Start-Up Visa (SUV) is an immigration program launched by the Canadian federal government to attract overseas entrepreneurs with innovative ideas to establish high-tech startups in Canada. The entrepreneurial venture in which the applicant is involved or intends to establish must be innovative, unique, and competitive, such as artificial intelligence, VR/AR technology, blockchain technology, financial services, big data, medical technology, biotechnology, etc. The applicant’s business plan must be supported by a government-designated institution. Upon obtaining a support letter from a government-approved investment institution, the applicant can submit an immigration application and apply for a work visa to operate a business in Canada. Meanwhile, the government-authorized institution provides consultation and coaching services to help new immigrant entrepreneurs address issues and difficulties encountered in the process of building a new venture.
Applicant Requirements:
- The applicant must operate an eligible enterprise, specifically:
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- Each applicant must hold at least 10% of the company’s shares (up to five people can apply together);
- The designated investment institution and all applicants must collectively hold more than 50% of the company’s shares.
Upon obtaining permanent residency:
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- The applicant must actively and continuously manage the enterprise in Canada;
- A significant portion of the enterprise’s operations must take place in Canada;
- The enterprise must be registered in Canada.
- The enterprise investment or startup plan must be supported by a government-designated investment institution:
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- Venture capital funds (minimum investment amount of $200,000);
- Angel investor groups (minimum investment amount of $75,000);
- Business incubators (no minimum investment amount required).
- Language requirements: Achieve a CLB5 level in English or French, equivalent to IELTS 5.
- Educational background: College diploma or above.
- Adequate funds: Settlement and startup funds (based on the business plan and project).
- Others: No criminal record, good health, and willingness to reside in provinces other than Quebec.
Application Process:
- Customer signs a contract, evaluates business background, and refines business concept;
- Prepare materials and develop a detailed business plan;
- Submit the business plan to a government-approved venture capital fund, angel investor group, or business incubator; Obtain a support letter from the investment institution;
- Submit immigration and work visa applications to the Canadian Immigration Bureau;
- Obtain a work visa, land in Canada, and start operating the enterprise. Investment institutions assist in training startup enterprises;
- Obtain approval for permanent residency.
Program Advantages:
- Compared with common entrepreneur immigration, the most significant advantage of start-up immigration is that the project only requires support from a government-designated investment institution, so the required investment amount is small, reducing the applicant’s financial pressure.
- As a federal program, the current processing time is 12-16 months, and the maple leaf card can be obtained in one step after approval by the federal government.
- Start-up applicants will not lose their Canadian permanent residency status due to entrepreneurial failure.