Navigating the Start-up Visa (SUV) Program: A Comprehensive Guide to Family, Work Permits, Finances, and Formalities
Canada’s Start-up Visa (SUV) Program has emerged as a beacon for innovative entrepreneurs seeking a pathway to permanent residency. Aspiring business leaders not only find a welcoming ecosystem for their ventures but also a unique opportunity to migrate with their families. In this article, we delve into the intricate details of the SUV Program, focusing on family considerations, work permits, financial requirements, and essential formalities. For complete details on Start-up Visa Program, click here
One of the distinguishing features of the SUV Program is its family-friendly approach. Successful applicants can bring their spouses and dependent children, to embark on this journey together.
Work Permits for Family Members:
Family members accompanying the applicant under the SUV Program have the opportunity to apply for open work permits. This allows them the flexibility to explore employment opportunities in any organization within Canada. Additionally, dependent children can apply for study permits, ensuring educational opportunities for the younger members of the family. The age limit of dependent children (for immigration purposes) is 22 years of age.
While embarking on the SUV Program, it is crucial to consider the financial aspects. 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
Formalities and Documentation:
The immigration under SUV Program involves a meticulous process with specific documentation requirements. The funds must be available with the applicant in both the below situation:
- When the application is submitted
- When the Government of Canada issues a Permanent Resident Visa, in case the application is approved.
The applicant must be able to prove to immigration that they can legally access the money after they arrive in Canada.
For example, following cannot be a part of the own money:
- Property on Mortgage
- Borrowed Money from another person.
It is very important to note the below two points in case your spouse is coming along with you:
- You can count money that you have together in a joint account and
- You may also be able to count money in an account under your spouse’s name only, if you prove that you have access to that money.
As a proof, you must get official letters from any banks or financial institutions where you have an account. These letters must be printed on the financial institution’s letterhead and include the following:
- The bank or institution’s contact information (address, telephone number and email address)
- Applicant’s name
- Outstanding debts (such as credit card debts and loans)
- Following details for each current banking and investment account you have with them
- Account numbers
- Date of opening of each account
- Current Account balances
- Average balance for the past 6 months
As your dedicated consultants, we recognize the extraordinary opportunities offered by Canada’s Start-up Visa (SUV) Program and ensure a seamless journey while guiding you towards your goals.
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