Startup Visa Program requirements

Not everyone, or every business, can take part in the SUV Program.

For you to be eligible as an individual, you must hold at least 10% ownership in a startup and commit to operating and managing the business while living in Canada. You’ll have to prove that you have the funds to support you and your family once you arrive, and that you’re all in good health and have no criminal records. You’ll also have to score at least level five in the Canadian Language Benchmark Test in English or French.

For your business to be eligible for the program, it needs to be considered “innovative” and have the potential to benefit the Canadian economy by eventually having a global presence.

More from MoneyWise

You won’t be the one making your company’s case to Immigration, Refugees and Citizenship Canada (IRCC). Instead, you’ll need a letter of support from one of 60 government-approved organizations, which fall into three categories:

  • Business incubators. A letter from an incubator confirms that your business is either participating in or has been accepted into its program.
  • Angel investor groups. Angel investors can provide support letters if they are investing at least $75,000 in your business.
  • Venture capital funds. A venture capital group can write a letter for you if they’re investing at least $200,000 in your business.

Up to five people can have their permanent residence applications tied to the same business venture, but each one has to submit their own application. If any candidate withdraws their application or gets denied, everyone involved with the business will have their applications terminated, so be mindful of who you partner with.

Join Masterworks to invest in works by Banksy, Picasso, Kaws, and more. Use our special link to skip the waitlist and join an exclusive community of art investors.

Skip waitlist

Find the right business partner

Just as IRCC won’t approve any business for a SUV, it also won’t take the word of just any angel investor, business incubator or venture capital firm. It’s important to find the right one.

Divesh Sharma of New Delhi-based legal consultancy firm, Arcum Global, says entrepreneurs should seek out investors who have significant experience in the same industry. In addition to giving their opinions more legitimacy with IRCC, finding like-minded investors is also the best way to ensure you’ll have the support and guidance you need to help your business grow.

You’ll also want to find a partner organization that makes use of a robust due diligence process for assessing your qualifications. There are no specific guidelines for your partners to follow when evaluating you or your business, but they must be able to prove that they conducted a thorough, objective analysis before agreeing to support you.

Demonstrate your relevant experience

Your support letter is only part of the battle. Immigration officers often review the information provided by SUV applicants to see if they have the knowledge, experience or industry contacts needed to make their businesses successful.

If your experience has all been in pharmaceuticals, for example, but you’re proposing a move to Canada to start a new online payment app, expect IRCC to have some questions for you.

A few knowledge gaps shouldn’t sink your application, but you’ll want to be upfront about where your weaknesses lie and show IRCC how you plan to address them in a concrete way.

Don't let your portfolio get dragged down by commission fees. Wealthsimple Trade lets you trade for $0 commission, and for a limited time, you can get two free stocks for signing up and funding your account. Will you get Apple stock? How about Air Canada?

Get your free stocks

Stay committed

The SUV approval process generally takes between 12 and 16 months. During that time, IRCC wants to see you doing everything you can to make your new venture a success.

If IRCC feels you are not taking your business seriously, they may reject your application, so plan on being very busy — and probably spending a fair amount of money — making business trips to advance your business, hiring people who can assist in its development and performing objective market research to understand your customers’ needs.

Jean-Francois Harvey, global managing partner of Harvey Law Group in Hong Kong, says proving your dedication will likely require obtaining a work permit, coming to Canada and starting your business while your permanent residence file is being processed.

“This is not a passive investment program, and does require active participation from the candidate,” says Harvey.

“IRCC will ask for a progress report. Be sure of this.”

While the process may seem long and arduous, it will still save you time compared to the standard route for permanent citizenship. If you fit the requirements, applying may be well worth the effort.

You're 5 minutes away from the best mortgage

Searching for your perfect mortgage shouldn’t be hard.

Homewise is an online brokerage that will negotiate on your behalf with more than 30 big banks and other lenders, completely free, and it only takes five minutes to apply.

If you're in the market for a new mortgage, or if you're looking to refinance before interest rates rise again, go to Homewise now and answer a few simple questions to get started.

About the Author

Clayton Jarvis

Clayton Jarvis

Reporter

Clayton Jarvis is a mortgage reporter at MoneyWise. Prior to joining the MoneyWise team, Clay wrote for and edited a variety of real estate publications, including Canadian Real Estate Wealth, Real Estate Professional, Mortgage Broker News, Canadian Mortgage Professional, and Mortgage Professional America.

What to Read Next

Disclaimer

The content provided on MoneyWise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.