Canada boasts its Start-up Visa (“SUV”) program as first if its kind in the world, linking immigrant entrepreneurs with experienced private sector organizations that have expertise working with start-up immigrant entrepreneurs. This is also a path to obtain Canadian Permanent Residency.
To be eligible for SUV, an entrepreneur should portray their skills and potential to build business in Canada which is unique, can create jobs in Canada and can compete on a global scale. They should arrange support from one of the designated organizations – Venture Capital Funds, Angel Investor Groups, or Business Incubators. These designated organizations are approved to invest or support possible start-ups through the SUV program. Each organization follows their own intake process for proposals and criteria to review each business proposal. The investment can vary from as low as $75,000 for an Angel Investor Group to $200,000 for a Venture Capital Fund.
To make a concrete submission to IRCC, an Entrepreneur should have a qualifying business, obtain a letter of support from a designated organization, meet language requirements (CLB 5 in listening, writing, speaking and reading) and must have sufficient funds to support themselves along with their dependents in Canada. While the Application for Permanent Residency under the SUV program is pending, an applicant may also apply for a temporary work permit to enter Canada and start building their business.
At NPZ, our U.S. and Canadian Immigration Lawyers seek to assist clients with regard to employment and family immigration issues. If you, your friends or your family should have any questions, please feel free to contact us at info@visaserve.com or you can call our offices at 201-670-0006 (x104). We look forward to being able to assist you.
