- The popularity of the Canada Startup Visa is on the rise.
- Record number of SUV applicants planned for 2022.
- Canada SUV (Start-Up Visa) needs no applicant to have previous management experience.
- Settlement funds requirement for SUV for 2022 has been increased recently.
Immigrant investors to get more opportunities in 2022
It’s getting evident that 2022 is the best year for Canada Start-Up Visa as the popularity of the visa program continues to increase. Let’s take Q1 of 2022. In this period, 160 new immigrants came to Canada via Canada SUV. In all, Canada is planning to invite 640 Canada PR visa holders in 2022. When it happens, it will break the previous record in SUV immigrants in 2019, which came to 515.
|The growing interest in the Canada SUV program can be attributed to one feature of the program which is the applicant isn’t required to possess previous experience in management.|
The COVID-19 pandemic and its effect on the Canada SUV program
In 2020, when the COVID-19 pandemic occurred, the number of Canada PR via SUV dropped to 260. But soon the recovery started in 2021 and continued to improve in 2022.
About settlement fund requirements for Canada Startup Visa
Recently, Canada announced a small rise in the settlement funds needed under the SUV program for 2022.
|Settlement funds are all about the amount of money you require to settle in Canada. Proof of funds will be required for obtaining eligibility to apply for a Canada immigration visa.|
If you are a visa applicant under the SUV, you will need to present proof of having enough money to meet the cost of living for your family. This applies even if your family is not accompanying you to Canada.
The funds you are revealing to be having have to be readily available in cases when you apply and when a permanent residence visa is issued to you.
Here’s a table that will put more light on this aspect:
|No. of Family Members||Funds Required in 2020 (in CAD)||Funds Required in 2021 (in CAD)||Funds Required 2022 (in CAD)|
|Each extra family member||3,492||3,560||3,586|
More about Canada Startup Visa
|If you are an immigrant in Canada under the Startup Visa program, you are eligible to get Canada PR if you qualify as an immigrant entrepreneur.|
The types of private-sector investors considered under SUV are angel investors, business incubators, and venture capital funds. Here are the criteria these categories of investors have to meet:
- A designated venture capital fund has to confirm that it’s making a minimum investment of CAD200,000 into the business that qualifies under SUV. Candidates can also be qualified with 2 or more commitments received from designated venture capital funds. The total value of the commitments must be CAD200,000.
- A designated angel investor group has to make a minimum investment of CAD75,000 into the business that qualifies under SUV. Candidates can also be qualified with 2 or more investments made by angel investor groups. The total value of these investments must be CAD75,000.
- A designated business incubator is bound to take in the applicant to its business incubator program. The immigrant investor can choose to develop a business plan that’s viable and will meet the requirements of due diligence of these designated entities approved by the government.
Business investment and development are usually done with the assistance of business consultants who exist in the start-up ecosystem of Canada. They have oversight from lawyers experienced in corporate business immigration capable of ensuring that a start-up’s business concept adheres to all terms and conditions required by the industry.
Know your eligibility to immigrate to Canada, through Y-Axis Canada Immigration Points Calculator.
The journey of an SUV candidate
If you apply under the Canada Start-Up Visa program, you can first come to Canada on a work permit. You must be supported by your designated investor in Canada before your application for Canada PR is finalized.
Here are the basic eligibility criteria for the Canada Startup Visa program that the government has imposed on candidates as you will be. You must have
- a qualifying business
- English/French proficiency at the minimum CLB level of 5
- sufficient available, unencumbered, and transferable funds for settlement to meet the requirements of settlement funding
- a certificate of commitment and letter of support from a designated entity
The support of a government-designated entity is all that you need to qualify for an SUV. No previous management experience is asked for. Government support can be in one of the following forms:
- accepting you into a business incubator program
If you have to qualify for Canada PR, you need to meet these criteria:
- You have to own a minimum of 10% of the voting rights in the corporation.
- The intended business must be incorporated in Canada and carrying on business in this country.
- None other can hold 50% or more of the corporation’s voting rights.
Up to 5 candidates are allowed to have their application for Canada PR supported by the same business investment.
If you are willing to migrate to Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE.
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