- Start-up visa to increase more Canada PRs.
- It would add 640 more PRs.
- It requires no previous management experience.
- Settlement funds are required to cover the living expenses in Canada.
- The candidates can come to Canada with a work permit.
The popularity of the Start-Up Visa continues to increase. This Canadian program is witnessing its best year for admitting new immigrants for Canada PR or permanent residency.
In the 1st quarter of 2022, one hundred and sixty new immigrants were welcomed facilitated by the SUV or Start-Up Visa.
If the current trend continues in the consequent three quarters, Canada will be welcoming an additional 640 PRs in 2022. It would break the previous record of 515 PRs in 2019.
The reports suggest that there is an increasing interest in SUV. It is one of Canada’s only business immigration programs, which requires no past experience in management.
The program did take a hit during the pandemic, with the number of applicants and nominees decreasing.
Check your eligibility for Canada through Canada Immigration Points Calculator.
aSUV Settlement Funds
Canada reported slight growth in the settlement funds needed for the SUV for 2022.
The funds for settlement are required by the candidates under the SUV to bear the living expenses of their families. It applies even if the dependants are not accompanying the candidate to Canada.
The funds should be easily available at the time of application and when the PR visa is issued.
Through the SUV program, the immigrants can participate in the Canada PR draw, if they meet the requirements set for immigrant entrepreneurs.
|Number of Family Members||2020 Funds Required||2021 Funds Required||2022 Funds Required|
|Each additional family member||$3,492||$3,560||$3,586|
Want to invest in Canada? Y-Axis is here to offer you guidance.
There are three categories of private-sector investors. They are:
- Angel investors
The designated angel investor group should invest a minimum of 75,000 CAD in the business. The candidates can also qualify if there are two or more investments worth 75,000 CAD by the group of angel investors.
- Venture capital funds
The designated venture capital fund should have evidence of investing a minimum of 200,000 CAD into the business. The candidates also qualify through an investment of 200,000 CAD if there are two or more investments by the designated venture capitalists.
- Business incubators
The designated business incubator should accept the applicant into the program for business incubation. It is the responsibility of the immigrant investor to formulate a feasible business plan that will meet the requirements set by the Canadian government.
Investing and developing the business is generally done via the business consultants in the start-up system of Canada. Lawyers who have an experience in immigration corporate business affairs can ensure that the business concept of start-up meets all requirements set by the Canadian industry.
The candidates who apply through the SUV program can arrive in Canada with a work permit authorized by the selected Canadian investor before they apply for PR.
The eligibility requirements set by the Canadian government for the SUV program are:
- A certified business
- Commitment certificate
- Letter of support from the designated investor
- Sufficient funds
- Required proficiency in English or French
The immigrants who apply for the SUV program report that the process is fast, both for the initial work permit and the PR application.
The candidates should meet the following requirements for PR:
- The business should be operated in Canada
- The candidate should own a minimum of 10% of the voting rights in the corporation.
- No other individual should have more than 50% of the voting rights in the corporation.
A maximum of 5 candidates can have their PR application backed by the same business investment. If any one of the essential candidates takes back their applications or are not granted the visa, all the other candidates’ application in the same business investment will be terminated.
Are you willing to invest in Canada? Contact Y-Axis, the leading Overseas Immigration Consultant in Australia.
If you found this blog helpful, you may want to read…