If you are an entrepreneur, you may be eligible to immigrate to Canada through the start-up visa program.
Canada is looking for talented entrepreneurs that are interested in starting businesses that will stimulate the Canadian economy while creating employment opportunities for its residents.
Canada’s Start-Up Visa (SUV) allows foreign entrepreneurs to obtain permanent residence in Canada through business immigration. Owners of innovative start-ups or established foreign companies may be able to use this program to permanently relocate to Canada along with other founding partners (up to 5 partners), provided that they meet other requirements for the program.
If you are a foreign entrepreneur who is considering applying for a Start-Up Visa program, contact us at OLEX, and we are sure to help you out in the process and give you the right support you need.
Start-Up Visa Canada: Eligibility Requirements 2023
- 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:
- Foreign nationals must get a Letter of Support or investment commitment from one of the Designated Organizations in Canada;
- Each foreign national must own at least 10% of the shares in the startup. Foreign nationals and their Designated Organization must jointly have more than 50% of the total shares (voting rights) in the start-up venture;
- Each applicant must meet the minimum English or French language skill at CLB level 5; and
- Each applicant must have sufficient funds to settle in Canada (at a minimum, between $12,960 – $34,299, depending on the size of the applicant’s family).
In addition to the above, to be successful in this program, entrepreneurs should be prepared to also meet the following basic criteria:
- Ownership of an innovative or successful business that is generating scalable and sustainable revenue or has strong market validation;
- Access to capital fund your start-up venture, usually around $200,000 at a minimum per applicant.
- Have highly specialized knowledge or unique experience in your field or have solid managerial experience; and
- Have an upper-intermediate level of English and/or French language skill(s).