Start-Up Visa Program – A powerful tool for international start-ups to set up their businesses in Canada
Having become one of the world’s most popular immigration destinations over the years, Canada is attracting foreign Entrepreneurs, Investors and Global firms to set up their presence in the country like never before. Combined with world-class transport infrastructure and the most educated workforce in the world, Canada has the lowest tax rate on new business investment in the G7, which clearly make Canada one of the most attractive countries for entrepreneurs.
As Canada continues to experience a sustained period of economic growth, the Canadian Immigration has designed various permanent immigration and temporary visa programs that aim to attract qualified foreign entrepreneurs, self-employed individuals, Senior Managers and investors with available venture capital and entrepreneurial skills to develop country’s economy and in return secure permanent residency for them and their family members. One of the best Canadian immigration options for foreign start-ups is Start-up Visa Program.
Canada’s Start-up Visa Program was launched in 2013 and was made permanent in 2018. The program is designed for foreign entrepreneurs with the skills and potential to establish businesses in Canada by allowing them and their families to apply for Canadian permanent resident status. While their PR application is in process, foreign entrepreneurs can get a Temporary Work Permit that allow them to travel to Canada to launch their business
To qualify under SUV Program, applicants, whether alone or as a group (up to 5 applicants), must own more than 50%, with each applicant in which each applicant must hold at least 10 percent of the shares. Applicants also need to get a letter of support from a designated organization, authorized by the Canadian Government. Three types of private-sector investors are considered for this: venture capital funds, angel investors, and business incubators.
Start-Up Visa is one of the best and fastest Canadian immigration pathways for qualified entrepreneurs with an innovative business idea. By investing a minimum CAD$150,000, they can secure Residency for them, their spouse and dependent children.
Business immigrants can enjoy a wealth of benefits of Canada’s excellent healthcare, affordable first-class education for children and access to various Social-Security benefits such as National pension system that provides measurable annual income upon retirement. Canada’s reputation as one of safest countries in the world and excellent quality of life are additional attractions for international entrepreneurs.
While the application procedures for applying for a Start-Up visa may seem easy, there is a higher risk of refusal if your application is not properly prepared and reviewed. Therefore, taking legal assistance from a professional and licensed firm is very imperative as it can improve your chances of successfully completing the Start- up Visa process and getting necessary approvals. WWICS has prepared dozens of Start-Up Visa Applications. In addition to helping clients make the applications under the Start-Up Visa, we can assist them with identifying suitable business opportunities, acquiring financial services and advice through our wide network of associates