How to Apply Canada Start-Up Visa in 2024

The Start-Up Visa Canada is a program tailored for immigrants who are willing to start a business in Canada and eventually settle as permanent residents. If you have a business idea, though, you can find assistance from some relevant Canadian groups and at last, move to Canada in just 6-9 months on a work permit that a member becomes eligible to get after getting a letter of support and filing the Canada PR Visa application under the program. Additionally, you can transition to being a permanent resident after 2 years. All the partners can be part of as many as 5 startups over a period of 3 years if they succeed.

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Requirements for Canada Start-Up Visa

The following requirements must be met in order to qualify for the Canada Start-Up Visa Program:

• Start an Innovative Business: You must have a new business in Canada, create jobs, and be ready to face the world like any other firm.
• Get Support from a Recognized Group: You need a letter from a Canadian sponsor, ideally a venture capital fund, business incubator, or angel investor group.
• Language Qualifications: Having the ability to speak English or French with ease at a Canadian Language Benchmark (CLB) level 5.
• Have Sufficient Funds To Settle In Canada: You should show that you have sufficient funds which will help you to provide for yourself as well as your family after coming to Canada.
• Plan to settle outside the Province of Quebec: However, such a program does not exist in Quebec.
• Pass Canadian Security And Medical Clearances: You have to be acceptable to Canada, and this will entail that you pass the required security verifications and accept the medical screening.

The Canada Start-Up Visa Processing Time Program

It usually takes from 12 to 36 months from the moment when the applicant applies to obtain a Canada Start-Up Visa Program. If you wish to move to Canada sooner, you can do so with a work permit in 6 to 9 months. However one should be aware that this time could vary differently depending on the completion of the application form and the ease of the process of verifying the information.

Canada Start-Up Visa Success Rate

By 2024, the Canada Start-Up Visa Program has been made to perform some changes in order to cut down processing times and minimize the volume of pending applications. The modifications will be comprised of the establishment of a cap on the number of applications to be processed in a year for permanent residence and giving priority processing to the entrepreneurs who are supported by Canadian capital or business incubators that are members of Canada’s Tech Network.

According to the most recent data from January 2023 to November 2023, 77% of the Start-Up Visa categories were approved for permanent residency status. Analyzing these numbers, we can infer that the website has processed a total of 3,334 applications and approved 2,577 out of those. One should take into account that graduation rates change depending on the business idea implementation quality and the candidate’s qualification. As of the month of publishing of this information, May 2024, Abhinav Immigration Services clients have a 100% success rate.

How to Get a Canada Startup Visa

Acquiring start-up visa in Canada is like a journey to Canada where you will be the pioneer of a new business:

• Step 1: Making Your Business Idea: First, you come up with an idea that is able to be a worldwide growing company. It is imperative for you to get a clear thought, you should know the strong point of your competitors, and you should have a plan to stand out. It’s hard to build an outstanding brand with people paying attention to it, but you can identify your audience, your rivals, and define what makes your business stand out. This assistance will come in handy as you are able to develop a script for your business, which contains your goals, roadmaps, and an indication of how you will make profits, that may be convincing to the people who are in a position to support you financially. Abhinav Immigration Services will assist you in identifying that your idea is likely to meet the eligibility requirements vis-à-vis uniqueness and scalability.

• Step 2: Finding the Right Support: Next, you look for a group of people matching your business approach. This will include finding - if required - eligible co-founders and IRCC-designated organizations that will assess and accept your project for consideration under the Canada SUV program. Abhinav Immigration Services will assist you in introducing you to one of such organisations.

• Step 3: Getting Their Approval: Then, you present to the DOs how you will be sure to be the next best thing. It will be this moment when they make the decision if they truly believe in your business to support it. It is a very difficult task, but with time, the decision will be made easier, as you will have a team supporting you. Abhinav Immigration Services will provide you insights on how to expectations out of such interviews that lead to approval of the Start visa application and issuance of the letter of Support(LOS).

• Step 4: Gathering Your Papers: It’s just a matter of gathering a bunch of documents such as a support letter, proof that you can communicate in English or French, proof of capital to survive on, business plan, and others. Abhinav Immigration Services will assist you in all areas, including the Canadian Company incorporation, Shareholding agreement and project-specific business plan that meets the IRCC guidelines.

• Step 5: Applying for the PR Visa and Work Permit: When you've gathered everything, you actually apply for the Start-Up PR Visa Application with all required documents, including all important LOS. After PR visa filing, you can also file for a work permit for up to 3 years. The work permit duration and issuance are the discretion of IRCC.

• Step 6: Starting Your Business in Canada: Once the application is submitted, you can shift to starting business in Canada on work permit. You stick to the plan you have fixed and keep the goals you set with the group that they are steadily supporting.

• Step 7: Keeping Do’s and IRCC Updated: When you receive your permanent residence, you keep the Do’s and the Canadian Immigration Office informed about the progress of your start-up business throughout the entire period.

• Step 8: Waiting for the Final Decision: The Canadian immigration office will reach its decision on your application as the last step. Make sure to keep your address up to date so that they can get your message. If they say yes, you are in a winning situation to make your business thriving in the country. If you come across an issue, they will guide you through how to overcome it.

Advantages & Disadvantages of Canada Start-Up Visa

While the Canada Start-Up Visa offers the benefits for a growing business as well as the challenges, it is still an effective and beneficial program for the people who are willing to start a business in Canada. Here’s a summary of the key points:

Advantages:

• Direct Path to Permanent Residence: Those who want to remain in Canada after their business venture can receive a Letter of Support from a designated organization, provided they meet the eligibility criteria and apply directly from outside the country.
• No Minimum Investment: Different from the Funding Eligibility Criteria Program, there is no lower limit investment amount required for the start-up team of co-founders.
• Co-founder Inclusion: A single business idea may be presented by up to five co-founders under one business/investment category, which is the first time in this program.
• Language Requirements: The language requirement for CBL 5 is also low in the general level.
• Live, work and do business anywhere in Canada: The applicants can live and work in any other place in the country.
• Flexibility: The nationality has no such provision of needing to have a few years of residence in the country, and the applicant would not have to go for a Net Worth audit.
• Work Permit Option: The option to have a work permit is being considered but not demanded.
• Education and age Flexibility: As per the program flow, there are no minimum education and age restrictions.  
• Advantage for spouse and dependent children while being on work permit: Spouses can get open work permit and kids pay same fee as local residents.

Disadvantages:

• High Competition: This is a very competitive program with only a limited number of visas that every year are made available, hence prospects of getting accepted through great business ideas look remote.
• Funding Challenges: Being able to secure the financial support (of an organization for example) or a specified group of investors can be hard, which is a very important obstacle for the creation of a new business.
• Strict Requirements: As a consequence of stringent requirements only certain types of entrepreneurs like tech entrepreneurs could apply, and also these entrepreneurs were required already to have venture capital investment.

How We Can Help With Your Canada Start-Up Visa Applications

At Abhinav, we customize SUVs to individuals’ traits. We go deep into your dreams and thoughts to determine whether the energy they should generate is powerful enough to be self-sustaining. We’ll be able to see if there are gaps. If we do, we won't be reserved, as we’ll usher in positive recommendations for you. We will be happy to lend you a hand just at +91-8595338595 or web@abhinav.com.