Canada’s Start-Up Visa Program is seeing a steady rise in the number of new permanent residents (main applicants).
In 2019, the total number of new permanent resident admissions reached 510, more than double the 250 welcomed in 2018.
The numbers have been steadily increasing over the last five years under the program, which grants unconditional Canadian permanent residence to qualified immigrant entrepreneurs.
The significant increases seen in 2018 and 2019 could be down to the program being made permanent in March 2018. Previously, it had been a three-year pilot program.
The program targets innovative entrepreneurs and links them with private sector investors in Canada who will help establish their start-up business.
Candidates can initially come to Canada on a work permit supported by their designated Canada-based investor, before qualifying for permanent residence once their business is up and running.
There are three types of private-sector investor: an angel investor, a venture capital fund and a business incubator.
- A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
- A designated business incubator must accept the applicant into its business incubator program.
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Candidates with a qualifying business must obtain a Commitment Certificate and Letter of Support from a designated entity, show they have sufficient settlement funds and be proficient in English or French at minimum Canadian Language Benchmark level 5.
They can then apply for a short-term work permit to begin working in the business.
For the candidate to qualify for permanent residence, the business must be incorporated and doing business in Canada, the candidate must own at least 10 percent of the voting rights, and no other person can hold 50 percent or more of the voting rights.
If an entrepreneur has a viable start up business project, it will take about 4-6 months to secure a commitment certificate/letter of support from a designated entity. Once a letter of support is received, the application for permanent residence can be submitted. It will take approximately 18 months to finalize the application to visa issuance.
How Can Immigration.ca help intending immigrant entrepreneurs under the Start Up Visa (SUV) Class?
Through our Toronto based facilities, our firm works extensively with industry acclaimed designated entities in the Canadian start-up ecosystem. We provide a range of hands-on business advisory services to help intending entrepreneur immigrants and their start-up business concept meet all industry requirements.General Information: Contact us to receive more information about this article.
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