Canada Startup Visa Program

Applying for a Canada Startup visa can be highly confusing and tiring. Gracias Group aims to create a comforting experience as you travel from a dream to reality.

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Canada Startup Visa Program

Overview of the Canada Startup Visa Program

The Canadian startup Visa Program started as a pilot project in 2013 and finally formalized in 2018. The Canadian government looks forward to entrepreneurs establishing their businesses in Canada as it boosts the Canadian economy and creates employment opportunities for Canadian residents. These businesses should be able to scale globally.

What Makes the Canada SUV so Popular?

Breathtaking views and vibrant culture are what define Canada, a country in the North American continent. With a population of 3.89 crores, Canada thrives in a $2.2 trillion economy.

The minds behind the Canadian decision-making aim to grow this economy even more which is evident with the Canada Startup Visa Program.

Permanent Residency

The Canada SUV program provides opportunities to young and enigmatic minds who wish to settle their family and business abroad. The permanent residency includes access to Canada’s healthcare and education benefits.

Raising funds and Capital

As part of the Canada SUV program, one can raise funds with the help of designated Canadian investors including the angel investor groups and venture capital funds. Such financial push helps set the startup on a secure foundation.

Networking Opportunities

Along with the group of investors, the Canada SUV program also presents a well-connected ecosystem of innumerable mentors, industry experts, and fellow business owners. This ecosystem creates more opportunities for innovation and growth.

Global Recognition

Geographically, Canada is closest to the biggest economy in the world, the USA market. In addition to that, Canada’s seamless connectivity and integrated network with the North American, European, and Asian markets act as a bonus point on the global level.

Hospitable and Inclusive culture

Canada has a long history of cultural diversity which inherently makes them the land of cordial and open-hearted people. Such an environment is crucial for any immigrant who dreams of developing a successful business in a new land.

No Minimum Funds

Entrepreneurs think that they require a significant amount to turn their innovative business idea into a real business. With the Canada SUV program, one can forget about the requirements of any minimum investment.

Eligibility Criteria For Canada Startup Visa Program

Detailed Eligibility Requirements for the Startup Visa Program:

It is important to be aware of the admissibility requirements before submitting your Startup Visa Application to the Immigration, Refugees And Citizenship Service, Canada. A clear breakdown of eligibility criteria to become a qualifying startup includes:

  • Having a qualifying business idea. Each applicant under the umbrella of one startup business idea should hold at least 10% voting rights.
  • Securing a Letter of Support from designated organizations (venture capital funds, angel investor groups, or business incubator groups).
    Meeting language proficiency requirements (Canadian Language Benchmark 5) ielts score.
  • Proof of sufficient settlement funds based on family size is necessary to apply for permanent residency.
Eligibility Criteria For Canada Startup Visa Program

Financial Requirements Startup Visa

To qualify for the Startup Visa, applicants are required to prepare financially as well and submit the proof of the same to the Visa Office.

This requirement is placed to ensure that the immigrant entrepreneur and their dependents who wish to settle in Canada can sustain themselves.

Minimum Amount of Money Required

The cost of living in Canada differs from one place to another. The Canadian Government has, however, defined a certain amount slabs for the Canada Startup Visa Program applicants.

The amount varies according to the size of the family. The following table outlines the minimum funds slab:

Type of Designated OrganizationRequirement
Venture Capital FundsMust confirm an investment of at least CAD 200,000 in the startup.
Angel Investor GroupsMust confirm an investment of at least CAD 75,000 in the startup.
Business IncubatorsMust accept the applicant into their business incubator program.

Documents Accepted as Proof of Funds

Official letters from financial institutions can act as proof of available funds. These letters should include:
The financial institution's letterhead and contact information.
The applicant's name.
Details about any outstanding debts.
Information about bank account(s), including account numbers, opening dates, current balances, and average balances over the past six months.

Additional Fees

In addition to proving sufficient funds for living expenses, applicants should also consider various fees associated with the application process:
Individual applicants: CAD 85
Families applying together: Maximum CAD 170
Biometrics Fees: Applicable if biometrics are required.
Medical Examination Confirmation: Costs associated with mandatory medical exams.
Police Clearance Certificate: Required for background checks.
Language Ability Fees: Costs for language proficiency tests such as IELTS or PTE.
Permanent Residency fees: Families applying for permanent residency in Canada

Gracias Group is at Your Service

You must have gotten tired just by reading the various steps and requirements. We understand that managing this giant task alone is overwhelming, especially when the Canada Startup Visa success rate is only 77.2%.

Are you worried? Are you thinking of dropping this amazing business idea? Did you not work on it tirelessly for day and night? Is it not your aim at the dartboard of success? You do not have to let it go.

The Gracias Group promises that turning your dream into reality will not be a nightmare. Gracias Group has years of experience in helping innovative entrepreneurs navigate this complex application process of the Canada Startup Visa Program.

Expert Assistance in Canada Startup Visa Program

Expert Assistance

The Gracias Group can provide you with detailed insights into Eligibility and Requirements. From compiling the necessary documents including proof of language proficiency (IELTS or PTE scores), medical examination confirmations, police clearance certificates, and proof of funds to reviewing them so that these documents are not rejected, we cover it all.

Designated Organisation

The pressure to make everything right with your business idea is too much. But, do not worry, we have got your back. We help you streamline your business idea and present it to the designated organizations so comprehensively that they can’t refuse to give you a Letter of Support.

Designated Organisation

Interview Preparation

To lessen the processing time, the Canadian Government brought new changes to the Canada Startup Visa Program to prefer the business idea backed by Canadian investors. This makes the support of designated organizations even more important but it feels difficult due to the anonymity and uncertainty of the interview set up. At Gracias Group, we navigate the whole interview process like a cakewalk, facilitating your path to success.

Post-Clearance Aid

Your satisfaction brings us happiness. We also lend a hand in any issues that arise post-submission, and cultural adaptation, and keep you updated with any changes in the Immigration policies.

Post-Clearance Aid

How to Apply for the Canada Startup Visa?

The application for Canada’s Startup Visa Program requires the applicants to follow the following steps for setting up their businesses in Canada –

Step 1: Profile Eligibility Assessment

The applicant’s qualifications and the business idea is evaluated. This is done to ensure beforehand that the idea has the potential to grow.

Step 2: Approaching Designated Organization

A designated organization is identified through research. These designated organizations (including venture capital funds, angel investor groups, or business incubators) should be accredited by the Canadian government. The business idea is pitched to them to secure a Letter of Support and a Commitment certificate.

Step 3: Getting the documents ready

Along with the Letter of Support mentioned in step 2, the other required documents are: A detailed business plan, Proof of language proficiency (minimum Canadian Language Benchmark 5 in English or French), and Proof of sufficient funds to support yourself and any dependents upon arrival in Canada.

Step 4: Submitting the Application

The application is submitted along with the application fees. It is submitted through mail to the designated immigration office.

Step 5: Attending an Interview

The interview involves discussing the business plans. Questions about the viability and scalability of the startup need to be answered convincingly. If failed to do so with your skills, the application may get rejected.

Step 6: Completing the Boot Camp

These boot camps are organized by the designated organization. The Boot Camps are dedicated to enhancing your business idea and preparing it to be set up in Canada.

Step 7: Receiving the Letter of Support

Just convincing the designated organizations with the pitch and interviews is not enough, the designated organizations present the Letter of Support only when the applicants complete the Boot camp successfully.

Step 8: Applying for the Startup Visa

Here comes the step for which an applicant obediently follows all the aforementioned steps. The Startup Visa application along with the required documents is submitted to Immigration, Refugees, and Citizenship Canada.

Step 9: Obtaining the work permit

Once the application is approved, the applicant receives a letter of introduction that helps you to obtain a work permit. This would provide a window to work in Canada during the processing of the permanent residency application.

Criteria for Business to Qualify for the Canada Startup Visa

Failing to develop a comprehensive business plan.
Not securing sufficient funding from designated organizations.
Not meeting language requirements or failing to provide test results.
Providing inconsistent or incomplete documentation.
Not meeting program requirements, such as innovation, scalability, or Canadian market focus.
Failing to secure a strong Letter of Support from a designated organization.
Failing to clearly explain the business model, revenue streams.
Failing to demonstrate innovation, uniqueness, or potential for growth.
Not demonstrating sufficient entrepreneurial experience or skills.
Not meeting program requirements, such as residency or work permit conditions.
Providing inaccurate or misleading information in the application.
Not submitting required documents, such as proof of funds or education credentials.

Canada Startup Visa Processing Time

Canada Startup Visa Processing Time

The approval of the Canada Startup Visa Application can take around 31 to 40 months (2.5 to 3.5 years). Various factors such as the application caps or backlogs can affect this timespan. This is just an estimate.

According to the reports of February 2024, around 29,000 people are waiting in over 9,125 Canada Startup Visa applications. While around 14,000 are still waiting to take a step forward, around 10,000 are yet to get their eligibility checked.

Even waiting for the climax of a T20 match or a three-hour spy thriller makes us highly anxious. Imagine going through this complete process, but do not get disheartened as the Gracias Group can be by your side.

Mistakes to Avoid When Applying for a SUV

  • Failed to develop a comprehensive business plan.
  • Not securing sufficient funding from designated organizations.
  • Not meeting language requirements or failing to provide test results.
  • Providing inconsistent or incomplete documentation.
  • Not meeting program requirements, such as innovation, scalability, or Canadian market focus.
  • Failing to secure a strong Letter of Support from a designated organization.
  • Failing to clearly explain the business model, revenue streams, or competitive advantage.
  • Failing to demonstrate innovation, uniqueness, or potential for growth.
  • Not demonstrating sufficient entrepreneurial experience or skills.
  • Not meeting program requirements, such as residency or work permit conditions.
  • Providing inaccurate or misleading information in the application.
  • Not submitting required documents, such as proof of funds or education credentials.

FAQ About Canada Startup Visa

General FAQs

The application process can take a total of 31 to 40 months. This timeline is an estimate and various factors such as application caps or backlogs can increase the waiting time in the application process.

The total estimated cost can range from CAD 150,000 to CAD 250,000. This includes Government fees of CAD 2,140 for the main applicant, CAD 1,365 for the spouse, and CAD 230 for every dependent child. The administrative fees from designated organizations and biometric fees are also part of this estimation.

A Canada Startup Visa applicant must have passed high school or have an education equivalent to a secondary school diploma in Canada. Other than that, the candidate must have language proficiency in English or French scoring a minimum of Canadian Language Benchmark level 5 in all four abilities – speaking, listening, reading, and writing.

The requirement of business experience has not been mandated by the law of the Canada Startup Visa Program. But experience helps you present yourself in front of the designated organizations in a convincing manner.

Even though you can apply for the Canada Startup Visa Program, the application stands a chance of rejection on grounds of Canada’s immigration rules for public safety. You will need to provide police clearance certificates from each country you have lived in after you turned 18.

Anyone above the age of 18 years can apply for the Canada Startup Visa program, and there is no upper age limit.
Yes, you can apply for other immigration programs simultaneously. While, you are waiting for your Canada Startup Visa to be approved, you can also consider provincial nominee programs (PNPs), the C11 visa category, the Self-Employed Persons program, or the temporary work permit.
If your business idea fails after getting the approval, then your Permanent Residency status could be at risk. A failed business may also impact future immigration applications. Watching your business fail can also make Designated organizations take their support back.
Yes, you can change your business or industry even after receiving the approval, but it is still necessary to maintain your compliance with the Startup Visa requirements and make sure that even your venture abides by the Canada Startup Visa Program’s objectives.

Business Requirements FAQs

Any business that is innovative, scalable, and can create employment opportunities is eligible for the Canada Startup Visa. Additionally, the business idea should also convince the designated organisation to grant a Letter of Support.
Nowhere, it is mentioned to have a formal business plan under the Canada Startup Visa Program. But it is highly recommended to have one as it is an unsaid requirement. The business plan is your only pass to secure the Letter of Support from the designated organisations.
The amount of funding solely depends on the designated organisation that you are working with. While an angel investor group must invest at least CAD 75,000, a venture capital’s fund level ranges to as much as CAD 200,000.
The Canadian government approves designated organizations to support startups. They provide you with a letter of support and a commitment certificate essential for your application. You have to convince them that your business idea is viable and worthy of their investment or support.
Yes, applying with a partner or a team is allowed under the Canada Startup Visa Program but a few important points need to be kept in mind. Every member of the team or partner should meet all the eligibility criteria and each should hold at least 10% of the voting rights.

Application Process FAQs

The application can be submitted through online as well as offline means. You just have to get an application package which would include an instruction guide and a list of required documents. Once you complete filling out the General Application Form for Canada (IIM 0008), you can either upload the document online or send it to the appropriate address.

The required documents include –

  • Commitment Certificate and Letter of Support from the designated organization
  • Proof of language proficiency
  • Proof of sufficient funds
  • General Application Form of Canada and other required forms
  • Police Clearance Certificate and medical examinations.
Yes, you can easily track your application online through the Immigration, Refugees and Citizenship Canada (IRCC) website. Once you submit your application, you will receive a confirmation that allows you to check its status.
When an application is rejected, you will be sent a letter explaining the reasons for the rejection. You can appeal or reapply depending on the circumstances. It’s a good idea to consult with an immigration consultant or lawyer to understand your scenario and improve your chances in the future.

Funding and Investment FAQs

You are not required to invest your own money. The program focuses on securing funding from designated organizations. If your startup fails, you will retain your permanent resident status.
No, there are no such requirements specified in the Canada Startup Visa Program. The only criteria are that the business should be innovative, and scalable and should create employment opportunities.

You can find investors by approaching designated organizations such as –

  • Venture Capital funds
  • Angel Investor groups
  • Business incubators

You need to have a well-researched and innovative business idea to get a Letter of Support from these organizations.

Permanent Residency and Citizenship FAQs

Yes, the Canada Startup Visa Program is the road to permanent residency for successful applicants. Once you have secured your Commitment Certificate and a Letter of Support from designated organizations, you can apply for permanent residency without any specific visa conditions attached to your status.
To maintain your permanent residency status, you must physically reside in Canada for at least 730 days (2 years) within a five-year period. This requirement ensures that you remain connected to Canada while holding your residency.
Yes, you are eligible to apply for Canadian citizenship after holding permanent residency for at least 5 years. The terms of eligibility mention that during those 5 years, you have to live in Canada for a minimum of 1,095 days. You should also meet other requirements such as – language proficiency and knowledge of Canadian history and values.

Family and Dependents FAQs

Yes, your family members can accompany you condition being that they are processed as dependents in your application. The family members allowed include your spouse or common-law partner and dependent children. They must arrive with you or after you and cannot come to Canada before you.
Yes, the dependents are eligible for work as well as study permits. This allows them to work or study in Canada while you make your business grow.
To include family members in your application, you must declare them as dependents when submitting your application. You will need to provide relevant documentation, such as marriage certificates for spouses and birth certificates for children, to establish their relationship with you.
Yes, once in Canada, dependents can access healthcare and education services. Dependent children are eligible to enroll in public schools, while spouses or common-law partners may have access to provincial healthcare plans, depending on the province’s regulations.