Passport Rank
8
Investment Amount
-
Processing Time
Up to 35 months
About Canada
Canada is a country located in North America, and it is one of the largest countries in the world in terms of land area. It is known for its stunning natural beauty, moderate climate, and political and social stability. Its economy is advanced and diverse, making it one of the world’s largest economies. Canada offers significant opportunities for education and healthcare, ensuring a high quality of life. It is also an excellent destination for work and economic stability, thanks to government support and strategic plans.
- Language: English
- Currency: Canadian Dollar
- Total Area: 9,984,670 km²
- Capital: Ottawa
- Government System: Democratic parliamentary system and constitutional monarchy
About the Canada Start-up Visa (SUV) Program
The Canada Startup Visa program offers an opportunity for qualified investors and their family members who wish to obtain permanent residency in Canada by establishing a new business venture. To be eligible, applicants must present an innovative business idea to one of the recognized business incubators, venture capital funds, or investor groups endorsed by the Canadian government.
Entrepreneur immigrants must also demonstrate that their intended businesses have the potential to contribute to the Canadian economy by creating new jobs for Canadians and competing on a global scale.
While waiting for permanent residency, entrepreneur applicants who have applied for the Startup Visa program may be granted a temporary work permit, allowing them to travel to Canada to initiate their businesses. The processing time for the Canada Startup Visa program can take approximately up to 35 months, and it does not apply to applicants intending to reside in the province of Quebec.
Benefits of the Canada Start-up Visa (SUV) Program
The Canada Startup Visa program offers several benefits and advantages to its applicants, including:
- 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.
The Canada Start-up Visa (SUV) Program Requirements
There are requirements that the applicant must meet in order to be eligible for the visa:
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Letter of Support
Applicants must obtain a letter of support from an angel investor group, venture capital fund, or business incubator. They are willing to invest in and support the applicant’s business idea.
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Ownership Requirements
Each applicant must hold at least 10% of the voting rights attached to all of the outstanding shares of the business.
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Pass the language test (CLB 5) at least
Applicants are required to demonstrate language proficiency in either English or French, with a minimum score of CLB5 in all four language abilities (listening, speaking, reading, and writing).
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Financial Requirements
Applicants are expected to have a bank account with sufficient funds, the exact amount of which depends on the size of the family.
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Active and Continuous Management
Applicants are required to actively and continuously manage their business from within Canada while waiting for their permanent residency.
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Good Health
Applicants should be in good health as per Canada’s health requirements.
Cost of the Canada Start-up Visa (SUV) Program
The applicant must 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
- 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
- Preparing the work plan and submitting it to the approved bodies to obtain the letter of support.
- Compiling the necessary papers to submit residency applications.
- Obtaining a letter of support and submitting residency applications to the Canadian government.
- Get Residency.
- Travel to Canada and start working on the project.
FAQ’s
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What is the time required to obtain Canadian permanent residency through the Startup Visa program?
The first stage is drafting the business plan for the Startup Visa program, which takes about one to two months. The second stage is obtaining a letter of support, which takes between 3 to 6 months. The third stage takes approximately 35 months to obtain a decision on the permanent residency application. (The time may vary according to the estimation of the Canadian federal government.)
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Do I need to travel or reside in Canada as part of the process of applying for Canadian permanent residency?
There is no requirement to reside in Canada during the processing period or before obtaining permanent residency unless you apply for a work permit. If you wish to obtain a work permit, you must go to Canada to start working until a decision is made on the permanent residency application.
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What if the company faces obstacles that disrupt its continuity?
Permanent residency status is not affected if the company closes or does not continue due to obstacles.
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What are the requirements for obtaining permanent residency in Canada through the Startup Visa program?
The requirements include obtaining a letter of support, meeting the ownership requirements for eligible businesses, passing a language test (CLB5 at a minimum), having a bank savings account, and actively and continuously managing the business. The applicant should also be in good health.
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What does permanent residency in Canada mean?
Permanent residency in Canada means that a foreign individual has obtained a legal status that allows them to live in Canada permanently, such as getting a Canadian Startup Visa.
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How many countries can the Canadian passport enter?
According to the Reach Immigration Passport Index, the global ranking for the Canadian passport is 8th, and it allows travel to 186 destinations without needing a visa or obtaining a visa upon arrival.