If you are an entrepreneur, Canada’s Start-Up Visa program can be your golden gate to success. However, we understand it’s hard to navigate the complex world of business immigration programs, which is why we are here to break it down for you.
In this article, we dive deeper into the process of bringing your entrepreneurial vision to life through the Start-Up Visa program.
How can I qualify for the Start-up Visa Program?
To qualify for the Start-up Visa Program, you must meet all 4 eligibility requirements, as well as the admissibility requirements to enter Canada. Which are:
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- have a qualifying business
- have a letter of support from a designated organization
- meet the language requirements
- have enough money to settle and live in Canada before you make money from your business
Also, you must keep in mind that if you are inadmissible to Canada your application may be refused.
How can my business get a Letter of Support?
In order to apply for the SUV program in Canada, your business idea or venture must obtain the support of one or more Designated Organizations (DO), which will then provide the necessary letter of support.
DOs are business groups that are approved to invest in or support possible start-ups through the Start-up Visa Program. These organizations review your business idea and assess the potential of your proposal.
There are three types of DOs:
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- Venture capital funds
- Angel investor groups
- Business incubators
Each type of organization has it’s own process of accepting applicants. You may need to submit a detailed business plan to be accepted.
If your application is accepted, the organization will provide you with a Letter of Support.
Contact us and we can help you in getting started with this process.
What is the minimum investment that my business needs from the DO for the SUV Program?
The answer to this depends on which type of DO is providing you with the funds.
When the investment is coming from a designated Canadian venture capital fund, the DO must invest a minimum amount of $200,000.
When the investment is coming from a designated Canadian angel investor group, the DO must invest a minimum amount of $75,000.
If you are accepted into a Canadian business incubator program, the DO does not need to provide a financial investment.
How can I get a letter of support from a DO?
You need to contact the DO to find out how to get its support. You will need to convince the organization that you have a business idea that is worth supporting.
This is where we can help you.
Business Geeks is committed to your success. Each organization has its own requirements, and our professional team can help you map-ahead your application process and create a strong proposal.
Contact us and launch your dream business!
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