Eight Things to Know About Canada's Start-Up Visa Program

Canada's Start-Up Visa Program, officially known as the Canada Start Up Class, is designed to offer Canadian permanent residence to qualified immigrant entrepreneurs. Here are eight key points to know about this program:

1. **Overview**: The Start-Up Visa program (SUV) targets innovative entrepreneurs and connects them with private sector investors in Canada who assist in establishing their start-up businesses. Initially launched as a three-year pilot, the program became permanent on March 31, 2018.

2. **Eligibility Requirements**: To be eligible for the Start-Up Visa program, candidates must meet certain criteria, including having a qualifying business, obtaining a Commitment Certificate and Letter of Support from a designated entity, demonstrating sufficient unencumbered settlement funds, and having proficiency in English or French at a minimum Canadian Language Benchmark level 5.

3. **Designated Entities**: Designated entities in this program include Canadian private sector angel investors, venture capital funds, or business incubators. The required commitment varies based on the type of entity:
   - Angel investor: At least $75,000 investment.
   - Venture capital fund: At least $200,000 investment.
   - Business incubator: Acceptance into the incubator program.

4. **Business Ownership Requirements**: To qualify for permanent residence, the intended business must be incorporated and actively operating in Canada. The candidate must own at least 10 percent of the voting rights in the corporation, and no other individual can hold 50 percent or more of the voting rights.

5. **Work Permit/Permanent Residence**: Candidates with a Commitment Certificate from a designated entity can apply for a short-term work permit to begin working in the business, with the support of the designated entity. To qualify for permanent residence, candidates must actively manage the business in Canada, and a significant part of the business operations must take place in Canada.

6. **Support from Designated Entity**: Intending immigrant entrepreneurs must have a viable business project that meets the due diligence requirements of government-approved designated entities. Business consultants and experienced corporate immigration lawyers play a crucial role in ensuring start-up business plans meet industry requirements.

7. **Processing Time**: The timeline for the process can vary, but generally, it takes about 4-6 months to secure a Commitment Certificate or Letter of Support from a designated entity. Once received, the application for permanent residence can be submitted, taking approximately 18 months to finalize.

8. **How Immigration.ca Can Help**: Immigration.ca works closely with designated entities in Canada's start-up ecoarrangement. They provide a range of advisory services to assist intending immigrant entrepreneurs and their start-up concepts in meeting industry requirements and navigating the application process.

This program offers an attractive pathway for innovative entrepreneurs to establish themselves in Canada and contribute to the country's growing start-up landscape. As program details and requirements may change, it is essential to refer to official government sources or seek guidance from immigration professionals for the most up-to-date information.