Program
What is the Canada Start Up Investor Visa Program?
The Canada Start-up Visa Program (SUVP) is a government permanent residency program intended to encourage the flow of capital into Canada’s economy and to promote entrepreneurship and employment in Canada. The investment program is focused on bolstering the culture of entrepreneurship in Canada in the form of new businesses or start-ups. To accomplish these goals, the Canadian government is looking for individuals with innovative ideas to contribute to the Canadian economy. For those who do not have their own innovative idea, the government is also looking for qualified investors to pool their skills and funds into the business of a Start-Up founder. The program has a total cost of CAD $195,000 inclusive of investment and fees, making it even more affordable than some of the most well-known and popular residency by investment programs in the world.
Canada Permanent Residency and Citizenship Benefits
Investment & Requirement
Canada SUV Program Process
Step 1: Document Collection and Eligibility Assessment
Step 2: Validation Stage
Step 3: Upon Approval Total Investment Transfer to Escrow Account in Canada
Step 4: Submission of the Complete Immigration Application
Step 5: Escrowed Funds Are Released Upon Government Approved Immigration and Permanent Resident Application
Canada SUV Program FAQs
Being proficient in the English language is not a mandatory requirement. However, the main applicant requires a basic score of Canadian Language Benchmark (CLB) 5 in the IELTS test to show that the applicant has a basic understanding of the English language to operate in Canada. This test must be completed before the final submission of the application for Canadian permanent residency and citizenship.
To date, there are no age restrictions for any Canadian start-up visa or immigration program. However, an applicant should be able to adequately invest in the qualified start-up and contribute towards the management of the start-up in Canada. Oftentimes, this requires evidence of a certain level of work experience or skills development. The likelihood of selection and fulfilment of eligibility criteria is increased if the primary applicant is experienced as a professional or entrepreneur.
To date, there are no restrictions based on nationality for the Canada Start-up visa program. Any foreign national may apply.
No, even if you don’t have your own innovative business idea, you can still apply under the Canadian investor visa program. You can be introduced to an existing founder and other members like yourself to be a participant in a start-up business idea. On the basis of your profile, you can qualify under this program as the government allows up to 6 applicants to apply for immigration under one new start-up business.
Yes, once you achieve permanent residency in Canada, you will be able to be employed by any company in Canada without sponsorship. Even though the applicant is investing in the start-up, he/she will be allowed to work anywhere in Canada and will not be restricted to the start-up. That means he/she can do any job or start his/her own business in Canada and he/she is not required to be entirely committed to the start-up.
As a shareholder and investor in the start-up, and as per government requirements under the program, the applicant must obtain a minimum 10% stake in the start-up in return for their investment amount. The investment must be kept in the start-up until the permanent residency application is processed. The applicant may then be allowed to transfer or sell his/her stake in the start-up after obtaining permanent residency depending on the understanding he/she has with other business partners and the Founder. He/she can also remain in the start up as an investor should they choose to.
A person must physically be inside Canada for at least 3 years during the 5-year period of permanent residency to be eligible for Canadian citizenship or passport. That means one can immediately apply for Canadian citizenship upon completion of the 3 years requirement in Canada at any time during the 5 years, even if this is concluded prior to holding the permanent residency for a full 5 years. This requirement is unique to Canada out of most residency by investment programs which require a minimum holding time for the permanent residency.
One can travel in and out of Canada at their leisure as a permanent resident. However, in order to maintain and renew the permanent residency status, one must stay for a minimum of two years in Canada out of 5 years. This stay does not have to be continuous but the days inside Canada must add up to two years in total.
The most unique feature of this Canada permanent residency program is that it enables the applicant to retain their permanent residency irrespective of success or failure of the business. Even if the Canadian start-up is shut down or unsuccessful, individuals granted permanent residency through this program can still retain their permanent residency status.
The main applicant, his/her spouse and any unmarried children under the age of 22. All the family members included on the application will be entitled to the benefits of permanent residency like social security, universal free healthcare, education, and employment.
Canada Start-Up Visa news
Check our latest news on the Canada Start-Up Visa Program
Canada has become one of the most popular destinations for study amongst international students. Boasting
Canada gears up for massive intake of immigrants over the next three years.Canada gears up
The Step Global immigration lawyers are available to answer your questions. Contact us today to arrange a consultation.