Canada’s Start-up Visa Programs See Strong Start and Steady Growth
Canada’s Start-up Visa Programs have seen a strong start and steady growth in recent years, according to a new report by Immigration, Refugees and Citizenship Canada (IRCC).
The Start-up Visa Programs allow innovative entrepreneurs from around the world to come to Canada and start a new business. In addition to providing entrepreneurs with a pathway to permanent residency, the program also helps to create jobs and grow Canada’s economy.
The report shows that the number of applications received and visas issued has steadily increased since the program was first launched in 2013. In fact, the number of visas issued has more than doubled since 2016.
This news is particularly exciting for Launch Immigration, a leading Canadian immigration consultancy that specializes in helping entrepreneurs and businesses obtain the necessary visas and permits to start and grow their ventures in Canada.
“We are thrilled to see the success of the Start-up Visa Programs,” says Dr Asrani, Co-Founder of Launch Immigration. “Canada has always been a welcoming country for innovators and entrepreneurs, and this program allows us to continue to attract the best and brightest from around the world.”
The Start-up Visa Programs have also been instrumental in attracting foreign investment to Canada. According to the report, since the program’s inception, participating companies have attracted over $200 million in investment to Canada.
“Not only do these programs help to create jobs and grow the economy, but they also help to foster innovation and strengthen Canada’s position as a global leader in technology and entrepreneurship,” adds Shahzad Khan, the Co-founder and Chief Marketing Officer at Launch Immigration.
Launch Immigration is committed to helping entrepreneurs and businesses navigate the complex immigration process and take advantage of the opportunities available through the Start-up Visa Programs.
“We believe that Canada’s Start-up Visa Programs are one of the most exciting and promising initiatives in the world of business and entrepreneurship,” says Dr. Asrani. “We look forward to continuing to support our clients as they pursue their dreams and build their businesses in Canada.”
Under the SUV program, immigrant entrepreneurs can benefit from the support of three types of private-sector investors: angel investors, venture capital funds, and business incubators.
To be eligible for the program, candidates must secure a commitment from a designated entity, such as a venture capital fund or angel investor group, to invest a minimum of $200,000 or $75,000, respectively, into their qualifying business. Alternatively, candidates can also qualify with two or more commitments or investments from designated entities totalling the minimum investment amount.
Candidates who opt for a designated business incubator must be accepted into its program and develop a viable business plan that meets the due diligence requirements of the government-approved designated entities. Business consultants in Canada’s start-up ecosystem can assist with the investment and business development process, while experienced corporate business immigration lawyers provide oversight to ensure the start-up’s business concept meets industry-required terms and conditions.
To be eligible for the SUV program, candidates must also demonstrate proficiency in English or French at the minimum Canadian Language Benchmark level 5 and possess sufficient unencumbered, available, and transferable settlement funds to meet settlement funding requirements. However, designated entities may require higher levels of language proficiency to meet their due diligence requirements.
The SUV program provides a unique opportunity for immigrant entrepreneurs to start their businesses in Canada with the support of private-sector investors and government-approved designated entities. By meeting the eligibility requirements and developing a viable business plan, candidates can embark on a new journey towards Canadian citizenship and a prosperous future.
