Startup Canada Visa: Process, Cost, Designated Organizations, Eligibility and Sufficient Funds

Startup Canada Visa, known as SUV program of Canada, is a Canadian immigration gateway for skilled entrepreneurs. The SUV program connects creative entrepreneurs with private sector investors in Canada, primarily targeting immigrants. It is also a pathway for permanent residentship in Canada. International immigrants with an aim of starting their own business venture in Canada can apply for Canada Startup visa.

Checkout the Canada Startup Visa Requirements for 2023

An immigrant entrepreneur that proves to start a unique and goal oriented business that will contribute value to the wider economy, and generate more employment are eligible for this visa. To apply for a startup Canada visa, immigrants are required to prove their proficiency in language, have a qualifying business as per IRCC, proof of financial income of 7.94 lakhs for one member and 14.75 lakhs for 4 members.

After securing the visa, immigrants can avail various benefits like freedom to move freely in-country, reside & work in the US with a Canadian passport, and permanent residence for successful entrepreneurs & their families.

How Does a Startup Canada Visa Work?

To apply for a Startup Canada visa, an applicant is required to fulfill certain conditions like language requirement, prospectus of business and future growth. Canada’s startup visa acts as a mediator through which innovative entrepreneurs can get funds for their business ideas.

For this, firstly, they need to convince the designated organization about the potential success of their business idea and prospectus. The firm will act as a designated investor and also provide a letter of support. The running business must also be classified as a qualified business by meeting relevant conditions according to the legal body of Canada.

Having a Qualifying Business

As per Immigration, Refugees, and Citizenship Canada [IRCC] a "qualifying business" is one that meets certain specified conditions. The required conditions for qualifying business are mentioned below:

• The applicant must own at least 10% of the voting rights attached to all the company's shares.
• The applicant, together with the designated organization, must have at least 50% of the voting rights attached to all the company's shares.

Having a Letter of Support from a Designated Organization

The ‘designated organization’ is a corporate organization that has been granted permission to invest in or support potential start-ups.

• The applicant needs to contact the designated organization, persuade them that he has a viable business concept worth sponsoring and get a letter of support from the authorized organization.
• A letter of support is sent to the applicant if he or she reaches an agreement with them. This letter needs to be attached to the application.

Eligibility Criteria

An applicant needs to fulfill the eligibility criteria to apply for the Canada startup visa program.

Applicants are required to fulfill four requirements and a detailed view on the same is mentioned below.

• Applicants must have knowledge of languages like English, French, or both to apply for a startup Canada visa.
• Taking a language test from an approved organization is a must and after that applicants are required to attach the results with application.
• The minimum level required, either in English or French, of the Canadian Language Benchmark (CLB) is CLB 5 in all four areas (speaking, reading, listening, and writing).

Having Sufficient Funds to Settle in Canada

The Canadian government does not provide financial assistance to new Canada startup visa immigrants. All applicants must demonstrate that they have enough money to sustain themselves and their dependents or families after their arrival in Canada. The amount required depends on the size of their families.

Startup Canada Visa Application Process

For a startup Canada visa, the applicant is required to fulfill 4 outlined steps. The application must be submitted carefully along with the required documents. The documents must be translated into French or English language if they are originally issued in any other language. The application process for the Canada startup visa program is given below:

Fill out Application Form

• Fill out the Generic Application Form for Canada.
• Check that you have filled in all needed information before clicking the "Validate" button on the form.
• Print the verified application form, including the barcode page.
• Sign the form and write the date.

Collect Required Documents

The documents required for a startup Canada visa are mentioned below.

• Passport or Legal Travel Document Copies
• Certificate of Birth
• Certificate of Marriage (if married)
• Police Clearance Record from the native country of the applicant
• Proof of Sufficient Funds: a recent bank statement (at least six months old)
• Language Proficiency Test Results
• Bank Reference Letter
• Medical Examination Confirmation (from a certified health institution)
• Letter of Support from a Canadian Designated Organization
• The candidate's detailed resume (CV)
• Business Proposal Draft

Pay the Application Fee

The applicant must pay the fees online. The approximate cost will include following:

• The processing fees for the applicant and anyone included on his application
• The Right of Permanent Residence (RPRF)
• Biometrics (It includes the cost of collecting fingerprints and taking a digital picture.)
• Third-party fees (medical certificate, language requirement, etc.)

Submit the Application

To ensure that the application is complete, applicants must check that they have-

• Responded to all inquiries
• Signed their applications
• Paid processing fees, and submitted a receipt copy with the application, including all supporting documentation

Startup Canada Visa Application Cost

Applicants need to pay all the required fee to complete the application process. All fees can change at the discretion of the Canadian government. The legal fees may vary based on the firm. A brief of the cost required is tabulated below.

Startup Canada Visa: List of Designated Organizations

An applicant is required to provide documentation of proof (Commitment Certificate and Letter of Support) that his firm is indeed by a specified organization as part of the qualifying requirements. Those who fulfill the qualifying conditions must acquire a minimum of $75,000 from a Canadian angel investor. From a government-recognized Canadian venture capital fund, a minimum of $200,000 is required. No investment funding is required if the application is accepted into a qualified Canadian business incubator. Some designated organizations are tabulated below:

Canada Startup Visa Processing Time

The processing time for the Canadian startup Visa is 12 to 16 months, i.e. one year to one and a half years. Securing the letter of support from the designated organization takes 4 to 6 months.

• The Canada startup visa program allows entrepreneurs to move to Canada in order to begin a new business.
• Immigrant entrepreneurs must show that their firm is creative, that it will create new employment for Canadians, and that it can compete on a worldwide scale.
• The permanent residence that is granted to successful entrepreneurs also works as a work permit in the country.

To apply for this program, certain conditions must be fulfilled, and a completed application must be submitted along with authentic copies of relevant documents. There is no age limit for this application and the application process is fast comparatively. Also, candidates are not required to travel to Canada for the startup visa program.

[1] https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/eligibility.html

[2] https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/apply.html

[3] https://getgoldenvisa.com/startup-visa-canada#ftoc-application-costs

[4] https://www.canadim.com/business/entrepreneurs/federal-startup-visa/

[5] https://www.canada.ca/en/immigration-refugees-citizenship/services/immigrate-canada/start-visa/designated-organizations.html