START UP VISA
Canada is in search of talented entrepreneurs that are keen in starting a business that will help in uprising its economy by creating more opportunities which will ultimately result in growth and development. To be eligible for this program one needs to be a qualified entrepreneur with an innovative business idea that can boost the province they would like to reside in.
This program precisely targets those entrepreneurs who have potential of establishing their start up in Canada. SUV works in a way that links entrepreneur with the private sector investors which provides an opportunity for both the party for growth and expansion.
In addition, after settling their business and making it fully operational the entrepreneurs would become eligible for gaining Permanent Residency as well because initially, they are welcomed on a temporary work permit by their respective investors.
In order to be eligible for SUV program one needs to meet the following requirements:
- Qualifying Business: The entrepreneurs must have a qualifying business in order to gain their start up visa. Qualifying Business is stated as the one which meets the requirements as set by the IRCC. Additionally, the candidate needs to hold minimum 10% of the voting rights of the shares attached to the firm. Furthermore, the entrepreneur must have 50% of the voting rights of the shares altogether with the designated firm.
- Letter of Support: In order to be eligible for SUV you need to gain the letter of support for which you need to pitch your business idea and convince the organization that you have support of all the following:
- A venture capital fund
- Angel investor group
- or Business incubator
You will receive the letter of support from the organization if your pitch is successful.
- Language Criteria: The candidates also need to meet the required language criteria i.e.; they must be either proficient in either English or French. For this they need to give language tests under which the minimum score of CLB 5 is required of the following modules:
- Proof of Funds: You need to show that you have enough funds to settle yourself along with your family. This is totally dependent on the following requirements on how much funds you need to show:
Number of family members and costs accordingly
- ONE MEMBER - $12960
- TWO MEMBERS - $16,135
- THREE MEMBERS - $19836
- FOUR MEMBERS - $24083
- FIVE MEMBERS - $27,315
- SIX MEMBERS - $30806
- SEVEN MEMBERS - $34,299
- For each additional family member cost is $3,492.
HOW CAN YOU APPLY?
Following are some easy steps by which you can apply for the same:
- The first and foremost step is to fill and validate the general application form which needs to be printed along with the barcode page and must be signed by the candidate.
- Then the candidate needs to attach all the complete documents in a sealed envelope which must be signed by them.
- After this the candidate needs to pay the following fees:
- Application Fee which includes processing fee
- Permanent residency fee
- Medical fee
- Language tests fee
- Police certificates fee
- Bio metrics fee - It is different from case to case:
- Individual applicant - 85 CAD
- Including the family - 170 CAD maximum
- Group of three or more staff members - 255 CAD
- The last step is submission of application. For this you need to check all the documents once again and then you can mail it to the respective address. It must be noted that all the documents must be attached in an envelope of “9x12”, on which Start up visa must be written.
HOW MUCH TIME DOES IT TAKE FOR THE PROCESSING?
It usually takes 12-16 months to process the application.
WHAT SHOULD BE YOUR NEXT STEPS?
VS4U assist you with each and everything right from beginning till that time you land in Canada we are there for you at each and every step. In addition, our experts guide you on various investor firms which can help you boost your business. Moreover, our relationship doesn't end here as we provide end to end services. In case you get in any sort of trouble we would always be there for you to resolve it.