The Canada Start-up Visa (“SUV”) Program offers entrepreneurs and their families the opportunity to obtain permanent residence status upon developing a qualifying innovation business in Canada with support from a designated entity.
The program requirements are as follows:
- The Proposed Venture is a Qualifying Business
A venture is considered a qualifying business under the SUV program if, at the time the commitment is made:
- the applicant holds 10% or more of the voting rights attached to all shares of the venture outstanding at that time; and
- the designated organization and the applicant jointly hold more that 50% of the voting rights in the business; and
- the applicant’s intention is to have a venture:
- in which the applicant provides active and ongoing management from within Canada;
- for which an essential part of its operations is conducted in Canada;
- that is incorporated in Canada.
- Commitment Confirmation from a Designated Entity
To support the fact that the proposed venture involves an innovative business idea that has the potential to compete on a global scale and can create jobs for Canadians, the applicant must receive one of the following:
- An investment of at least $75,000 from a designated angel investor group;
- An investment of at least $200,000 from a designated venture capital fund; or
- Acceptance into a business incubator program by a designated business incubator.
- Language Requirement
The applicant must have a minimum level of CLB 5 in English or French
- Settlement Fund Requirement
The applicant must show that he has the financial resources to support himself and his dependents. For further information on the settlement fund requirement, Link