The In-Depth Guide to Canada’s Startup Visa Program
The Government of Canada’s Startup Visa Program (SUV) stands as a gateway to unparalleled opportunities for global entrepreneurs. This program offers Permanent Residency to immigrant entrepreneurs who want to start, build, and grow innovative businesses in Canada. In this comprehensive guide, we delve into the program’s purpose, Work VISA, Permanent Residency, application process, documentation and explore why choosing this route can be a transformative decision for aspiring innovators who wants to migrate to Canada.
Purpose & Overview
SUV is a 6 months program that offers a direct pathway to permanent residency in Canada. This program enables up to 5 applicants to migrate to Canada with their families in a single Start-up Visa Program while incorporating an LLC in Canada.
By this route, you may be able to bring your
- spouse or common-law partner
- dependent children (under 22 years of age for the purpose of immigration)
They just need to meet the requirements for temporary residence. It is recommended that the applicant have a minimum of CAD 15,000 in their personal bank account. Additionally, an approximate sum of CAD 4,000 should be available for each accompanying family member. To know more about Work Permit and VISA, click here.
As understood from above, an integral requirement of the SUV program is the incorporation of a Limited Liability Company (LLC) in Canada.
To elaborate further, the incorporation of an LLC in Canada is a mandatory step to avail the benefits of the Start-up Visa program. In addition to incorporating an LLC in Canada, another requirement is to have an existing company in any other country. Click here to know more about Company Incorporation in Canada.
Now, here comes our pivotal role as a one-stop consultant, dedicated to simplifying your journey to Canada. We specialize in facilitating a seamless process, guiding you through the incorporation of your Limited Liability Company (LLC) in Canada, coupled with expert assistance in navigating the Start-up Visa (SUV) program. Our comprehensive support extends beyond visa acquisition, aiming to ensure a smooth transition for you and your family as you settle and embark on your entrepreneurial venture in Canada.
Start-up Visa Work permit for applicant:
Under the SUV program, applicants are granted an initial Closed Work permit. This allows them to work exclusively as entrepreneurs, focusing on the development of their start-up businesses during the program period.
Work and study permits for family:
Families accompanying the main applicant under the Start-up Visa (SUV) program have the opportunity to apply for an open work permit, granting them the flexibility to work in any organization. Additionally, dependent children can apply for a study permit. While each family member needs to complete a separate application form for work or study permits, the convenience of submitting all family members’ applications together with the Founder Member’s work permit application streamlines the process. To know more, click here.
Eligibility Criteria
Ownership: Eligibility for Canada’s Start-up Visa Program requires each applicant to hold a minimum of 10% ownership, and collectively, the group must maintain at least 51% ownership in the proposed Canadian entity.
Language Proficiency: Proficiency in English or French is a fundamental requirement for applicants to Canada’s Start-up Visa Program. To demonstrate language skills, applicants may undergo language tests, and a minimum of Level 5+ on the Canadian Language Benchmark in either English or French is mandatory for all candidates. To know more about IELTS Test, click here.
Documentation Requirements:
- Pitch Deck: A comprehensive proposal outlining the startup’s key details and plans. For in-depth understanding, click here.
- Articles of Incorporation: Documents establishing the parent company’s legal structure.
- Capitalization Table: An overview of the company’s equity ownership structure.
- Customer and Supplier Lists: Sample information on current clients and suppliers.
- Audited Financial Statements: Maximum for past 2 years.
- Financial Forecasts: Projections for the next 2-5 years in Canada.
- Additional Documents: Including Patent/Trademark Registration, Logo (if applicable).
- Applicant Details: Resume, Passport Copy, Language Test Score, and Personal Bank Account Statements.
Application Process
Cost of service: The total service charge for SUV Route shall be CAD 35,000 (USD 25,900 approx), including Incorporation of Company with our Standard Package. To know about our Incorporation Packages for Incorporation of a LLC in Canada, click here.
The service cost of CAD 35000 shall be paid in 3 installments as mentioned below:
- 1st installment of CAD 5000 shall be paid before we commence with Incorporation of LLC.
- 2nd installment of CAD 15000 shall be paid once the start-up receives Letter of Support from Canadian Authorities.
- Final installment of CAD 15000 shall be paid once the Work Permit is issued.
To know how we as your consultant will help you with your journey with our expertise, click here.
Engaging with our firm ensures expert guidance throughout the application process, from initial assessment to securing permanent residency. Our consultancy streamlines the process, handling documentation and communication, allowing entrepreneurs to focus on their innovative ventures.
For more queries: Feel free to contact at mail@klaggarwal.com or fill the query form below.