Apply for a Start-up Visa
Canada welcomes innovative business ideas and invites entrepreneurs from other countries to benefit from the strong Canadian economy. The Start-up Visa (SUV) program launched by the Immigration, Refugees and Citizenship Canada (IRCC) targets foreign start-ups that have the potential to build innovative businesses within Canada that further innovate its entrepreneurial ecosystem. The process is intended to allow for the expedited migration of foreign owned businesses looking to operate in Canada by providing up to five (5) founders or core team members with a permanent residency, provided that they meet the criteria established under the program and IRCC’s normal requirements for immigration.
VANTEC Angel Network is one of British Columbia’s designated organizations that can support applications for a SUV. As a Designated Angel Group participant in the SUV program of the IRCC - this would be the first level of assessment of your intention to apply.
Overall requirements :
- English or French proficiency in reading, writing, speaking and listening
- Prove investment commitment from either venture capital organization or angel network with a letter of support
- Minimum investment commitment of either $75,000 from an approved angel network or $200,000 from a venture capital organization
What VANTEC can provide :
- Initial Assessment for the SUV Program. C$250.00 Assessment Fee. **Assessment Fee is non-refundable and will increase to C$300.00 effective 1-Jan-2021**
- Potential investors to hear project pitches plus assistance to process SUV application to obtain Commitment Certificate and Letter of Support for submission to Immigration, Refugees and Citizenship Canada (IRCC). C$3,500.00 Application Processing Fee. **Application Processing Fee will increase to C$5,000.00 effective 1-Jan-2021**
- Assistance for SUV Review by the IRCC (if required). C$1,500.00 IRCC (Peer) SUV Review Fee.
VANTEC Start Up Visa Pitch Perfect Review Process :
The goal of the VANTEC SUV Pitch Perfect Review Process is to make sure that the investor's activities and those of the SUV applicant are aligned with industry standards and IRCC Standards.
Once we receive the application, we make sure the applicant has filled out the right forms, paid the correct fees and included all required documents.
A panel of experts will assess the following:
· the level of due diligence that was performed by the Investor and whether it is consistent with industry standards
· ensure that the business has been or will be incorporated in Canada
· ensure that the business ownership has been verified and meets the requirements of the Start-up Visa Program
· ensure that the SUV Business:
o has viability with the proposed business model
o has sufficient management and related experience within the business venture’s team and
o verifiable ownership of the intellectual property and validate the idea origination
o can answer “Why it must be built in Canada”
· ensure the focus of the business is on a high-growth potential product and/or service
· ensure the Investment Pitch is articulate, clearly represents the business and answers the following:
Preparing your Application
The first part of the application is an initial assessment and validation of the potential applicants to the SUV program.
Please note that there is a small Fee for this initial service to cover administration costs. This is not a promise that your application to the Start-up Visa Program would be successful as we have no latitude to make such promises nor are we accredited by the Canadian Government to make such promises.
Please read through our page about pitching to Angel Investors carefully to ensure your project is within our scope of interest.
Please note that due to the volume of SUV Applications, we cannot respond to each inquiry. Suffice to say that if you do not receive a response from us within 21 days, your assessment did not qualify with us.
VANTEC will only work with Start Up Visa clients who have engaged certified and registered immigration professionals. VANTEC are not immigration professionals and do not provide immigration advice.