Federal Start Up Visa Program Lawyers
The Federal Start-Up Visa Program (SUV) is an immigration program designed for foreign nationals looking to establish and grow their business in Canada. It is meant for entrepreneurs with skills and organizations that:
- Are innovative
- Can create new jobs for Canadians
- Can compete on a global scale
- Can boost economic growth inside the country
- And more
SUVs can also provide pathways to permanent residency (PR) for immigrant entrepreneurs who have a qualifying business idea and meet other eligibility requirements.
If you are an entrepreneur looking to establish your business in Canada, our Vancouver immigration lawyers can guide you through the application process. Whether you require assistance compiling your initial application or you are looking for information about next steps, we’re ready to help. To schedule a consultation with our team, contact us today.
What is the Federal Start-Up Visa Program?
The Federal Start-Up Visa Program (SUV) was designed to attract innovative entrepreneurs in Canada. It helps immigrants new to the country build their own businesses while contributing to the Canadian economy. The SUV can be a desirable option as it can provide a clear pathway to permanent residency for those who qualify.
Key benefits of the Start-Up Visa Program include:
- Applicants under the SUV program may receive permanent residency before their business succeeds or fails (although the IRCC will evaluate the viability of the business before granting PR)
- Ability to include up to 5 co-founders per business in each application
- Access to Canada’s strong business ecosystem and network of investors
- And more
In addition, the SUV provides relocation opportunities not only for entrepreneurs themselves but also for their family members. If you’re exploring business immigration options in Canada and have access to capital between CAD $200,000 and CAD $500,000, the SUV program may be right for you. It is important to note that there is currently a lengthy processing time of multiple years for the SUV program. As a result, you may need to undertake significant financial planning in advance of receiving a decision.
Eligibility Requirements for the Federal Start-Up Visa Program
There are a variety of eligibility requirements involved in the SUV application process. Rules and regulations outlined are stringent as there is limited availability for SUVs in Canada per year.
As of April 2024, key changes to the SUV program involved:
- Cap on Permanent Residence Applications: The SUV program (different from previous years) now limits the number of PR applications that can be processed in relation to it. Each designated organization can submit no greater than 10 start-up applications annually.
- Priority Processing for Select Start-Ups: Applications for start-ups backed by Canadian capital or by members of Canada’s Tech Network are to receive priority processing until the end of 2026. This applies to both new and existing applications that have been submitted.
To qualify for the Federal SUV program, key eligibility requirements include:
1. Business Requirements
To qualify under the SUV program, your business or business idea must adhere to the following conditions:
- Your business must be innovative, scalable, and capable of creating jobs for people inside Canada.
- At the time of applying for an SUV:
- You must hold at least 10% of the voting rights attached to all shares in the company.
- The designated organization backing you and all applicants must jointly control at least 50% of the total voting rights in the business.
- If you receive permanent residence through your SUV:
- Your business must be incorporated and actively managed in Canada.
- The majority of your day-to-day and essential business operations must take place in Canada.
2. Support From a Designated Organization
For your business to qualify, you must secure a Letter of Support from a designated organization that has agreed to invest in or support your business idea inside Canada. A designated organization is a government-approved entity intended to support start-ups.
There are three different kinds of designated organizations that you may obtain support from:
- Venture Capital Funds
- Angel Investor Groups
- Business Incubators
Immigration, Refugees and Citizenship Canada (IRCC) maintains a list of designated organizations that applicants can approach to seek support or investment from. Securing support from a designated organization can be challenging, as the process is competitive and your business plan must be thorough, innovative, and market-ready. With the help of a Canadian immigration lawyer, you can adjust your pitch to appeal to investors from a business and legal perspective.
3. Language Requirements
All applicants or co-founders are expected to meet the Canadian Language Benchmark (CLB) 5 in English or French for speaking, reading, writing, and listening. For your test results to qualify, they must be conducted by an approved agency in Canada.
4. Proof of Settlement Funds
To apply for an SUV, you must be able to demonstrate that you have sufficient funds to support yourself and all family members during your time in Canada. This is because the government may not provide financial assistance to entrepreneurs who immigrate through the SUV program.
The amount of funds you will be required to show will depend on the number of family members you have. The amounts are subject to change. As of June 2024:
- With 1 family member, $14,690 is required
- With 2 family members, $18,288 is required
- With 3 family members, $22,483 is required
- With 4 family members, $27,297 is required
You can find a full, up-to-date list of required settlement funds here
How Can Border Solutions Law Group Help With the Federal Start-Up Visa Program?
Applying for the Federal Start-Up Visa program can be a complex process due to multi-faceted eligibility requirements and business regulations in Canada. With the help of our Vancouver immigration lawyers at Border Solutions Law Group, you can navigate the process with confidence as you prepare to get your business started.
When you work with our team, you can expect assistance with:
- Application Strategy & Business Viability: We will ensure that your business idea meets Canadian immigration standards outlined under the SUV program. In addition, our experience working with entrepreneurs in the past may allow us to connect you with relevant designated organizations.
- Business Plan Development & Investor Pitching: When you’re seeking Letters of Support from a designated organization, we can help you create a detailed business proposal while providing you with legal guidance on any partnership or investment agreements you undertake.
- Full Immigration Support: If you require a work permit while awaiting a decision on your SUV or need assistance preparing your PR application, our Vancouver immigration lawyers can assist.
- Appeals & Refusals: If your application for an SUV is denied, we can help you appeal the decision or seek alternative options. We have extensive experience assisting clients with:
- Express Entry programs
- Open work permits
- Spousal Open Work Permits
- Intra-Company Transfer Visas
- Free-Trade Agreement (FTA) Work Permits
- And more
Applying for the Federal Start-Up Visa Program? Speak With Our Vancouver Immigration Lawyers Today
At Border Solutions Law Group, we are committed to helping entrepreneurs live and work in Canada when they have eligible business ideas. We offer end-to-end support throughout your application process so we can help you identify your qualifications and help connect you with designated organizations, when necessary.
For custom legal strategies tailored to your business needs, schedule a consultation with our Vancouver immigration lawyers today. You can call our Vancouver office toll-free at 877-341-6761 or fill out our online contact form today.