The status of permanent residency is not affected if the company closes or fails to continue due to obstacles.
Canada
The Canada Startup Visa Program is a pathway to secure permanent residency for eligible entrepreneurs and their families who aspire to immigrate to Canada and establish a startup business. To participate, entrepreneurs pitch their innovative business concepts to a government-recognized angel investor group, venture capital fund, or business incubator. Upon receiving a letter of support from one of these entities, entrepreneurs are better equipped to launch their businesses in Canada.
Immigrant entrepreneurs must demonstrate that their ventures are not only innovative but also have the potential to stimulate the Canadian economy by creating new job opportunities for Canadians and competing effectively on a global scale.
While waiting for their permanent residency status, entrepreneurs can also apply for a work permit, allowing them to initiate and manage their businesses in Canada during the lengthy permanent residency application process, which can take up to 35 months. It’s worth noting that this program does not extend to applicants intending to reside in the province of Quebec.
Benefits of Canada Start-up Visa (SUV)
This program provide an abundance of benefits, which includes:
- Permanent residency for the applicant and eligible family members.
- Include spouse and dependent children below the age 22.
- Reside anywhere in Canada (Except the province of Quebec).
- Can obtain a work permit while waiting for permanent residency.
- Enjoy free health care and education for children and low tuition fees for adults.
- Apply for Canadian citizenship after three years of physical residency in Canada.
Canada Start-up Visa (SUV) Requirements
There are requirements that the applicant must meet in order to be eligible for the visa:
- Obtain a letter of support from a designated angel investor group, venture capital fund or business incubator.
- Meet the ownership requirement for eligible businesses (each applicant owns 10% at least of the voting rights attached to all of the company’s shares in existence at that time).
- Pass at least Canadian language benchmark (CLB5) in all four categories for English or French language.
- Demonstrate you have enough settlement funds depending on the number of family members.
- You provide active and ongoing management of this business from within Canada at the time of receipt of permanent residency .
- Be in good health conditions as per requirements of Canada.
Cost of obtaining Canada Start-up Visa (SUV)
The applicant is required to own at least 10% of the shares of the start-up company in addition to administrative, legal and government fees for submitting residency applications.
Process and steps obtaining Canada Start-up Visa (SUV)
- First Step: Create a business plan and collect the required documents.
- Second Step: Obtaining a letter of support from the concerned designated authority.
- Third Step: Transfer the Investment amount and apply for residency.
- Fourth Step: Issuance of residency to travel to Canada.
How to apply:
- Prepare the business plan and submit to the designated angel investor group, venture capital fund or business incubator.
- Prepare the documents required for permanent residence application
- Receive the letter of support from the designated body and submit the application for residency
- Receive the residency
- Travel to Canada and start working in the start up company.
FAQ
What is the estimated processing time to obtain Canadian permanent residency through the Start-up Visa program?
1st Phase, drafting the Startup Plan for the Startup Visa program (1-2 months) 2nd Phase, obtaining a Support Letter (3-6 months) 3rd Phase, up to 35 months to receive a decision on the permanent residency application. (this time frame changes at the discretion of the Canadian federal government).
Do I need to travel or reside in Canada as part of the application process for Canadian permanent residency?
There is no requirement for residing in Canada during the processing period or prior to obtaining permanent residency, unless an application for a work permit is submitted. However, Unless you obtain a work permit, you will have to go to Canada to start working until your permanent residence application is decided upon.
What if the company faces obstacles that hinder its continuity?