Canada Start Up Visa Program
What is The Canada Start-up Visa?
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 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 innovate 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 Benefits
Investment & Requirement
Eligibility and Investment Requirements
You must invest CAD $195,000 (inclusive of investment and fees) in a business venture, making it more affordable than some of the most well-known and popular residency by investment programs in the world.
Through this route, the investor, the investor’s spouse, and any number of children under the age of 22 can be included on a single application for Canadian permanent residency.
Canada SUV 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 Application
Canada SUV Program FAQs
Being proficient in English language is not a mandatory requirement. However, the main applicant requires a basic score of 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 final submission of the application for permanent residency.
To date, there are no age restrictions for the Canada Start-up visa 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. 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 this 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 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.
This is a direct to permanent residency application and program, meaning permanent residency status is issued to the main applicants and dependents on the application immediately upon approval of the application.
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 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.
A person must physically be inside Canada for at least 3 years during the 5 years period of permanent residency to be eligible for Canadian citizenship or passport. That means one can immediately apply for 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.
Canada Start-Up Visa news
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