AM I EIGIBLE?

To be able to immigrate to Canada through the Start Up Visa program, a candidate will be required to fulfil 4 eligibility requirements.

These are – having a qualifying business, meeting the specific language requirements for the SUV program, securing a Letter of Support from any of the designated organizations, and possessing sufficient funds for settling in Canada with family.

By a “qualifying business” is implied a business that fulfils certain specific requirements laid down by Immigration, Refugees and Citizenship Canada [IRCC].

Do note that at the time of receiving their permanent resident visa for Canada, the individual must be providing “active and ongoing” management of that particular business from within Canada. Additionally, an essential part of the business operations must be conducted within Canada.

For the language requirements, the individual will be required to have secured at least a Canadian Language Benchmark [CLB] Level 5, in either English or French, in each of the 4 abilities assessed [speaking, reading, listening, writing].

Language tests accepted by IRCC –

Now, for acquiring a Letter of Support as part of the SUV program eligibility process, an individual will have to get any of the IRCC designated organizations to support their business idea.

A Letter of Support will be issued by the organization supporting the individual for the SUV program.

A designated organization for the Start Up Visa program for Canada can be either a business incubator, an angel investor group, or a venture capital fund.

The support of 1 or more designated organizations can be taken.

The process of pitching a business idea differs from organization to organization. The specific designated organization must be contacted directly for finding out the way to getting its support for the SUV program.

The Letter of Support will have to be included at the time of application submission to IRCC.

Lastly, proof of funds – for supporting yourself as well as your dependents after arriving in Canada – will be needed. The amount required will be as per the total number of members planning to relocate to Canada along with the principal applicant.

PROCESSING TIME

Generally, if an entrepreneur has a viable start up business plan, the processing timeline is as follows –

• 4 to 6 months for securing a Letter of Support, and
• 18 months for finalizing the visa application.

QUICK FACTS

• Access to seed funding of up to CAD 200,000.
• Canada PR under this program can be obtained by up to 5 co-founders and their family members. A collective application will have to be filed by them.
• Pathway to Canadian citizenship.
• Reside and work in the U.S. The holder of a Canadian passport has many options available before them for living and working in the U.S.
• No obligation to stay within a specific province in Canada.
• The investor, as well as their family members, have the freedom to move freely anywhere in Canada.
• Gain unconditional Canada PR. Permanent residence acquired through this pathway will not be subject to any attached condition as to the success of the start-up program in Canada.
• 12 to 18 months to get your Canada PR visa.
• Eligible for an interim Canada work permit while the PR application is under processing.
• No age limit for being eligible.

HOW CAN Y-AXIS HELP YOU?

• Qualified advice
• Advise on investments
• Dedicated support