It is not wrong to call Canada the land of opportunities for foreign nationals, especially Indians. The country extends a warm and welcoming hand to students wishing to study there and investors, entrepreneurs, or venture capitalists wanting to contribute to the Canadian economy by creating jobs and boosting cash flow. Well, this opportunity for investment also comes with a long-term return in the name of Canadian residency. The country runs several programs for this, and in this blog, we will discuss the Start up Visa program Canada.
What is the Canadian Startup Visa (SUV) Program?
Canada Start up Visa program allows entry and later on, permanent residency to international businessmen looking forward to working on their venture or startup in the country. With this program, the government aims to attract global businessmen capable of generating employment in the country. This program is an excellent opportunity for startup entrepreneurs with innovative ideas.
What are the Basic Qualifications for the Canada Startup Visa Program?
An immigration lawyer or a Canada Startup Visa consultant will be able to guide you better on the qualifications. However, here’s a basic idea:
- Applicants should have an innovative and unique business concept.
- To be eligible, the applicant must score a minimum of 5 bands in IELTS or a French language test on a similar level.
- Applicants should have initial financial backing to settle in the country, which is around CAD 24,000, to support a family of 4.
- A government-authorized incubation center should incubate the startup or the startup should obtain funds amounting to a minimum of CAD 75,000 from angel investors or they need to arrange funds amounting to CAD 2,00,000 from a Canada-based venture capitalist.
One thing to note is that there is no minimum education or age qualification for this program. However, it is best to get your eligibility checked by consultants or immigration experts.
What are Some Tips to Apply for the Canada SUV Program?
Prove IRCC that Your Business will be Successful
IRCC (Immigration, Refugee & Citizenship Canada) is the official authority responsible for supervising the entry of all types of immigrants. They will often ask for business progress and updates, and they are likely to approve a business if they display a consistent and clear approach to their strategy and market research, customer acquisition, and business development.
The Documents should be Accurate
Be completely honest and accurate when it comes to submitting necessary documents. This is because any false representation or fraud identified in the application can lead to a five-year ban in the Country. Moreover, please ensure there are no inconsistencies or shuffle of documents between past applications.
Plan and Wait
The current processing time for SUV applications is listed at 31 months instead of the historic time of 12-16 months. The country will sanction work permits to applicants with immediate business concerns. However, in general cases, most applicants should be prepared to wait for the visa issuance and approval letter. Thus, those willing to enter the country through this program should plan well in advance.
Wrapping Up
Application for a Canada Startup Visa is one of the most complex procedures in the country. It requires an eligibility check, careful submission, and constant monitoring. Therefore, it is best to connect with a Canada Startup Visa expert to begin the process.
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