What is the SUV program?
Start-ups are innovative and entrepreneurial businesses that are typically built around a new technology or a new business model. They are usually founded by entrepreneurs who have the drive to turn their vision into a reality. Start-ups can be born with a spark and no experience. It can be built by one computer, grow with very little money, and scale in no time. But high potential comes with high risk: 90% of start-ups fail. The Start-Up Visa program is also called the SUV program. It is a Canadian immigration program that aims to attract foreign entrepreneurs to come to Canada and establish ventures. The program provides foreign entrepreneurs with the opportunity to obtain permanent residence in Canada.
Designated Organizations
The SUV program is open to entrepreneurs who have the support of a designated Canadian organization. It can be a venture capital fund, angel investor group, or business incubator. To be eligible, entrepreneurs must also meet certain criteria, including owning at least 10% of their start-up’s equity.
Requirements
SUV program is unique and it is different from traditional business immigration programs, such as Provincial Nominee Program (PNP) streams. SUV program does not require minimum education, no minimum net-worth, and no prior business experience. As well as no age limit. Just a modest amount of settlement funds, a simple business structure, and language proficiency of a Canadian Language Benchmark 5. The SUV program is more flexible and it can accommodate the peculiar needs of these non-traditional entrepreneurs.
To qualify for the SUV program, you as a candidate must be actively involved in the management of the business and the operations of the business must take place in Canada. In addition, the business must be incorporated in Canada.
A work permit under the SUV program
If you are interested to obtain a work permit, you will be able to begin working in the business. That way you would be able to start business operation early and move at that stage with your family to Canada while waiting for PR approval.
PR application
Once a Letter Of Support is received, the application for permanent residence can be submitted. It will take approximately between 12 to 18 months to finalize the PR application by the immigration office.
How we help
Our firm works extensively with designated entities in the Canadian start-up ecosystem, providing a range of hands-on business advisory services. We help to intend entrepreneur immigrants and their start-up businesses to meet all SUV program requirements. This includes assistance with business plans, IP strategy, market research, MVP, and more. Our goal is to help entrepreneurs launch businesses in Canada under the SUV program. We are proud to be a part of the Canadian start-up ecosystem and look forward to helping more entrepreneurs achieve their dreams.
Get in touch today info@startupcanadavisa.com
