The number of monthly arrivals under Canada’s Start-Up Visa (SUV) program more than doubled in July from the previous month, according to the latest data from Immigration, Refugees and Citizenship Canada (IRCC).
During the month of July, 135 new permanent residents had immigrated under the entrepreneurship program, up 107.7 percent from June’s 65.
Canada is poised to receive 823 immigrant entrepreneurs via the SUV program this year, marking a 43.1% rise compared to the 575 newcomers who utilized the program in the previous year, assuming that the trend observed in the first seven months of this year continues.
With the recent additions, Canada had admitted 480 new permanent residents through the SUV program by the conclusion of the initial seven months of this year, representing a 33.3% increase from the 360 admitted during the same period last year.
It is no wonder that business owners are turning to the Start-Up Visa program as the number of tech start-ups is booming in India, and the country is full of companies that can benefit from access to Canadian and American markets.
Therefore to make things easy, we have covered all the details about the Canada start-up visa program. Do have a look.
Canada start-up visa
Canada’s Start-up Visa Program targets immigrant entrepreneurs with the skills and potential to build businesses in Canada that: are innovative. can create jobs for Canadians. can compete on a global scale.
A designated venture capital fund must confirm that it will invest at least $200,000 in the qualifying business under the Canada Start-Up Visa program. Angel investors, venture capital funds, and business incubators are also considered for the visa.
An angel investor group, or two or more venture capital funds, can also invest at least $75,000 into a qualifying business, and a designated venture capital fund can commit up to $200,000.
Applicants can also meet the criteria by securing investments of $75,000 or more from multiple angel investor groups. To be eligible, the applicant must be accepted into a designated business incubator program. The immigrant investor is responsible for crafting a workable business plan that aligns with the due diligence standards set by government-approved designated organizations. Typically, candidates receive assistance from business consultants within Canada’s startup community, under the guidance of experienced corporate immigration lawyers who specialize in business immigration. These legal experts ensure that the startup’s business concept complies with all industry-specific terms and conditions.
In order to apply for permanent residency under the Start-Up Visa program, candidates must initially obtain a work permit supported by a designated Canadian investor.
The basic government-imposed candidate eligibility requirements for the Start-Up Visa program are:
- a qualifying business;
- a commitment certificate and letter of support from a designated entity;
- sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and;
- proficiency in English or French at the minimum Canadian Language Benchmark level 5. However, it frequently occurs that higher levels of English are needed to meet due diligence requirements imposed by designated entities.
New Permanent Residents Through Start-Up Visa Program
International students are also eligible for the Start-Up Visa program, which represents an important option for those who cannot qualify for permanent residence under the skilled worker program. The minimum score needed to qualify has often been over 470.
It does not require previous management experience, unlike most other federal and provincial entrepreneur programs that require one or two years of experience either owning a business or managing a top-level team.