Canada’s Start-Up Visa (SUV) Program is an exciting immigration pathway for entrepreneurs who want to establish innovative businesses in Canada while securing permanent residency (PR). This program is designed to attract entrepreneurs with high-growth potential who can create jobs, compete on a global scale, and contribute to Canada’s economy. With recent changes in immigration policy and growing interest in Canada’s business landscape, now is the perfect time for aspiring business owners to explore this pathway.

What is the Start-Up Visa Program?

The Start-Up Visa Program provides a direct path to permanent residency for foreign entrepreneurs who start and scale innovative businesses in Canada. Unlike other business immigration programs that require high personal net worth or extensive investment, the SUV program is designed to support entrepreneurs with a solid business idea and strong backing from designated organizations.

To qualify for the Start-Up Visa Program, applicants must meet the following requirements:

1. Have a Qualifying Business

• The business must be innovative, scalable, and job-creating for Canadians.

• At the time of receiving permanent residency, applicants must own at least 10% of the voting rights and, together with the designated organization, control more than 50% of the voting rights.

• The business must be incorporated in Canada and actively operated from within the country.

2. Secure Support from a Designated Organization

Applicants must obtain a Letter of Support from one of the following designated organizations:

• Venture Capital Firms (must invest at least CAD $200,000)

• Angel Investor Groups (must invest at least CAD $75,000)

• Business Incubators (must accept the applicant into an incubation program)

This backing is essential, as it demonstrates to Immigration, Refugees and Citizenship Canada (IRCC) that the business has potential for growth and success.

3. Meet Language Requirements

Applicants must prove proficiency in English or French by obtaining at least CLB 5 in all four language skills (reading, writing, listening, and speaking). Yep, you just can’t avoid these language tests!

4. Have Sufficient Settlement Funds

Unlike traditional investor programs, the Start-Up Visa does not require a minimum net worth, but applicants must prove they have enough personal funds to support themselves and their families upon arrival. The amount depends on the number of family members and is updated annually by IRCC.

As of 2024, the Canadian government has made important updates to enhance the SUV program and address challenges faced by applicants.

1. Prioritization of Stronger Businesses

To reduce backlog issues and increase economic impact, Canada now prioritizes Start-Up Visa applications from entrepreneurs with capital backing (venture capital or angel investment). Applications supported solely by business incubators may experience longer processing times.

2. More Work Permit Options

Previously, applicants could only apply for a one-year work permit while waiting for their permanent residency to be processed. In 2023, Canada introduced a three-year open work permit for eligible entrepreneurs, allowing them to build their businesses while awaiting PR approval.

3. Enhanced Processing Times

IRCC has committed to reducing processing times by limiting the number of applicants per business and expediting applications from businesses with significant job creation potential.

4. Increased Oversight on Business Incubators

Due to concerns about “passive incubation,” IRCC is introducing stricter regulations for incubators, ensuring they provide real mentorship and support rather than just offering Letters of Support. A cap has been introduced for each incubator.

The SUV program stands out from other business immigration options because:

• No personal investment requirement – Unlike investor programs, there’s no set amount you must invest.

• Direct pathway to permanent residency – Once approved, you and your family receive PR status.

• Flexibility in business operation – You don’t have to rely on a single business; if your venture does not succeed, your PR status is still valid.

• Access to Canada’s start-up ecosystem – Canada offers funding opportunities, tax benefits, and a thriving network of accelerators and venture capitalists.

Unlike the other business ventures we discussed in this series, this one does not require an Express Entry Profile. While many provincial business streams may lead to losing PR status if the business is not successful, that is not the case with this program.

How Tabula Rasa Immigration Services Can Help

Like many immigration programs, the Start-Up Visa Program can be burdensome, and securing support from a designated organization requires a strategic approach. At Tabula Rasa Immigration Services, we specialize in guiding entrepreneurs through the application process.

Our services include:
✅ Business Concept Development – We help refine your business idea to meet SUV requirements.
✅ Securing a Letter of Support – We connect you with designated organizations that match your business goals.
✅ Application Preparation & Submission – We handle all paperwork, ensuring compliance with IRCC guidelines.
✅ Work Permit Assistance – We help you obtain the right permits so you can start building your business in Canada immediately.

Ready to Launch Your Business in Canada?

If you’re an entrepreneur with an innovative business idea, Canada’s Start-Up Visa Program could be your gateway to permanent residency. Don’t navigate the process alone—let Tabula Rasa Immigration Services help you every step of the way!