By Varun Singh

Canada is a land of opportunities for immigrants who have the skills, passion, and vision to create innovative businesses that can compete on a global scale. The Start-Up Visa Program (SUV) is a direct immigration pathway for such entrepreneurs who want to contribute to Canada’s economic development and enjoy the benefits of living in one of the best countries in the world.

The SUV program was launched in 2018 as a temporary pilot project to attract foreign entrepreneurs with high-potential start-up ideas that could create jobs for Canadians and boost the country’s innovation ecosystem. Due to its success and popularity, the program was made permanent in 2021 and has since welcomed hundreds of immigrant entrepreneurs from various sectors and backgrounds.

To qualify for the SUV program, applicants need to meet four main requirements:

  • They need to have a letter of support from a designated organisation in Canada, such as a business incubator, an angel investor group or a venture capital fund, that is willing to invest in or support their start-up idea.
  • They need to have sufficient language skills in English or French at a minimum level of Canadian Language Benchmark (CLB) 5 in all four abilities (speaking, listening, reading and writing).
  • They need to have completed at least one year of post-secondary education or have equivalent work experience.
  • They need to have enough money to settle in Canada, which varies depending on the size of their family.

Details of the SUV Program and its Benefits

The SUV program is designed to be fast, flexible, and supportive for immigrant entrepreneurs who want to launch their start-up ventures in Canada. The application process involves the following steps:

  • Applicants need to do some research and find a designated organisation that matches their start-up idea and sector.
  • Applicants need to pitch their start-up idea to the designated organisation and convince them of its viability, scalability and potential for economic growth.
  • Applicants need to submit their online application through the Permanent residence online application portal along with all the required forms, documents, language test results and proof of payment of the processing fees.
  • Applicants need to wait for their application to be processed, which can take up to 12 months or less depending on various factors.
  • If their application is approved, they will receive a confirmation of permanent residence (COPR) and a permanent resident visa (if they are from a visa-required country).

The SUV program offers many benefits to immigrant entrepreneurs who want to pursue their start-up dreams in Canada. Some of these benefits are:

  • Permanent residency
  • Access to markets and networks
  • Assistance from designated organisations
  • Government support

Economic Opportunities

The SUV program opens up a world of economic opportunities for newcomers who want to contribute to Canada’s economic development through their start-ups. Canada has a vibrant and dynamic start-up environment that offers many advantages for entrepreneurs, such as:

  • Booming sectors
  • Investment opportunities
  • Government support

Support Infrastructure or the Startup Ecosystem available in Canada

Canada’s support infrastructure for entrepreneurs is unparalleled, making it an ideal destination for newcomers under the Start-Up Visa Program. Designated organisations play a pivotal role in providing mentorship, access to funding, and valuable networks. With over 200 business incubators, 40 angel investor clubs, and numerous venture capital funds, entrepreneurs are spoilt for choice when it comes to finding the right support system.

Practical Tips & Guidance for Immigration Consultants

If you are an immigrant who is interested in starting a business in Canada, the Start-Up Visa Program is a great option. There are a number of resources available to help you succeed, and the program offers a number of benefits.

Some practical tips and guidance for newcomers who are interested in applying for the SUV program to help businesses optimise their marketing campaigns and increase their conversions are as follows:

  • Do your research and connect with designated organisations
  • Create a solid business strategy
  • Demonstrate the potential for economic growth
  • Learn from successful candidates and entrepreneurs
  • Be prepared to work hard and persevere.

The Start-Up Visa Program is a great opportunity to contribute to Canada’s economic development and build a successful business. If you are an immigrant with a qualifying business, immigration consultant firms can help you navigate the complex process of obtaining the necessary visas and permits to establish and grow your business in a new country. With their expertise in Immigration laws and regulations, these firms can provide invaluable guidance and support in preparing your business plans, securing investment fundings, and submitting comprehensive visa applications.

Summary

The Start-Up Visa Program is a great way for immigrants to contribute to Canada’s economic development. The program offers a number of benefits, including permanent residency, access to Canadian markets and networks, and assistance from designated organisations. There are also a number of support infrastructures available to help new businesses get started. If you are an immigrant who is interested in starting a business in Canada, the Start-Up Visa Programme is a great option.

(Author is MD, XIPHIAS Immigration)