Canada offers an abundance of opportunities for not only international students and workers but business persons too. Out of the 100s of visa programs in India, there is a visa process dedicated to start-up holders from different parts of the world, who want to establish their business in Canada.
So, in this article, we are going to learn all about the Start-up Visa Program along with the best Canada Visa Consultants in India.
What is the Start-Up Visa Program (SUVP)?
For business owners who desire to launch and expand their enterprises in Canada, there is the Start-Up Visa Program (SUVP). The program is designed for business owners who desire to establish, operate, and expand their enterprises in Canada (and who have identified key personnel within their organizations).
In accordance with the SUVP, company owners who can demonstrate to Immigration, Refugees and Citizenship Canada (IRCC) that their enterprises have the potential to:
Create jobs in Canada,
be creative within a certain industry or area,
and be able to compete internationally.
Successful candidates will keep their PR status even if their business fails after arriving in Canada under the scheme.
Eligibility
You must be the owner of an approved business to qualify for the program. In other words, you (as an owner) will always need to own at least 10% of the company's voting rights. Additionally, the authorized investment organization in Canada and all owners (up to five may apply jointly) must always jointly possess at least 50% of the entire voting rights.
Then, those who possess such ownership must:
Prove that their company is sponsored and supported by a designated Canadian group;
Verify that they are at least proficient in either French or English;
Have enough money to relocate to and live in Canada;
and Pass immigration security and medical clearance tests.
demonstrating that a specific organization is supporting you
You must first have backing from a recognized organization in Canada, along with documentation of money. A designated organization is a company that has received government approval to fund or invest in start-ups.
You will require letters of support from these specified groups, which you must then provide with your request for PR. A commitment certificate explaining the selected organization's support and goals for the project must also be sent directly to IRCC.
Additionally, support and sponsorship might come from several groups at once (also called syndication). In these situations, it is necessary to identify all authorized groups, who will then all submit a single letter of support and commitment certificate.
Evidence of financing
You are not needed to invest any of your personal money in the SUVP, although investment and documentation of funding are necessary.
Depending on whether your company receives money from a venture capital firm or an angel investor group, you will need to demonstrate a particular quantity of funding. It should be noted that you do not need to provide evidence of funds obtained if sponsorship is obtained from a business incubator.
If money has been secured from an approved venture capital group, proof of CAD $200,000 in confirmed funding is required.
If the investment has been secured from a specific angel investor organization, proof of CAD $75,000 in confirmed funding is required.
When there are several sponsors, stricter requirements for financial proof will be used.
A governing third body of your selected institution will also perform a peer review to make sure that all required checks and protocols have been implemented in compliance with the SUVP.
Possess enough money to relocate to Canada
The Canadian government does not offer financial assistance to those who are accepted into this program. You will need to provide proof that they have enough money to support you and your family before you arrive.
Minimum criteria for language
Candidates must demonstrate at least a Canadian Language Benchmark (CLB) level of 5 in either English or French to be eligible for the SUVP. A Canadian system for evaluating reading, writing, listening, and other skills are called the CLB. IELTS or CELPIP are used for
English language testing. While TEF or TCF can be used to evaluate French testing.
Clearances for security and health
The usual security and medical clearance requirements that must be passed in order to enter Canada are also required. To demonstrate security clearance, police clearance certificates or checks may be required, while an immigration medical examination (IME) may be required for medical approval.
In order to enter Canada and start working there, applicants for the program will also have the choice of getting a temporary work permit.
Let us help you
With 2023 just ahead of us, many immigration candidates are getting ready to be the first in line for the Canada PR Visa ITA. So, now is the perfect time to get ready for your turn as well. And in case you fall behind or need any help in your Canadian PR Visa process, we, the best Canadian Visa consultants in India, are right here to help you out.
Start the Canadian PR Visa process by finding out your eligibility for the Express Entry 2023 and PNPs.
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