Canada is becoming a global destination for a wide range of people, including students who want to pursue higher studies, people who want to visit for sightseeing, people who want permanent residency in a develop country, and entrepreneurs who want to test the limits of their business. The SUV (Start-up Visa) program allows international business owners to create employment opportunities in Canada, and eventually also get permanent residency. However, the process of getting a startup visa can be lengthy and complicate. In this article, we will discuss how long it takes to get a startup visa for Canada in 2023.
What is a startup visa?
The Canadian government offers the start-up visa program for international entrepreneurs who have the expertise and ability to contribute to the Canadian economy. Simultaneously, it allows those entrepreneurs to test the limits of their capabilities in a develop country such as Canada, where they can find the resources they need to grow and scale their business.
However, the start-up visa is also accessible as an immigration method for people who want to move to Canada purely on an investment basis. They don’t necessarily have to operate a business after arriving in Canada. The jackpot of the start-up visa program is that as long as you successfully receive a Letter Of Support (LOS) from a designate organization, you will be able to get permanent residency (PR).
How long does it take to get a startup visa for Canada in 2023?
The process of getting a startup visa for Canada can take anywhere from six months to a year or more, depending on various factors. The following are the steps involve in the application process:
Step 1: Secure a commitment from a designated organization
The first step in the application process is to receive support from a designate Canadian venture capital fund, angel investor, or business incubator. The designate organization must provide a letter of support for the entrepreneur’s business idea, stating that it has the potential to create jobs and contribute to the Canadian economy.
This step can take anywhere from a few weeks to a few months, depending on how quickly the entrepreneur can find a designate organization that is willing to provide a letter of support.
Step 2: Submit an application for a startup visa
Once the entrepreneur has a letter of support from a designate organization, they can submit an application for a startup visa to Immigration, Refugees and Citizenship Canada (IRCC). The application includes several forms and supporting documents, including a business plan, financial documents, and proof of language proficiency.
Step 3: Wait for processing
After submitting the application, the entrepreneur must wait for it to be process by IRCC. The processing time can vary depending on the complexity of the application and the workload of the IRCC office processing the application.
According to the IRCC website, the current processing time for a startup visa application is 12 to 16 months. However, this is just an estimate, and the actual processing time can be longer or shorter.
Step 4: Get a permanent resident visa
If the entrepreneur’s application is approve, they will receive a letter of introduction from IRCC, which they can use to apply for a permanent resident visa at a Canadian visa office.
How Long Does It Take To Get a Startup Visa For Canada 2023?
The Canada Start-up Visa Program is intend to attract foreign entrepreneurs who have innovative businesses that can stimulate the Canadian economy, compete on a global scale and provide jobs for Canadians. The program provides a way for talent entrepreneurs and their families to gain permanent residency status which can then lead to citizenship in Canada.
In order to qualify for the startup visa, you will need to secure a letter of support from one of the many designate organizations that participate in the program. These include angel investors, venture capital funds and business incubators.
To obtain the letter of support, you will need to submit a comprehensive business plan detailing the innovation and potential of your business. You will also need to demonstrate that you have sufficient settlement funds to settle in Canada and support yourself and your family.
Generally, the letter of support and application process can be completed in about a month. However, it may take longer if you’re require to undergo a medical and security check in addition to submitting your application.
Once you have secured a letter of support and all the other requirements are met, the processing time will vary from applicant to applicant. However, it’s estimate that the startup visa process can take anywhere from 12 to 16 months. During this time, you’ll need to prepare your business plans and submit them for consideration with the designate organization, secure funding from one of the authorize investment bodies, and establish your startup in Canada.
In conclusion, the process of getting a startup visa for Canada in 2023 can take anywhere from six months to a year or more, depending on various factors. The key to a successful application is to find a designate organization that is willing to provide a letter of support and to submit a complete application with all the necessary documents. With patience and perseverance, foreign entrepreneurs can take advantage of the startup visa program and establish their innovative startups in Canada.