Lifestyle

Canada Startup Visa in High Demand: Know How to Apply!

Canada works to foster a culture of innovation and collaboration, making it an attractive destination for entrepreneurs looking to start a new business. One way to achieve this is through the Canada Startup Visa program. This initiative offers a simple path for immigrants with creative business ideas to become permanent residents and continue their business in Canada.

Continue to learn about complete details about Canada Startup Visa as outlined by the Bestkit team.

Canada Startup Visa

Canada Starter Visa Latest News

Recently, Canada’s starter visa program has been significantly improved by extending the work permit period from one year to three years. This amendment was implemented with the main goal of increasing assistance to immigrant entrepreneurs. In addition, Startup Visa holders can now obtain long-term open work permits. These changes allow you to work for any organization in Canada, unlike the previous rules that limited employment to startups.

Canada Starter Visa Program

Canada’s startup visa program, also known as the SUV Program, is strategically designed to attract immigrant entrepreneurs who are capable of creating innovative businesses within the country. These entrepreneurs have not only demonstrated the ability to innovate, but also the ability to create job opportunities for Canadians and compete effectively on the global level. To participate in this program, individuals must have endorsement and support for an innovative business proposal from one of the designated organizations.

Note that this visa option will not apply if you intend to settle in Quebec, which supports a special business immigration program. Moreover, for those considering Quebec as a destination, we recommend visiting the Quebec Immigration website for more information.

Canada Startup Visa Requirements

Certain criteria must be met to be considered eligible for a Canadian starter visa.

Have a Qualifying Business

In Canada’s Startup visa program, eligibility is subject to certain conditions in two different phases.

At the initial stage of the commitment, each candidate (up to 5, allowed as owners) must have at least 10% voting rights in the outstanding shares. At the same time, the designated organization or institution must have more than 50% of the voting rights.

The company must demonstrate active management in Canada, conduct substantial operations within the country and maintain incorporation status in Canada. These terms define Canada’s participation and contribution to this business.

Obtain a letter of support from the designated organization

Applicants are required to obtain a letter of support from a designated organization (recognized business entity authorized to invest in or support potential startups).

To achieve this you will need:

  • Contact the designated organization to understand the process of receiving support.
  • Convince the organization that your business idea deserves their support.
  • Obtain an official letter of support from the designated organization.

After agreement with the designated organization, they will issue a letter of support to be attached to your visa application.

Meet the Language Requirements

The ability to communicate and work effectively in English, French or both is essential to the success of your career in Canada. Therefore, Applicants must take a language proficiency test issued by an approved institution and submit the test results as part of visa application.

Applicants must achieve at least Canadian Language Benchmark (CLB) level 5 in English or French in the following four areas:

  • Speaking
  • Reading
  • Listening
  • Writing

Use your test results to find your CLB level. Please note that applications that do not meet the language criteria will be immediately rejected.

Bring Enough Money to Settle

New immigrants entering Canada through the Startup Visa program are not eligible for financial assistance from the Canadian government. Therefore, applicants must provide proof of their ability to financially support themselves and their dependents upon arrival in Canada.

The amount required will vary depending on the number of your family members.

Number of Family MembersFunds Required (CAD)
1$13,757
2                                                               $17,127
3$21,055
4$25,564
5$28,994
6$32,700
7$36,407
More than 7$3,706 per member
Canada Startup Visa Program

Find out how much it costs to live where you want to settle in Canada. The government also recommends taking as much money as possible to facilitate the move to Canada.

Canada Startup Visa Application Process

Please follow the steps below to apply for a Canada Starter Visa:

  • Receive a program package including a document checklist and instruction manual or guide.
  • Fill out the Generic Form for Canada [IMM 0008] on your computer, making sure that all fields are filled in correctly. Confirm and print the form. Enter and date if necessary, making sure your information is encoded in a unique barcode.
  • Arrange all required documents in the order listed in the Document List. Fill the checklist and use it as cover letter for the application package, which must be sealed in envelope.
  • Pay all applicable fees including processing fees, right of permanent residence (RPRF) and biometric fees for all applicants.
  • Consider including the RPRF with your application to avoid potential delays. RPRF is mandatory before becoming a permanent resident of Canada.
  • Consider additional costs such as medical tests, police certificates and language tests.
  • Usually pay a fee to take a digital photo and fingerprint and pay a biometric fee when you submit an application.
  • Send your application by regular post or courier to the specified address

Canada Startup Visa Cost

Canadian startup visa fee includes application fee, right of residence, fee to add partner, biometric fee, etc. It includes several components such as: Here is a breakdown of the costs incurred when you apply:

Application TypeFees (CAD)
Your applicationCAD 1625
Right of permanent residence feeCAD 515
Include your spouse or partnerCAD 1,365
Include your spouse or partner (without right of permanent residence fee)CAD 850
Include a dependent childCAD 230 (per child)
Biometrics feeCAD 85  (per person)
Canada Startup Visa Program

Please note that this list does not include additional costs from third parties such as language tests, medical tests, police certificates and other relevant costs.

Canada Startup Visa Processing Time

Current processing time is 37 weeks for Canadian Startup Visa Program, including biometric processing time. Moreover, individual processing times may vary depending on a number of factors, including the type of application submitted and whether the application has been completed.

Canada Startup Visa Permanent Residence

Canada’s Starter Visa Program has gained popularity as one of the most attractive immigration destination in the world for entrepreneurs as it facilitates the path to permanent residence in Canada. Permanent residency in Canada also benefits from a variety of social benefits, healthcare and a higher standard of living.

Mentioned below are some aspects of permanent residence on a Canadian startup visa.

  • Those who successfully apply for a Canadian startup visa become permanent residents of Canada.
  • The applicant’s spouse or partner, and dependent unmarried children under the age of 22, obtain permanent residence and are able to work and study in Canada.
  • Canada’s startup visa program has no rules linking your permanent resident status to your startup job. If you have permanent resident status, you can work of your own choice, because applicants also get an open work permit.
  • Permanent residents under Canada’s Startup Visa Program can become eligible for citizenship after living in Canada for three years. Canadian citizenship has additional benefits, such as the right to vote and unlimited access to employment and education.

Canadian Starter Visa Benefits

Here are the benefits for successful Canadian visa applicants:

  • Immigrant entrepreneurs using the Startup visa program can pioneer businesses to create jobs in Canada and facilitate global competitiveness.
  • Entrepreneurs will receive essential support to navigate the complexities of the Canadian business landscape, which is especially important for those facing startup challenges.
  • The scope of the program includes various groups of entrepreneurs to provide access to the best talent in the world and enrich private firms with innovative minds.

Canada Startup Visa Business Incubator

Business incubators, non-profit organizations, play an important role in helping start-up companies accelerate their growth. They provide essential services such as office facilities, mentoring, management training and early stage investment opportunities. When an incubator accepts a project, it means confidence in the business idea and its commitment to accelerate its success.

No financial investment is required when you apply for a Canadian startup visa through a business incubator; The incubator only needs to confirm that the entrepreneur has been accepted into the accelerator program.

Canada Startup Visa Minimum Investment

As mentioned above, there is no minimum investment required when applying for a startup visa through the incubator. However, if you apply for a startup visa through an angel investment group or a venture capital group, there are minimum investment requirements.

The minimum investment requirements are as follows:

Type of SupportMinimum Investment
Venture Capital FundCAD 200,000
Angel InvestorCAD 75,0000
Canada Startup Visa Program

You can find the list of venture capital funds, angel investors and business incubators through the government of Canada‚Äôs list of designated organizations.

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