With its naturally endowed beauty, riches, and welcoming attitude toward immigrants, it’s no surprise that Canada is a desirable destination to call home. It is also becoming increasingly attractive for businesses. The popularity of the Startup Visa Canada Program has grown, with the total number of granted permanent resident entries have been on a steady rise.
Many business owners outside North America find that the ‘Great White North’ provides a perfect work-life balance, including a safe and stable living and proximity to the US and Latin American markets. For socially and ecologically conscious entrepreneurs, Canada offers a wealth of opportunities to network and prosper.
It is important to note that Start-up Visa is different from Business Visa for Canada. This part we will cover in the last section of this article.
What is the Startup Visa Canada Program?
The Canadian government introduced the Start-up Visa Canada (SUV) Project in 2013 to attract international investors and business owners with the skills and capacity to build innovative enterprises in Canada that could generate jobs and compete in the global market.
Up to five founders of a company and their immediate families can immigrate to Canada under the SUV Program while seeking a work visa and Permanent Residency (PR) status. Applicants will be granted a work permit first, allowing them to move their firm to Canada while their PR application is processed.
The current PR application processing period (2021) is one of the most suitable ways to obtain PR status. To be qualified for the Canada SUV Program, you must first complete the following steps:
- Own the business that qualifies
- Obtain a letter of support from one or more designated entities (venture capital funds, angel investors, or business incubation & accelerator programs)
- Comply with all language standards (English, French, or both)
- Have sufficient money to settle in Canada and live there before producing money from your business.
Canada’s Importance to Impact Entrepreneurs
The COVID-19 epidemic has raised awareness of the critical need to disrupt and alter systems to make them more equal and responsible. We’re seeing a growth in the number of impact-based initiatives, which reflects a societal shift in priorities and a desire to see the for-profit world more actively serve social and environmental groups.
Among the world’s 45 largest economies, the Thomson Reuters Foundation rated Canada the best country to encourage social entrepreneurship in 2019. The survey assigns scores to countries in six categories:
- Government assistance
- A talent pool
- Public awareness
- Earning a living
- Gaining traction
- Investment possibilities
Canada has seen an increase in successful agreements for entrepreneurs focusing on achieving national social and environmental mandates, thanks to the infrastructure in place to support them.
Access to a World-Class Education at an Affordable Price
Canadian citizens and permanent residents are entitled to free elementary and secondary education through the 11th or 12th grade, depending on their province or territory of residence. Furthermore, universities and colleges, such as the University of Toronto, McGill University, and the University of British Columbia, are heavily financed to provide higher education access to students from all backgrounds.
One of the Best Government-Funded Healthcare Systems in the US.
Citizens and Canadian permanent residents are entitled to public health insurance, which means that most public health treatments are free. The universal healthcare system in Canada is funded by taxes. Despite this, roughly two-thirds of Canadians have private health insurance through their jobs.
A policy that is welcoming to immigrants
Canada is a progressive and welcoming country that values variety and multiculturalism. Approximately one-third of Canadian residents (20%) were born outside the country. Canada wants to accept 411,000 new permanent residents in 2022 and 421,000 in 2023 as part of its COVID-19 economic recovery goals.
Natural Beauty Blessing
Highlands, streams, reservoirs, volcanoes, grasslands, tropical rainforests, vineyards, beaches, and the North Atlantic and Pacific Oceans can all be seen in Canada. It also holds 20% of the globe’s freshwater and has continuous good air quality.
Why is the Startup Visa Canada Program in Such High Demand?
- Permanent residency for startup shareholders who own 10% or more of the company, as well as their family members.
- Children who are permanent residents of Canada save a lot of money on tuition because they are charged at the domestic fee slab.
- Public relations is not dependent on the outcome of a business transaction.
- Obtaining capital from North American investors
- To finance worldwide operations, access to lower-interest loans is necessary.
- North America’s startup environment is rapidly expanding.
- Various accords provide residency choices in the United States.
Difference Between Startup Visa Canada and Canadian Business Visa
The main difference between a Business Visa Canada and a Startup Visa is that the Startup Visa (despite its name) is a road to Permanent Residency in Canada. On the other hand, the Business Visa is a temporary visa for business people who want to travel to Canada for an extended time to start a new business or extend an existing one.
The only resemblance between these two programs is that the Startup Visa includes a possibility to come to Canada before the Permanent Resident of Canada status is given and that it is also a Work Permit.
Both the programs are quite beneficial and profitable for businesspeople. As a result, seeking advice before deciding on a course of action is highly suggested.