The Complete Overview Of Canada's Start-up Visa Program

The Start-up Visa Program (SUVP) is a program that enables immigrant entrepreneurs to gain permanent residency in Canada. Being an innovation and economic development program, the program aims to attract talents from all over the world who are interested in starting their own start-ups in Canada.

In this guide, we cover all the aspects of the Start-up Visa Program including its advantages, requirements, application process, and recent changes made to enhance the program’s effectiveness.

Introduction to the Start-up Visa Program

The Canadian government introduced the Start-up Visa Program to encourage the spirit of innovation and business creation. It links the foreign entrepreneurs with the private sector organizations in Canada that understand the start-up business.

Why Canada?

Canada is common among entrepreneurs to start their businesses because of the stable economy, favorable business climate, and high standards of living. It also strengthens Canada’s attraction by outlining a clear process for the SUVP, which will allow entrepreneurs who can benefit the development of the economy for permanent residency status.

The program has the following major features:

Recent Changes to the Program

In April 2024 when the Canadian government made the following adjustments to the Start-up Visa Program. Some of these changes are aimed at increasing the effectiveness of the program and making it more available to the intended users, the entrepreneurs.

Eligibility To Qualify For The Program

To apply for a Start-up Visa, entrepreneurial applicants must meet four major requirements:

Designated Entity for the Start-up Visa Program

Before applying to the Start-up Visa Program, foreign entrepreneurs must secure the commitment of a designated organization that will support their business development in Canada. There are three categories of designated organizations:

Designated Angel Investor Groups

Entrepreneurs must secure an investment of at least CAD $75,000 from one or more investors connected to these groups:

• Southeastern Ontario Angel Network

• Golden Triangle Angel Network

• VANTEC Angel Network Inc.

• Canadian International Angel Investors

• Ekagrata Inc.

• Keiretsu Forum Canada

• York Angel Investors Inc.

• Oak Mason Investments Inc.

• TenX Angel Investors Inc.

Designated Venture Capital Funds

Entrepreneurs must secure an investment of at least CAD $200,000 from one or more of these funds:

• iNovia Capital Inc.

• PRIVEQ Capital Funds

• Westcap Management Ltd.

• Pangaea Ventures Ltd.

• Version One Ventures

• Relay Ventures

• Vanedge Capital Limited Partnership

• Real Ventures

• BDC Venture Capital

• OMERS Ventures Management Inc.

• Innovation Platform Capital International LP

• Nova Scotia Innovation Corporation (o/a Innovacorp)

• Impression Ventures

• Yaletown Venture Partners Inc.

• Golden Venture Partners Fund, LP

• ScaleUp Venture Partners, Inc.

• Top Renergy Inc.

• York Entrepreneurship Development Institute (YEDI) VC Fund

• Celtic House Venture Partners

• BCF Ventures

• Extreme Venture Partners LLP

• Lumira Ventures

• Information Venture Partners Management Inc.

Designated Business Incubators

Entrepreneurs must be accepted into one of these programs. No financial investment is required:

• Alacrity Foundation

• LatAm Startups

• Innovacorp

• Knowledge Park o/a Planet Hatch

• Launch Academy

• Genesis Centre

• Spring Activator

• Interactive Niagara Media Cluster o/a Innovate Niagara

• Creative Destruction Lab

• Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)

• Waterloo Accelerator Centre

• NEXT Canada

• Toronto Business Development Centre (TBDC)

• Alberta Agriculture and Forestry

• Spark Commercialization and Innovation Centre

• Ryerson Futures Inc.

• Real Investment Fund III L.P. o/a FounderFuel

• VIATEC

• North Forge Technology Exchange

• Invest Ottawa

• Platform Calgary

• Millworks Centre for Entrepreneurship

• Empowered Startups Ltd.

• The DMZ at Ryerson University

• TSRV Canada Inc. (operating as Techstars Canada)

• LaunchPad PEI Inc.

• Food Processing Development Centre

• Extreme Innovations

• York Entrepreneurship Development Institute

Language Proficiency Tests

Proof of Funds

Designated Organizations

Entrepreneurs must secure support from one of the designated organizations in Canada. There are three types of these organizations:

1. Venture Capital Funds: Must secure a minimum investment of CAD 200,000.

2. Angel Investor Groups: Must secure a minimum investment of CAD 75,000.

3. Business Incubators: Must be accepted into a Canadian business incubator program.

The Application Process

The application process for the Start-up Visa Program involves several steps, from securing a letter of support to obtaining permanent residence. Here is a detailed breakdown of the steps involved:

Step-by-Step Application Process

Conclusion

The Start-up Visa Program is a robust and attractive option for international entrepreneurs looking to establish their innovative businesses in Canada. Its clear eligibility criteria, structured application process, and numerous benefits provide entrepreneurs a valuable opportunity to gain permanent residence while contributing to Canada's economic growth.

By staying informed about recent changes and understanding the program's requirements, entrepreneurs can effectively navigate the Start-up Visa Program and leverage its opportunities. Whether you are an entrepreneur with a groundbreaking idea or a business looking to expand globally, the Start-up Visa Program offers a promising pathway to success in Canada.