The Canadian federal government offers a welcoming environment for foreign entrepreneurs looking to establish innovative and successful businesses in Canada. Through the Start-Up Visa Program (SUV), entrepreneurs can gain permanent residency by making valuable contributions to the Canadian economy and creating jobs.
This sought-after program provides a streamlined pathway to Canadian permanent residency with minimal requirements, making it an excellent opportunity for international business owners. At Sakuf Travel and Tours, we help guide you through the application process, ensuring your business and immigration goals are achieved smoothly and efficiently.
Let us help you turn your entrepreneurial dreams into reality in Canada!
To be eligible for the Start-Up Visa Program (SUV), applicants must meet the following criteria:
• Demonstrate proficiency in English or French (CLB level 5).
• Present a viable business concept.
• Obtain a letter of support from a designated financial institution.
• Show proof of having sufficient funds to settle in Canada.
• Complete necessary medical checks.
Pass a Canadian security screening.
The Start-Up Visa Program offers a fantastic opportunity for entrepreneurs and their families to establish a business and secure permanent residency in Canada. Up to five entrepreneurs can be included in a single application.
To qualify for permanent residency under the Start-Up Visa Program, applicants need a Letter of Support from a designated financial institution. The Canadian government has approved three types of investor organizations to participate:
• Venture Capital Funds: These organizations invest a minimum of 200,000 CAD in start-ups. Since 2020, 22 funds have been approved to support Start-Up Visa projects.
• Angel Investors: Offering early-stage funding, angel investors contribute at least 75,000 CAD. 9 angel investor groups are approved to participate.
• Business Incubators: These incubators support start-ups from the idea stage to commercialization. As of 2020, 29 business incubators are authorized to host projects under the program.
Upon arrival in Canada, successful Start-Up Visa applicants receive permanent residency immediately. The process is divided into two key phases: the Business phase and the Immigration phase.
At Sakuf Travel and Tours, we work closely with a network of expert business consultants who specialize in start-up projects. Our partners directly collaborate with designated entities like venture capital funds, angel investor groups, and business incubators to ensure your business has the support it needs to succeed in Canada.
After receiving a Letter of Support, key participants in a start-up venture under the Start-Up Visa Program can apply for a temporary work permit. This permit allows them to set up and prepare the business for operation in Canada. Key participants act as both employer and employee, and no Labour Market Impact Assessment (LMIA) is required. Additionally, family members of key employees can accompany them to Canada.
What Happens if My Start-Up Is Not Successful in Canada?
Starting a business carries inherent risks, and success is never guaranteed. However, even if your start-up does not succeed and is closed, your permanent residency status through the SUV program remains intact. You and your family members will retain Canadian permanent residency. Additionally, after three years of residence in Canada, individuals may apply for Canadian citizenship.
With over 5 years of experience, Sakuf Travel and Tours collaborates with a network of business consultants and partners who specialize in start-up ventures. We have direct connections with venture capital funds, angel investors, and business incubators, and are well-versed in working with regulators, the Canada Revenue Agency, and government entities at all levels. Let us guide you through the process and ensure your success in Canada!