The Canada Startup Visa Program, also referred to as SUV, offers a direct pathway to permanent residence (PR) in Canada. Introduced in 2013, the SUV program aims to attract entrepreneurial talent from across the globe to Canada, with the overarching goal of generating more job opportunities, fostering economic growth, and enhancing innovation within the country. For eligible candidates, this program offers a route to obtaining permanent residency. Let’s delve into the primary factors influencing individuals’ decisions to opt for the Startup Visa program or pursue alternative routes.
At SINKA, we specialize in the Canada Startup Visa program. We provide comprehensive guidance and assistance throughout the endorsement letter or Letter of Support process, as well as throughout the entire immigration journey, including work visas and permanent residency applications. Get a FREE email assessment by clicking here.
What Are the Benefits of Opting for the Canada Startup Visa?
Dependent Age Locking
The Canada Startup Visa (SUV) offers a unique advantage known as dependent age locking, ensuring the stability of the applicant’s dependent children’s age throughout the application process.
When submitting a Permanent Residence (PR) application, the age of the applicant’s child is effectively “frozen” at the time of application. This is particularly significant because, despite potential delays in processing that may span up to two years, the child’s age remains unchanged. For instance, if a child is under 22 at the time of application but reaches 24 by the time PR is approved, they can still be included in the application as long as they are unmarried and financially reliant on the applicant.
Quick Application
The SUV program stands out for its rapid processing, offering the fastest route among business immigration programs, even for applicants with no prior visits to Canada.
Unlike other Canadian business or investor immigration avenues, the SUV program allows applicants to submit a direct PR application from overseas within a short timeframe, typically a matter of days or weeks, contingent upon the prompt assembly of the application following the acquisition of the letter of support.
Location Flexibility
SUV provides unparalleled flexibility in terms of location while awaiting a PR decision, accommodating applicants holding work permits who must manage the complexities of settling family members in Canada.
Unlike other PR programs that necessitate applicants to remain within Canada, potentially forfeiting opportunities abroad, SUV acknowledges the need for applicants to travel between Canada and their home country due to work commitments.
SUV offers three flexible options: remaining overseas until the PR decision, applying for optional work permits to enter Canada with family and staying until the PR decision, or utilizing the optional work permit to travel between Canada and their home country until the PR decision is rendered.
Opportunities to Work with a Group
The Startup Visa program allows for the immigration of friends and family members together, permitting adult children, work colleagues, or siblings to apply as part of the same Startup Visa group.
This cooperative approach enables resource pooling, rendering the investment pathway more accessible for many applicants, provided their profiles align with the Startup Visa concept they intend to launch in Canada.
Fewer Mandatory Requirements
SUV does not impose mandatory net worth thresholds, age restrictions, minimum education prerequisites, or as many location constraints as certain other entrepreneur programs.
Previous Visa Flexibility
Under the SUV program, applicants are not obliged to enter Canada before applying, enhancing their approval prospects compared to programs like C10/C11/ICT and provincial entrepreneur schemes.
Previous refusals on visitor visas do not adversely impact PR applications under the SUV program, provided all refusals are duly disclosed on immigration forms.
While the SUV pathway offers numerous advantages for eligible candidates, alternative business immigration programs may better suit certain situations and objectives.
What Are the Advantages of Opting for Alternative Business Pathways Over the Canada Startup Visa?
Why Choose Alternative Business Pathways Over the Canada Startup Visa?
Opting for a Better ROI Bet:
A startup business doesn’t always promise favorable business metrics in terms of Return on Investment (ROI). Some applicants may prefer to invest in an operational business in Canada to enhance their chances of generating tangible income. If eligible, these applicants might opt for a provincial entrepreneur pathway or a C10 investor work permit program.
Leveraging Existing Business:
Some applicants may already operate a thriving business overseas that they’d prefer to utilize for their immigration and establish a branch or subsidiary in Canada. The intra-company transfer (ICT) pathway serves as a suitable option here. However, they must carefully select the right province to apply to avoid potential PR complications.
Preference for Independent Ventures:
Sometimes, joining forces with other applicants may not be the preferred route, especially if there are concerns about hidden reasons that could lead to group refusal, such as medical issues or previous immigration applications. Some investors seek a direct path to PR without entangling themselves with other applicants. Hence, they may choose any other individual program in Canada or, as a last resort, pursue a Solo-Founder Startup Visa application.
Consideration of a Two-Year Timeline:
Some applicants may not have the luxury of waiting for two years to obtain permanent residence and would instead opt for a faster program, such as our hybrid owner/operator provincial/regional PR program, provided they meet the eligibility criteria.
Uncertainty in Approval Rates:
Not all applicants are comfortable with the uncertainty surrounding the approval process or success rate of the Startup Visa program. Despite increased approval rates, some individuals may find the stress of waiting for an IRCC officer’s decision on their PR based on discretionary powers to be incompatible with their risk tolerance.
Secondary Priority of PR:
For many applicants, conducting business in North America is the primary objective, with Canada serving as an easier gateway to obtain a work permit compared to the USA. Permanent immigration may not be their main goal, as they aim to establish a banking footprint in North America, set up operations, and facilitate business or trade from Canada. In such cases, applying for a work permit may be the preferred quick and straightforward option.
At SINKA, we excel in navigating the Canada Startup Visa process. We provide guidance and support throughout the endorsement letter or Letter of Support process and the entire immigration journey, including work visas and permanent residencies. Get a FREE email assessment, click here.
Conclusion
Today’s discussion has ideally offered you a broad overview of why applicants opt for the Canadian Startup Visa program and why others may choose alternative pathways. There’s no definitive right or wrong decision – it ultimately hinges on your individual profile, eligibility criteria, and objectives. Whether it’s the SUV, ICT, C10, provincial Entrepreneur programs, or the hybrid owner/operator PR program, we tailor solutions to fit our clients’ needs.
Recently, our South African clients, a husband and wife duo who are part of a Startup Visa group, were processed in a mere 3 months. Their approval came as a result of heeding our advice and consistently advancing their startup endeavors. Remarkably, they didn’t even possess investment funds, yet we leveraged their existing business equity to demonstrate financial viability for the Startup.
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