Founder of Global Residence Index
Last updated: February 15, 2024
Canada’s Startup Visa (SUV) program is a unique opportunity for foreign entrepreneurs to gain permanent residence in Canada through business immigration. Often likened to a Canada Golden Visa, this program has become increasingly popular, attracting entrepreneurs worldwide to invest in the Canada SUV program, thereby securing a path to permanent residence (PR) and potential citizenship.
In this guide, I will share detailed insights into obtaining the Canada Golden Visa, including strategies to avoid common pitfalls. The process of applying for the Canada residence by investment program can be complex, involving extensive paperwork and numerous challenges.
My journey into this field began years ago, helping clients navigate this intricate process.
Thanks to several years of experience and numerous success stories, my team and I have developed an effective method to streamline the Canada SUV residence application process.
I have written this guide based on our extensive experience and insights, aiming to provide valuable information and practical advice to those interested in moving to Canada via the country’s investment visa programs. Keep reading to discover how you can successfully navigate the path to Canadian residency through investment.
The Canada Start-up Visa program, launched in 2013, aims to attract global entrepreneurial talent to Canada to boost innovation, create jobs, and drive economic growth. This program provides a pathway to permanent residence for qualified immigrant entrepreneurs seeking to launch high-potential startups in Canada. Through this program, immigrant founders can obtain Permanent Resident (PR) status by having their start-up business proposal validated by a designated Canadian organization.
Once approved, Start-up Visa recipients benefit from mentorship, funding opportunities and a network of business accelerator programs to help establish and scale their ventures in Canada. With faster processing times and flexible eligibility requirements, the Start-up Visa offers a streamlined route for ambitious entrepreneurs to gain PR status while building innovative companies and contributing to the Canadian economy.
The North American and Commonwealth Realm country enjoys a global reputation as a highly desirable place to reside, offering its citizens a host of exceptional advantages that set it apart from many other nations.
Moreover, Canada has emerged as an appealing hub for aspiring founders and entrepreneurs, courtesy of the alluring Canada Startup Visa (SUV) Program implemented by the Federal government.
Below is the list of requirements as set by the Canadian immigration authorities for entrepreneurs who wish to apply for permanent residence in Canada under the SUV program:
In addition to the above, to be successful in this program, entrepreneurs should be prepared to meet the following essential criteria:
There are fees involved, and it will cost around CAD$50,000 for a family of four for legal, administrative, government services, and residence requirements. As described above, the cost to participate in the program will be around CAD$200,000.
Sometimes, clients do not pursue the business and classify their investment as a sunk cost to obtain Permanent Residence (PR) with citizenship, which is very attainable for themselves and their families.
If the applicant opts for the designated organizations for the Canada residency by investment, the cost to obtain residence will be around CAD$250,000. It is important to note that the program is not a classic passive investment Golden Visa. The costs can be non-recoverable depending on the success of the business.
If the entrepreneur, investor, or executive does not have the required capital, they can seek funding from a Designated Organization.
Designated organizations are instrumental in the Canadian Startup Visa program for investors. The Canadian government approves these organizations to support and nominate foreign entrepreneurs for the Canada Startup Visa program.
Angel investment funds within the framework of the Canadian Startup Visa (SUV) program assume a pivotal role by offering essential financial support and mentorship to burgeoning entrepreneurs from across the globe.
Angel investors infuse capital into these enterprises and provide invaluable expertise and guidance to steer entrepreneurs toward success within the dynamic Canadian market.
The minimum investment required for the Angel Investment Groups is $75,000. It should be noted that these investments are high-risk and could lead to losses in capital. We work closely with the Designated Organizations as the risk exposure is lower but does not guarantee a return on investment.
There are several crucial steps to apply for the Canadian Startup Visa program. First, appointing an authorized representative to submit the application on the applicant’s behalf is essential, ensuring the process is well-managed and organized. The initial process starts with an initial screening and basic KYC.
Provide proof of language proficiency and gather other required personal documentation, which is vital for the application. Language must be in English or French at a CLB level five.
Another critical step is obtaining a commitment certificate or letter of support from an angel investor group, venture capital fund, or business incubator, as this endorsement is a fundamental aspect of the program. These groups are known as designated organizations.
To obtain a letter of support from a Designated Organization, one can follow the key steps below:
Finally, submitting the application form, supporting documents, and the necessary fees is the last critical step in the investor’s journey to pursuing the Canada Startup Visa. When followed meticulously, these steps pave the way for aspiring entrepreneurs to explore business opportunities in Canada.
The applicant can grow their startup and business in Canada if all requirements are satisfied and the necessary documentation is provided. IRCC states that the SUV program has a general success rate above 75%.
The rate of approval varies depending on the type of designated organization:
It is essential to have experts in Canada with an incredibly high success rate of approvals for clients who apply for the SUV residence program.
Prevention is better than failure, and an action plan can reduce the risk of rejection of an application.
Applicants must provide proof of finances and have the financial means necessary to maintain a business and the cost of living in Canada.
Police clearance forms must be obtained, and a background check must be conducted and passed for an applicant to be considered. Before granting entry to Canada, the applicant must prove that they will not be a security risk if admitted into Canada.
Applicants for the SUV must pass a health check to ensure that they are not a danger to public safety or public health or that there is an excessive demand for available social or health services. This will generally require performing an immigration medical exam with results included with the application and failing to prove Canadian language competency in French or English at a CLB level five.
This requirement must be met before an applicant begins completing the application process. The letter must come from an official Designated Organization.
Finally, one of the surest ways to cause the application to be denied is by misrepresentation, altering documents, or otherwise.
Below are some of the pros of the SUV program:
Dependents may join the primary applicant. The applicant’s spouse and children may qualify as dependent family members in the SUV application. Note that children of the applicant may qualify as dependants if they:
There is no residence requirement under the Canada SUV program. However, since the program requires that the applicant provides active and ongoing management, it would make sense that the applicant may be required to stay in Canada to satisfy these requirements and allow their capital to work for them.
Investors who wish to become citizens of Canada must meet the naturalization requirements described further below.
Below are some of the cons of the SUV program:
Applicants can avoid denials by following the instructions carefully, using the required document checklist in the application packet, and ensuring that all application requirements are complete before submission.
That being said, it is best to use professional guidance to build a case file on the client’s behalf. Paperwork and administrative work can be cumbersome to complete, so having a professional in the case management process is money well spent.
It is also essential to avoid advice from unregulated consultant firms offering free visa evaluations or guaranteed employment opportunities. Fraudulent activity by these organizations often results in application denial and theft of identity, banking, and credit card information.
Due diligence can go both ways, and clients must be able to rely on and trust their agents fully.
Although the Canada Startup Visa is not a Canada citizenship by investment program, it can be semi-classified as a Canada Golden Visa. Based on maintaining a residence, the applicant does not have a physical presence requirement. However, the pathway to citizenship is different.
The first step for entrepreneurs selected under the SUV program is to apply for a work permit. This work permit allows them to enter Canada and establish and manage their startup business. The typical processing time for a work permit application is around eight to twelve weeks.
Once in Canada with a valid work permit, entrepreneurs can work on establishing and operating their businesses. This includes meeting the conditions the designated organization sets and the commitments made in the business plan.
After establishing and operating their business, entrepreneurs can apply for permanent residency through one of the available immigration programs, such as the Express Entry system or the Provincial Nominee Program (PNP), depending on the province where their business is located. The processing time for the permanent residency application can vary but is approximately thirty-three months.
Once the permanent residency application is approved, the entrepreneur and their family members become permanent residents of Canada. This status grants them access to various social benefits and healthcare, and they can live, work, or study anywhere in Canada.
To become eligible for Canadian citizenship, permanent residents must meet specific residency requirements, including physical presence in Canada. After completing these requirements, they can apply for Canadian citizenship. Typically, individuals must have spent at least 1,095 days (three years) out of the last five years in Canada before applying for citizenship.
Upon approval of their citizenship application, individuals become Canadian citizens. Canadian citizens have all the rights and responsibilities of citizenship, including the ability to vote in federal and provincial elections and travel with a Canadian passport.
Canadian citizenship allows the resident to obtain a passport for travel. As of October 2023, Canadian citizens have visa-free access to 119 countries and territories, can obtain a visa on arrival in 26, and can enter with an e-visa 38 countries and territories and require a visa for 23, ranking the Canadian passport 6th in the world in terms of freedom of travel.
The Canada investment visa, Permanent Residence (PR), and subsequent Canada citizenship by investment through the SUV program are famous for several reasons. Canada is an open society and welcoming of investors, entrepreneurs, and persons willing to invest capital or time into their economy.
Connect with us for a personalized consultation or if you have any questions. We’ll be on hand to assist.
Investors can estimate a cost of around CAD$250,000 for the program.
Yes, there will be an interview at the IRCC office in the country, or at port of entry when applicants arrive in Canada.
No, initially, investors obtain a work permit within two to three months. The Permanent Residence (PR) takes between thirty to thirty-six months.
No, although it can be seen as a Canada Golden Visa program. The pathway to citizenship requires living in Canada for at least 1,095 days within five years.
Founder of Global Residence IndexCONTACT
Navigating through golden visa & citizenship by investment programs can be complex and overwhelming, regardless of the country or program you’re interested in. If you’re struggling to find clear, accurate information, you’re not alone. Our team is here to offer you clarity and reliable advice across a wide range of immigration programs.
By scheduling a consultation, you’ll receive personalized guidance tailored to your unique situation. We’re dedicated to helping you understand the details of various immigration programs, making them more straightforward so you can proceed with confidence.
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