Start up visa program

1. Broad Overview

In 2013, the Canadian government initiated the Launchpad Visa Initiative (LVI), presenting compelling prospects for entrepreneurs exhibiting the skills and potential to establish businesses in Canada that are:

1):Pioneering,

2):capable of generating employment for Canadians,

3):and poised for global competitiveness.

The primary aim of the program is to provide motivation and assistance to adept entrepreneurs with an inclination to launch businesses. This not only serves as a catalyst for the Canadian economy but also fosters ample job opportunities for the local workforce.

Aspiring entrepreneurs with inventive business concepts seek backing from any of the approved Designated Organizations sanctioned by the Canadian Government, which includes:

1):Groups of angel investors

2):Venture capital funds

3):Business incubators

A designated angel investor group must verify an investment of at least $75,000 in the qualifying business, while a designated venture capital fund necessitates a minimum of $200,000. Conversely, a business incubator program imposes no mandatory investment and considers its acceptance as a commitment.

2. Applicant Eligibility Criteria

Prospective candidates must meet specific eligibility requirements to qualify for the Start-up Visa Program (SUV). These include:

- Ownership of a qualifying business: Applicants, individually or in a group of up to five, must collectively own more than 50% of the business, with each individual holding a minimum 10% share with voting rights.

- Incorporation in Canada: The business should be legally incorporated in Canada.

- Operational focus in Canada: A substantial part of the business operations must take place within Canadian borders.

- Active and ongoing management: Applicants are required to provide continuous and hands-on management of the business from within Canada.

- Letter of support: A letter of support from a Designated Organization (DO), such as a Venture Capital Fund, Angel Investor Group, or Business Incubator.

- Language proficiency: Applicants must meet the minimum language requirements of at least CLB 5 in either English or French.

- Financial settlement: Applicants should possess sufficient funds (usually under $50,000) to settle in Canada with their families.