Canada’s Start-up Visa Program - Things You Must Know

1. Canada’s Start-up Visa Program: Things You Must Know Canada, a country offering world-class education and excellent business opportunities, is a dream destination for several aspiring students and entrepreneurs. The country provides a supportive environment and exciting programs of all sorts. One such program is the Canada Start-Up Visa Program. Before you plan your settlement in the country, there are a few things you should know about this program. So, dig in. What is Canada’s Start-up Visa Program? Canada’s start-up visa program, popularly known as the SUV program, is an immigration opportunity for foreign entrepreneurs to settle in the country. The program links qualified businessmen with private sector investors who aim to set up successful businesses in the country. The country will open its arms to innovative entrepreneurs who can create jobs for the locals and establish ventures that can compete on the global level. Initially, the candidates can come to the country on a work permit validated by their designated Canadian investor. Once their business or start- up succeeds, the candidate can be eligible for permanent residency.

2. Who is Eligible to Apply for the Program? An individual entrepreneur or up to five company owners can apply for the start-up visa program in Canada. However, they must meet the following criteria. •Have a qualifying/authorized legal business •Must receive a letter of support from Canadian designated organizations •Meet necessary language requirements •Should have and display enough funds to settle in the country What is the Meaning of a Designated Organization or Entity? Designated organizations refer to government-authorized business groups that can support or invest in potential start-ups through the program. There are three types of designated organizations: •Venture Capital Funds The government of Canada mentions about 26 authorized venture capital funds on their official site. To qualify, any of these groups must invest a minimum sum of USD 200,000 in your start-up or business. •Angel Investor Groups The Canadian government mentions 6 authorized angel investor groups on its official site. To be qualified for the program, you must receive a minimum amount of USD 75,000 from one or more investor groups. •Business Incubators The country has several business incubators to support potential start-ups, and your business or start- up needs to be accepted by at least one authorized business incubator. On What Basis Will a Designated Organization Support an Immigrant Entrepreneur? Any foreign entrepreneurs looking to enter the country through the start-up program must develop or have an operable business project. The designated organizations will then conduct their due diligence to check whether the business project meets the necessary terms and conditions. If all goes well, according to Canadian business consultants and corporate business immigration lawyers, the applicant is eligible to receive support or investment from a designated organization.

3. Conclusion Canada’s start-up visa program is an excellent opportunity for immigrant entrepreneurs to settle there. However, they and their business/start-up must meet the necessary criteria. The country offers excellent growth opportunities, but applying to the program alone can be challenging. Moreover, the processing window is very long (up to 37 months), leaving you with no room to make mistakes. Thus, it is best to get help from a Canada immigration lawyer in India. Source:https://locantotech.com/canadas-start-up-visa-program/