How to Obtain Canada Start up Visa

 

How to obtain Canada Start up Visa

By Olushola Samuel

What is Canada Start up Visa program?

The Canada Startup Visa (SUV) Program is designed to attract innovative foreign entrepreneurs who wish to establish their startup businesses in Canada.

To apply for the Start-up Visa Program, your business idea or venture must get the support of one or more of the designated organizations listed below:


1. Venture capital funds

2. Angel investor groups

3. Business incubators


Designated organizations are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program.


Eligibility requirements for Canada Start up Visa

• Have a qualifying business.

• Get a letter of support from a designated organization.

• Meet the language requirements.

• Bring enough money to settle.

• Each applicant must have at least 10% equity in the start up

• Designated organization and the applicant must have at least 50% equity 

If you meet eligibility requirements, you must secure a minimum of $75,000 from a Canadian angel investor, or a minimum of $200,000 from a Canadian venture capital fund recognized by the government of Canada.


How to Apply for Canada start up Visa

Here's a step-by-step guides of the application process:

1. Check your eligibility: Ensure you meet the program's eligibility criteria, which typically includes having a qualifying business, sufficient funds, and language proficiency (this can be an  IELTS general training 5.0)

2. Get a Letter of Support: Secure a letter of support from a designated organization, such as a venture capital fund, angel investor group, or business incubator, which confirms their commitment to your startup.

3. Submit Application: Complete and submit the required application forms and documents, including proof of funds, business plan, and other supporting documents. Get your application done using this link

4. Review and Processing: The application will be reviewed by the designated organization and the Canadian government. This may involve interviews or additional documentation requests.

5. Obtain a Work Permit: If your application is approved, you and your immediate family members will receive work permits to come to Canada and establish your startup.

6. Permanent Residence: The benefit of this program is the direct eligibility for permanent residence visa. 


You can also apply for temporary work permit while your SUV is being processed.


List of Venture Capital groups

7 Gate Ventures

Alt Ventures

Amplitude Ventures Inc.

York Entrepreneurship Development Institute (YEDI) VC Fund

Apex Innovative Investments Ventures

Arete Pacific Tech Ventures (VCC) Corp

BCF Ventures

BDC Venture Capital

Extreme Venture Partners LLP

Golden Venture Partners Fund, LP

INP Capital

iNovia Capital Inc.

Intrinsic Venture Capital

Lumira Ventures

Invest Nova Scotia

PRIVEQ Capital Funds

Real Ventures

Red Leaf Capital Corp

Relay Ventures

ScaleUp Venture Partners, Inc.

Tangentia Ventures

Top Renergy Inc.

Vanedge Capital Limited Partnership

Version One Ventures

WhiteHaven Venture

Westcap Management Ltd.

Yaletown Venture Partners Inc.



Angel investor groups:

Canadian International Angel Investors

Ekagrata Inc.

Golden Triangle Angel Network

Keiretsu Forum Canada

Oak Mason Investments Inc.

VANTEC Angel Network Inc.

York Angel Investors Inc.

Can I take my family along for Canada SUV Program?

Yes. You can take your dependants on this route 


Can I get Permanent Residency using Canada SUV Program?

You are eligible for permanent residency status using this visa. This would be obtained within 12 months of application or stay in Canada.


How many people can apply for SUV as shareholders?

Up to five shareholders can apply in a group, provided each have at least 10% voting rights. 


What is the Proof of Funds for Canada SUV?

It depends on the number of people which are estimated below: Funds required (in Canadian dollars)

 1               - $13,757

 2               - $17,127

 3               - $21,055 

4                -$25,564 

5                -$28,994 

6                -$32,700 

7                -$36,407


For assistance on Canada Start up Visa application, get in touch with us on Whatsapp Or our Email 


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