1) What is the Canada Start-up Visa Program?
Canada’s Startup Visa Program provides Canadian permanent residence to qualified immigrant entrepreneurs. The current official name of the program is the Canada Start-up Visa (CSUV) Program.
The program targets innovative entrepreneurs and connects them with private sector investors in Canada who will help set up their start-up business.
Candidates may initially come to Canada on a work permit supported by their designated Canada-based investor, before becoming eligible for permanent residence once their business is up and running.
There are 3 types of private sector investors:
- Angel investor
- Venture capital fund
- Business incubator
Originally a three-year pilot program, it was made permanent on March 31, 2018.
VNIS Investment and APS Global Partners will evaluate and choose the type of investor that best suits your background.
2) What are the eligibility requirements for CSUV program applicants?
The basic eligibility requirements of applicants for the Canada Start-up Visa Program are:
- Qualifying for business establishment.
- Letter of Commitment and Letter of Support from a Designated Organization.
- Sufficient settlement funds, unencumbered, available and transferable.
- Fluency in English or French at a minimum Canadian language benchmark (CLB) of level 5.
3) What is the designated entity of the Canada Start-up Visa Program?
A designated legal entity that is a Canadian private sector angel investor, venture capital fund, or business incubator.
Commitment must meet the following criteria:
- A designated angel investor group must invest at least $75,000 in a qualifying business. Candidates may also qualify with two or more investments from angel investor groups totaling $75,000.
- A designated venture capital fund must certify that it is investing at least $200,000 in a qualifying business. Candidates may also qualify with two or more pledges from designated venture funds totaling $200,000.
- A designated business incubator must accept applicants for its business incubator program.
VNIS Investment and APS Global Partners will evaluate and choose the type of investor that best suits your background.
4) What are the business ownership requirements of the Canada Start-up Visa Program?
For applicants eligible for permanent residence application:
- The intended business must be established and operated in Canada.
- The candidate must own at least 10% of the voting rights in the company.
- No other person may hold 50% or more of the voting rights in the company.
NOTE: Up to 5 applicants can be supported in applying for permanent residence by the same business. However, certain candidates may be assigned necessary for the business. If any required candidate withdraws their application or is denied, all other applicants under the same business investment will have their applications terminated.
5) How do candidates qualify for a work permit/permanent residence?
To be eligible for a work permit: Candidates with a Letter of Commitment from a designated organization can apply for a short-term work permit to start working in the business (essential member). The designated entity must support and agree to this request.
To qualify for permanent residence:
- Applicants must be actively involved in the management of a business in Canada.
- The business activities, or an essential part, must take place in Canada.
- The business must be incorporated in Canada.
6) How does an immigrant entrepreneur get a Letter of Support from a designated organization?
An immigrant entrepreneur intending to come to Canada must have or must develop a viable business project that meets the due diligence requirements of designated government-approved entities.
VNIS Investment’s partners in Canada will advise you on the Canadian startup ecosystem along with our partner’s corporate immigration attorneys – experienced lawyers who will ensure business plans. start-up that meets all the required industry terms and conditions.
7) How long does this process take for CSUV Program applicants?
If an entrepreneur has a viable start-up project, it will take about 4-6 months to get a Letter of Support / Commitment Certificate from a designated organization. After receiving the letter of support, VNIS Investment will apply for permanent residence on your behalf.
It will take about 18 months to complete the visa application.
8) How can VNIS Investment help immigrant entrepreneurs who intend to join the CSUV Program?
Through APS Global Partners with a 100% commitment to success rate, our company works extensively with industry designated players in Canada’s startup ecosystem. We offer a wide range of hands-on business consulting services to help aspiring immigrant entrepreneurs and their new business concept meet all industry requirements.
VNIS INVESTMENT
