Immigration, Refugees and Citizenship Canada (IRCC) has reported a notable increase in applications for Canada's Start-Up Visa (SUV) programme, which is witnessing a surge of immigrant entrepreneurs. The number of immigrant entrepreneurs anticipated to enter Canada via the SUV programme has more than doubled as of 2023 compared to earlier years.

Qualifying Business Ownership Criteria

To be eligible for the Start-Up Visa programme, candidates must work with four other people and obtain an endorsement from a recognised organisation. At the time of application, each applicant must possess at least 10% of the corporation's existing voting rights shares.

Additionally, more than half of the total voting rights of all outstanding shares must be jointly held by the applicants and the designated organisation.

As long as they incorporate their business in Canada, actively manage it there, and play a significant role in its operations, successful candidates and their enterprises are granted permanent residence.

Partnering with Designated Organizations

Angel investors, venture capital funds, and business incubators are examples of designated organisations that are essential in assisting and evaluating eligible firms. They may require the submission of thorough business plans or in-person presentations of business concepts as part of their own intake and evaluation procedures.

Venture capital funds must invest at least $200,000 in the qualifying business, while angel investor groups must contribute at least $75,000.

As an alternative, to satisfy the finance requirements, candidates may obtain investments from several approved organisations. A recognised business incubator must also approve the applicant for admission to its programme.

After an applicant and a designated organisation come to an agreement, the applicant receives a letter of support that is necessary for submitting the application. Additionally, the organisation provides a commitment certificate directly to the IRCC, which evaluates applications based on these materials and could ask for more business data before reaching a decision.

Through business ownership, immigrants can get permanent residency through Canada's Start-Up Visa programme. Entrepreneurs can successfully manage the application process and advance their business endeavours in Canada by being aware of the program's requirements and collaborating with approved organisations.

FAQS

What function does an SUV programme-designated business incubator serve?

Throughout their business development, entrepreneurs might receive assistance and direction from a recognised business incubator. Additionally, it welcomes applications for its programme and provides them with tools and guidance to ensure their success.

What kind of paperwork is needed to apply for the SUV programme?

A workable business plan that satisfies the authorised entities' due diligence standards must be created by applicants. In addition, they must make sure that a commitment certificate is provided straight to the IRCC and obtain a letter of support from the approved organisation.