CANADA STARTUP VISA PROGRAM

Start-up Visa Program is intended to attract foreign entrepreneurs who wish to establish new, high-growth businesses in Canada, that will support innovation and job creation.

Canada Startup Visa (SUV) Program allows entrepreneurs or teams (up to 5) to immigrate to Canada to build an innovative business with a potential to create jobs and compete globally. This program is a direct and fastest from all Canada's business immigration programs pathway to permanent residence for the right candidates and businesses. It generally exists for innovative companies in any industry of operation. There is no minimum investment amount that the applicants themselves must make. The Canadian Startup Visa designated organization must validate a business idea before participants can apply for a work permit and permanent residence. Getting a Letter of Support and Commitment Certificate from the designated organization is a pre-condition in the startup visa process, requires preparation, including a thorough business plan.

• Direct path to Canada PR [Permanent Residency] for up to five applicants for one innovative business venture.
• Fastest processing time (12-16 months) amongst Canada business immigration programs.
• Startup Visa applicant can work in Canada towards launching an innovative business while a permanent residence application is in process (Temporary Work Permit for Start-Up Visa Applicant)
• Access to support from reputable Canadian angel investors, venture capital funds, and business incubators (Canada Startup Visa Designated Organizations).
• Startup Visa applicants are not required to invest their own funds in a business venture, nor to meet any minimum net worth requirement.
• Canada Startup Visa is a federal business immigration program, and therefore, an applicant can select a location/province to work and live.
• Startup Visa applicant can bring a spouse and children to Canada.
• If a business venture is not successful at the end of the day, applicants can keep Canada PR.

The key requirement is to receive support from one of Canada Startup Visa designated organizations. This process involves applying to the government-approved angel investors, venture capital funds, or business incubators.

Prospective business immigrants under Startup Visa Business Class will have to pitch their innovative idea and prepare a business plan for consideration to the selected designated organizations. Each organization has its own requirements and may prioritize innovations in certain industry sectors. At Lerom Law, we have taken the time to compile a Business Idea for Startup Visa Questions designed to help entrepreneurs refine their business idea and answer the questions that may arise in the application process for a Letter of Support to the designated organizations.

In three years, 2021 to 2023, Canada aims to welcome around 500 new permanent residents annually under the Start-up Visa Program. This estimation is based on IRCC 2021-2023 Immigration Levels Plan.

In the table below, we provide Canada Startup Visa statistics in the past five years, 2015 to 2020. It showcases admissions of permanent residents by the province under Start-up Visa Program. As you see, the success rate varies, with the highest number of approved Startup Visa applications admitted to Ontario and British Columbia.

Start-up Visa Program is intended to attract foreign entrepreneurs who wish to establish new, high-growth businesses in Canada, that will support innovation and job creation. With that policy in mind, the Government of Canada created a three-stage process for Startup Visa applicants.

Purpose: Attract foreign entrepreneurs who wish to establish new, high-growth businesses in Canada, that will support innovation and job creation.

Timeline: On average, 1 to 6 months.

Outcome: Letter of Support and Commitment Certificate from the designated organization.

Full list of Canada Startup Visa Designated Organizations.

At Lerom Law, we have developed an Innovative Idea for Startup Visa Questionnaire designed to help prospective business immigrants understand what questions they have to be prepared to answer when applying to the designated organizations.

• Purpose: Allow foreign entrepreneurs to immigrate to Canada permanently to establish an innovative business for which they received support from the designated organization.

• IRCC processing time: 12 - 16 months.

• Outcome: Canada PR for the entrepreneurs and their accompanying spouses and children.

Learn more about Startup Visa Program Requirements.

• Purpose: Allow foreign entrepreneurs with a Letter of Support from the designated organization to come to Canada before their application for permanent residence is finalized by the visa office.

• IRCC processing time: 2 weeks under Global Skills Strategy.

• Outcome: Early admission to start establishing a business or participate in the incubation program. For example, setting up a business, registering for all permits, getting approvals as required, etc.