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Important update :

Changes to the Start-Up Visa Program

The Canadian government has implemented significant reforms to the Start-Up Visa Program, effective April 30, 2024. These changes aim to focus resources on the most promising projects and expedite the process for innovative entrepreneurs. From now on, each designated organization will only be able to accept ten new permanent residence applications per year.

If you dream of moving to Canada for its limitless opportunities and exceptional quality of life, you’re certainly not alone. However, navigating through the complicated rules and lengthy immigration processes can make this dream challenging to achieve. 

The Start-Up Visa Program (SUV) offers a unique opportunity for aspiring entrepreneurs to establish themselves permanently in Canada by launching their own business.

Why Does the Start-Up Visa Stand Out?

  • Exclusive Business Immigration Route: It’s one of the last remaining avenues for business immigration in Canada.
  • No Minimum Net Worth Requirement: Unlike other immigration programs, there is no need to demonstrate a minimum net worth.
  • Pathway to Canadian Citizenship: This program provides long-term stability and security, eventually leading to Canadian citizenship.
  • Security of Permanent Residency: Even if your business venture faces challenges, your permanent residency remains intact.
  • No Extended Business Operation Requirement: There’s no need to run the business for an extended period before obtaining residency.
  • Federal Program Advantage: As a federal program, it bypasses provincial selection processes, expediting your journey to Canada.
  • Work Permit Opportunity: You may qualify for a work permit while awaiting permanent residence, accelerating your relocation plans.

What Kind of Business Should I Create?

Your business should be innovative, create jobs for Canadians, and be competitive in the market. Various services are available to help you develop your ideas into tangible successes, including specialized support and business plan development.

What Funds Are Needed to Settle in Canada?

It’s essential to have sufficient funds to cover your settlement expenses in Canada. For instance, a family of three should budget around CAD $20,000 to cover initial expenses such as housing, food, and transportation.

Who Should I Collaborate With to Support My Business Idea?

Collaborating with a designated Canadian organization is crucial. You can choose to work with a business incubator, a venture capital fund, or an angel investor. Each of these partners can offer valuable resources for the development and growth of your business. We are also available to facilitate connections with these entities and help you navigate the collaboration process.

What is the Required Investment Amount to Secure?

  • No Investment Required: When working with a designated Canadian business incubator.
  • Venture Capital Fund: At least $200,000 if coming from a designated Canadian venture capital fund.
  • Angel Investor Group: At least $75,000 if coming from an angel investor group.

What is the Required Language Proficiency Level?

You should meet the minimum language requirements in English or French (CLB 5 in all abilities).

In Summary:

Expert Advisory: You will need the right advisory to help you gather the necessary documents for your digital application.

Strong Business Idea: Develop a strong business idea and a compelling business plan. Finding the right business idea is not always easy.

If you’re unsure about your project choice or how to get started, the Exeo team is qualified to help you find the right business idea and support you in every step of the application process. We invite you to take a look at our Start-Up Visa Guide and contact our team to schedule your first consultation.

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