The Start Up Visa Program(SUVP) is designed specifically to motivate entrepreneurs to start new businesses and work on their growth in Canada. This program aids entrepreneurs to establish, work and grow their businesses in Canada.
The IRCC (Immigration Refugees and Citizenship Canada) gives permanent residence (PR) guidance to the business owners whose businesses have the potential to:
- Creating jobs in Canada
- Innovate within a sector or industry
- Compete on a global scale.
In the event that a business venture fails after immigration to Canada, the successful applicant will be able to retain the PR status.
The criteria for the eligibility of this program is that the business owner has 10% of the voting rights of a qualifying business. And in case of multiple owners at least 50% voting rights. Furthermore, to qualify for the program;
- A Canada based organization must sponsor and support the business
- Proficiency in English and French Language
- Must have sufficient funds to support themselves and the business in Canada
- Have the security and medical clearance
- Have documents of proof of an organization’s support
Furthermore, the business should be approved by the government to grant support. Also the designated organization must provide the IRCC with a commitment certificate which will include outline of the business expectations and support of the project. The proof if funding is must and must include the following:
- It is required to present CAD $200,000 in confirmed funding if sponsorship has been obtained from a designated venture capital group.
- The amount of confirmed funding from an angel investor group must be CAD $75,000 if sponsorship has been obtained.
- Multiple sponsorships will require higher proof of funding criteria.
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