New Canadian Start Up Visa Program

Entreprenurial investorsThe Canadian Start-Up Visa (SUV) is an immigration program run by Citizenship and Immigration Canada designed to add to the strength of Canada’s economy.

The SUV brings innovators and entrepreneurial partners to Canada to build and grow businesses.

Recently, CIC announced that it will be offering other programs alongside the SUV:

  • A business incubator program and
  • Five new venture capital funds

Both of these new programs will start accepting applications on Saturday October 26, 2013.

“We are excited about the expansion of the Start-Up Visa and look forward to welcoming innovators through this program in the near future,” Minister of Citizenship and Immigration Chris Alexander was quoted as saying in a CIC press release.

Citizenship and Immigration Canada is hopeful that the new Start-Up Visa Program will create high-growth industry and lead to the creation of jobs for native Canadians and even additional immigrants.

There are a number of requirements that must be met for a person to be eligible for the SUV program.

Below are some highlights of those requirements:

  • First, an applicant has to secure funding for their business idea in Canada. This can be done by searching for designated investor groups on the CIC’s website.
  • SUV program applicants also need to be functional in one of the official languages of Canada, namely, French or English. You can use a variety of testing organizations to confirm your ability in either of these languages.
  • The SUV program also requires that you have proof of one year of tertiary education in which you were in good standing. This doesn’t necessarily mean that you need to have graduated.
  • SUV applicants also need to have enough money to make sure that they can live while they start up their company in Canada. Bank statements are typically sufficient.