The entrepreneur visa for Canada (SUV in short) is a highly demanded immigration scheme. It allows qualifying applicants to permanently settle in Canada. The program’s primary goal is to attract creative business people and match them with Canadian investors (who will then fund their business projects).
With that, many would-be applicants have inquiries about the scheme. We’ll discuss the most common below.
There are 4 qualification requirements that you need to fulfill.
Also, you must meet admissibility criteria for entry to Canada. Authorities may reject your application if you do not fulfill the criteria.
The FOUR requirements are as follows:
First, you must contact a designated investment organization. Then, you’re required to convince the organization to finance your startup business. If they choose to do so, they’ll give you a Letter of Support. They’ll also give authorities a Commitment Certificate.
Each designated organization has its own set of eligibility requirements which you should check before contacting them.
You should start by contacting the designated organization. Those organizations can be business incubators, angel investment groups, or venture capital funds. The primary goal here is to sell your ideas and startup project to them. You want to demonstrate that your business has a high chance of success.
Some designated organizations require a detailed project plan. Others require less. Regardless, if an organization agrees to finance you, they’ll give a support letter that verifies their contribution. That letter is a vital document that Canadian authorities will use when assessing your application.
Yes. If angel investment groups or venture capital funds support you, they’ll grant you an investment. Business incubators are different. First, you must get accepted in a designated incubator program, which must be Canadian. Also, business incubators offer limited spots to applicants, which makes them highly competitive.
Multiple authorities will do so. The first is the designated organization that’ll support your business. If you can get a Letter of Support from them, then your application goes to the IRCC for review (Immigration, Refugees, and Citizenship Canada).
Keep in mind that all applications are subject to peer-review analysis by independent experts. This is to ensure that your business activities are lawful. It also ensures that the standards followed by the designated organization match those in the industry you’re investing in.
Every designated organization follows different requirements, and there’s no standard letter to prepare. What matters more is convincing those organizations of your business idea. Some require that you send them a business plan while others require that you present the idea personally.
Yes. Applicants must prove fluency in French, English or both. They’re required to reach CLB 5 (Canadian Language Benchmark) in speaking, writing, reading, and listening. Your test scores should be included with your application forms.
That’ll vary based on the number of family members joining you. With that, some designated entities offer extra money as living expenses for their entrepreneurs. But, keep in mind that you aren’t allowed to spend your project’s investment money as living expenses.
Yes. Applications allow entrepreneur groups of five people or less. You can file applications as joint owners of that single project. With that, as the designated investors go through your application, they’ll want to know which members are essential, and which aren’t. This is necessary, and you’re required to select an essential person when applying with a team.
No designated organization will support an entrepreneurial team that hasn’t determined their essential person. Also, keep in mind that if an essential person’s application is rejected, then all other related applicants will be rejected too.
The essential person is considered critical to running the business. They will be determined in the support letter and commitment certificate offered by your designated investment organization.
If an investment is done through designated venture capital funds, you need at least C$200,000. If it’s done through a designated angel investment group, you need at least C$75,000. If you’re supported by business incubators, there is no set investment amount, but your application into the business incubator’s program must be accepted.
Getting supported by multiple designated organizations is known as syndication. Here, you’ll need to inform authorities of your syndication. Designated organizations are only required to send a single Commitment Certificate and give you a single support letter, even if you’re being syndicated.
If your project fails, your permanent residency status won’t be affected. Canadian authorities understand that risks do exist, and that not all business projects will succeed.
Canada’s Startup Visa Program is an opportunity for creative minds to grow in one of the world’s largest economies.
That’s an opportunity you can capitalize on today. You can contact us for a consultation with your individual case. If you choose to go through with applying, we’ll help you manage the entire process from start to finish!
The entrepreneur visa for Canada (SUV in short) is a highly demanded immigration scheme. It allows qualifying applicants to permanently settle in Canada. The program’s primary goal is to attract creative business people and match them with Canadian investors (who will then fund their business projects).
With that, many would-be applicants have inquiries about the scheme. We’ll discuss the most common below.
There are 4 qualification requirements that you need to fulfill.
Also, you must meet admissibility criteria for entry to Canada. Authorities may reject your application if you do not fulfill the criteria.
The FOUR requirements are as follows:
First, you must contact a designated investment organization. Then, you’re required to convince the organization to finance your startup business. If they choose to do so, they’ll give you a Letter of Support. They’ll also give authorities a Commitment Certificate.
Each designated organization has its own set of eligibility requirements which you should check before contacting them.
You should start by contacting the designated organization. Those organizations can be business incubators, angel investment groups, or venture capital funds. The primary goal here is to sell your ideas and startup project to them. You want to demonstrate that your business has a high chance of success.
Some designated organizations require a detailed project plan. Others require less. Regardless, if an organization agrees to finance you, they’ll give a support letter that verifies their contribution. That letter is a vital document that Canadian authorities will use when assessing your application.
Yes. If angel investment groups or venture capital funds support you, they’ll grant you an investment. Business incubators are different. First, you must get accepted in a designated incubator program, which must be Canadian. Also, business incubators offer limited spots to applicants, which makes them highly competitive.
Multiple authorities will do so. The first is the designated organization that’ll support your business. If you can get a Letter of Support from them, then your application goes to the IRCC for review (Immigration, Refugees, and Citizenship Canada).
Keep in mind that all applications are subject to peer-review analysis by independent experts. This is to ensure that your business activities are lawful. It also ensures that the standards followed by the designated organization match those in the industry you’re investing in.
Every designated organization follows different requirements, and there’s no standard letter to prepare. What matters more is convincing those organizations of your business idea. Some require that you send them a business plan while others require that you present the idea personally.
Yes. Applicants must prove fluency in French, English or both. They’re required to reach CLB 5 (Canadian Language Benchmark) in speaking, writing, reading, and listening. Your test scores should be included with your application forms.
That’ll vary based on the number of family members joining you. With that, some designated entities offer extra money as living expenses for their entrepreneurs. But, keep in mind that you aren’t allowed to spend your project’s investment money as living expenses.
Yes. Applications allow entrepreneur groups of five people or less. You can file applications as joint owners of that single project. With that, as the designated investors go through your application, they’ll want to know which members are essential, and which aren’t. This is necessary, and you’re required to select an essential person when applying with a team.
No designated organization will support an entrepreneurial team that hasn’t determined their essential person. Also, keep in mind that if an essential person’s application is rejected, then all other related applicants will be rejected too.
The essential person is considered critical to running the business. They will be determined in the support letter and commitment certificate offered by your designated investment organization.
If an investment is done through designated venture capital funds, you need at least C$200,000. If it’s done through a designated angel investment group, you need at least C$75,000. If you’re supported by business incubators, there is no set investment amount, but your application into the business incubator’s program must be accepted.
Getting supported by multiple designated organizations is known as syndication. Here, you’ll need to inform authorities of your syndication. Designated organizations are only required to send a single Commitment Certificate and give you a single support letter, even if you’re being syndicated.
If your project fails, your permanent residency status won’t be affected. Canadian authorities understand that risks do exist, and that not all business projects will succeed.
Canada’s Startup Visa Program is an opportunity for creative minds to grow in one of the world’s largest economies.
That’s an opportunity you can capitalize on today. You can contact us for a consultation with your individual case. If you choose to go through with applying, we’ll help you manage the entire process from start to finish!
