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Canada Start-up Visa Program (SUV)
Canada’s Start-Up Visa (SUV) allows foreign entrepreneurs to obtain permanent residence in Canada through business immigration. Owners of innovative start-ups or established foreign companies may be able to use this program to permanently relocate to Canada along with other founding partners (up to 5 partners), provided that they meet other requirements for the program.
Eligibilities:
- Foreign nationals must get a Letter of Support or investment commitment from one of the Designated Organizations in Canada;
- Each foreign national must own at least 10% of the shares in the startup. Foreign nationals and their Designated Organization must jointly have more than 50% of the total shares (voting rights) in the start-up venture;
- Each applicant must meet the minimum English or French language skill at CLB level 5; and
- Each applicant must have sufficient funds to settle in Canada (at a minimum, between $12,960 – $34,299, depending on the size of the applicant’s family).
In addition to the above, to be successful in this program, entrepreneurs should be prepared to also meet the following basic criteria:
- Ownership of an innovative or successful business that is generating scalable and sustainable revenue or has strong market validation.
- Access to capital fund your start-up venture, usually around $200,000 at a minimum per applicant.
- Have highly specialized knowledge or unique experience in your field or have solid managerial experience; and
- Have an upper-intermediate level of English and/or French language skill(s)[CLB 5]
Advantages of the Program
Below are some of the pros of the SUV program:
- A direct pathway for permanent residence in Canada.
- Open to all nationalities.
- No limitations on business activities in Canada.
- No net worth requirement or verification.
- Allows for a partnership of 5 individuals in the same start-up (min. 10% of ownership for each partner is required); and
- Opportunity to relocate to Canada by obtaining a work permit while the permanent residence application is processed.
Disadvantages of the Program
Below are some of the cons of the SUV program:
- High competition to obtain support from designated organizations in Canada; thus, it can be challenging to get such support.
- Lengthy processing times (3+ years) to obtain permanent residence.
- High capital investments by the founding partners are often required to secure support from a designated organization.
- An extremely well-developed, viable and scalable business model is needed with a proven track of success; and
- Moderate risk of refusals at the permanent residence stage and/or delays due to peer reviews.
PNP Entrepreneur Programs
3.2.1 Alberta Advantage Immigration Program (AAIP) – Stream for Entrepreneurs
3.2.2 British Columbia Provincial Nominee Program (BC PNP)- Entrepreneur Immigration
3.2.3 Manitoba Provincial Nominee Program (MPNP)-Manitoba Entrepreneur Pathway
3.2.4 New Brunswick Provincial Nominee Program (NBPNP) – Business Immigration Stream
3.2.5 Newfoundland and Labrador Provincial Nominee Program (NLNP)- International Entrepreneur
3.2.6 Northwest Territories Nominee Program (NTNP)-Business Stream
3.2.7 Nova Scotia Nominee Program (NSNP)- Entrepreneur / International Graduate Entrepreneur
3.2.8 Ontario Immigrant Nominee Program (OINP)- Business Stream
3.2.9 The Prince Edward Island Provincial Nominee Program -Business Impact Stream
3.2.10 Saskatchewan Immigrant Nominee Program (SINP)- Entrepreneur& Farm
3.2.11 Yukon Nominee Program (YNP)-Yukon Business Nominee Program