The Startup Visa Canada Success Rate can vary based on various factors, including the individual applicants’ qualifications, the quality of their business ideas and plans, and the business activity requirements at any given time.
For the latest and most accurate information, we requested the approval and refusal rate from the Canadian immigration authorities. They provided statistics, including success rates. You may also find information and insights from recent applicants and entrepreneurs who have undergone the start-up visa process by searching online forums and communities or contacting relevant organizations supporting startups in Canada.
In this article, in addition to approval and refusal rates in the Canadian Startup Visa program, we discuss the start up visa processing times, statistics, advantages and disadvantages, cost and some facts about the SUV program.
What is Canada Startup Visa?
The Canadian StartUp Visa program aims to support international immigrant entrepreneurs who can establish a cutting-edge, globally competitive business that employs Canadians.
These immigrant entrepreneurs are assisted in entering Canada by this business immigration route, which grants them Permanent Residency upon meeting all program conditions. A temporary work permit allows candidates to enter Canada and begin growing their business while they wait for their permanent residency. Under this program, a startup’s initial five partners may obtain Canadian citizenship.
What are the Canada startup visa requirements?
The Start–up Visa Program in Canada is designed to attract innovative entrepreneurs to establish their business there. The main eligibility criteria include:
1. Letter of Support from a Designated Organization Requirements:
You need an endorsement from a recognized Canadian venture capital fund, Canadian angel investor group, or Canada startup visa incubator to qualify for the Start–up Visa Program. These groups must receive the Canadian government’s approval to participate in the initiative. Each type of Designated Organization has specific minimum investment requirements for the Canada startup Visa minimum investment.
2. Qualifying Business Requirements
Your company must be inventive, scalable, and capable of generating employment in Canada. The company should be formed and run out of Canada, emphasizing the creation, manufacturing, and marketing of cutting-edge goods and services.
3. Ownership Requirements
No one or group of people may own more than 50% of the voting rights in the business; the applicant must control at least 10% of those rights.
4. Language Proficiency Requirements
You will need to take a language test to prove your fluency in either French or English. The approved language assessments are IELTS, CELPIP-G, TEF Canada, or TCF Canada, and score a minimum of CLB 5 in Speaking, Reading, Listening, and writing. The IELTS 5 score for a start-up visa is 5 for all skills except reading, which is 4. Not being able to meet this requirement will result in the automatic refusal of your application.
Please be aware that program details and qualifying restrictions are subject to change. Consult with immigration specialists or go to the official website of the IRCC Canadian government for the most up-to-date information.
Canada Startup Visa Advantages and Disadvantages
Consider the benefits and disadvantages of this program before taking any further steps. It is crucial to fully understand what this program offers and whether it is right for you. The SUV program in Canada provides several advantages and drawbacks for entrepreneurs looking to establish their businesses there. Considering them is essential when deciding whether to seek the Start–up Visa route. Remember that program details may change, so it’s necessary to verify the latest information on the IRCC website or consult with an RCIC. Here are some general advantages and disadvantages:
Advantages of the Start-Up Program
Below are some of start up Visa Canada benefits:
- Permanent Residency direct pathway: Successful applicants, along with their families, can obtain permanent residency in Canada, providing long-term peace and access to various benefits.
- Support for entrepreneurs: The program is designed to support and attract innovative entrepreneurs who can contribute to the Canadian economy.
- No Investment requirement or verification: Unlike some other immigration programs, the Start-up Visa program doesn’t require applicants to make a financial investment. Instead, they need to secure funding from designated Canadian investors.
- No limitations on types of businesses: Almost all companies are acceptable in the SUV program in Canada.
- Business partnership opportunities: Allows for a partnership of 5 individuals in the same startup (a minimum of 10% of ownership for each partner is required). Up to five of a startup’s original partners may become Canadian residents under this scheme.
- Quick relocation opportunity: Getting an optional Start-up Visa work permit while IRCC processes the permanent residence application is possible in this program.
Disadvantages of the Start-Up Program
Below are some of the risks of the start up visa Canada program:
- Competitive Selection: The program can be competitive, as limited spots are available. Meeting the program’s criteria and demonstrating the potential for a high success rate.
- Time-Consuming Process: The startup visa Canada processing time can be time-consuming (3+ years) and may take a while to get approval due to peer reviews. This can be a disadvantage for those looking for a quick relocation.
- Investment requirement: Although the SUV program doesn’t require applicants to make a financial investment to secure funding from designated Canadian investors, High capital investments by the founding partners are often required to secure support from venture capital or angel investors, which has a high chance of success rate in this program.
- Business Idea: An extremely well-developed, feasible and scalable business model with a demonstrated track record of success is needed to minimize the risk of rejection.
- Startup visa Canada success rate: There is a high risk of refusals at the permanent residence stage if the application stops business activities before issuing a PR visa to Canada.
How to get a Start-up Visa in Canada?
As of October 14, 2022, it is now mandatory to apply online. It helps IRCC serve a faster startup visa Canada processing time. To obtain a Start up Visa in Canada, follow a series of steps. Here are the steps to apply for the SUV program:
1. Meet Eligibility Requirements
Make sure you match the requirements for eligibility, which usually include proving your language skills, possessing a qualifying firm, holding at least 10% of the startup’s voting rights, and obtaining a letter of support from a recognized group.
2. Secure a Commitment from a Designated Organization
Contact a recognized angel investor group, venture capital fund, or company incubator in Canada. The Canadian government must approve these firms’ eligibility for the Program. They must be persuaded to contribute to or assist your startup and write you a letter of recommendation.
3. Complete the Application Package
You can assemble your application package as soon as you obtain the letter of support. This entails filling out the necessary paperwork and supplying supporting documentation, such as transcripts of education, certifications of language ability, and other pertinent data. The forms can be correctly filled out with the assistance of the Instruction Guide (IMM 5759).
4. Pay the SUV Application fee
You will typically be charged for biometrics, the Right of Permanent Residence Fee (RPRF), processing fees for you and any applicants you list on your application, and third-party payments. Your Canada Startup visa cost must be paid online. The current application fee for the Start-Up Visa Program set by the IRCC is $2,075 (Subject to Change).
5. Submit SUV Application
Send Immigration, Refugees and Citizenship Canada (IRCC) your completed application. At this point, pay the necessary application fees.
6. Wait for Processing
The government will review your application. The processing periods for this process can vary, and it might take some time. The most recent details on processing timelines can be found on the official IRCC website. Canada startup visa processing time can be changed based on the IRCC workload. According to the IRCC, the current processing time for a Start-up visa is between 12 and 17 months after submitting the application form.
7. Medical and Security Checks
If your application is being processed, you may have to go through security checks and medical exams for you and your family.
8. Receive a Confirmation of Permanent Residence (COPR)
If your application is accepted, you will be issued a permanent resident visa for your passport, along with a Confirmation of Permanent Residence (COPR). You are permitted to enter Canada once you have your COPR. You can begin developing and running your startup when you arrive and become a permanent resident.
Startup Visa Canada refusal reasons
There are various phases to applying for a Start-up Visa in Canada. Any of these phases could suffer if you make a mistake, refusing your application at the end. IRCC statistics show these are the common reasons for an SUV Program Refusal.
Since immigration Canada makes these judgments case-by-case, we cannot provide detailed information about individual Startup Visa Canada refusals reasons or the precise grounds for denials. We can offer a few typical explanations for visa rejections. Remember that the precise explanations may change based on the specifics of your application. Several frequent explanations for Permanent Resident Refusal Grounds under the Start-Up Visa include:
- Ability to become economically established in Canada.
- Lack of accomplishments and progress completed in the business venture.
- The Designated Organization did not make a proper assessment.
- Improper Purpose under start up visa Canada requirements.
- Multiple Applicant under the same commitment
- Improper Commitment from Designated Organization
- Not Qualifying Business
- Improper application fee for the Start-Up Visa Program
- Insufficient proof of cooperation with possible partners.