March 13th, 2024 at 06:05 am
Canada Startup Visa vs. Other Entrepreneur Programs or Business Immigration Options
SUV, the Canadian Startup Visa Programme for immediate permanent residence (PR) in Canada, is like sushi: you either love it or hate it. In 2013, the SUV programme sought to bring global entrepreneurs to Canada. The ultimate goal is to increase jobs, economic growth, and national innovation. The scheme leads to permanent residency for qualified applicants. We’ll examine the main reasons some pick the Startup Visa programme and others don’t.
Why Should I Choose a Canada Startup Visa?
Dependent Age Locking.
The Startup Visa is the most secure way to lock in the age of an applicant’s dependant children.
When you apply for permanent residency, your child’s age is ‘locked’ in time. Why is this important? Assume your child is under the age of 22 when you file your PR application. However, by the time the PR is accepted, which might take up to two years, your child may have turned 24. They can continue as part of your PR application as long as they are not married and financially reliant on you, as this locks in their original age at the time of application.
Quick application.
Even if you’ve never been to Canada before, the SUV programme offers the fastest business immigration programme application. No other Canadian business or investor immigration programme allows you to submit an application for direct PR from overseas in a matter of days or weeks, depending on how quickly you can put your application together after receiving your letter of support.
Location Flexibility.
SUV is the only programme that lets applicants choose their place pending PR. This is especially helpful for applicants with work permits who must settle family members in Canada, such as children with study permits or a spouse with an open work permit. The SUV programme allows applicants to travel between Canada and their home country for business, unlike other PR schemes that require them to stay in Canada and risk losing revenue.
The SUV programme offers applicants three flexible options:
- Stay abroad until the decision on Permanent Residency is made.
- Apply for optional work permits to enter Canada with their families and stay until the final PR decision is issued.
- Apply for the optional work permit and travel back and forth between Canada, with no need to stay until the IRCC makes the PR decision.
Opportunities to Work in a Group
The Startup Visa programme enables friends and/or family to immigrate jointly. Adult children (over the age of 22 with education and job experience) can apply as co-founders in the SUV programme, as can coworkers or even siblings. This allows for the pooling of resources, making an investment pathway more feasible for numerous candidates.
The essential is that the profiles match and are relevant to the Startup Visa concept, which the creators are establishing in Canada.
Fewer mandatory requirements.
Unlike other of the entrepreneur programmes, the SUV programme does not impose mandatory net worth limits, formal age restrictions, minimum education requirements, or location constraints.
Previous Visa Flexibility
Unlike other programmes such as C10/C11/ICT and the provincial entrepreneur programme, applicants to the Startup Visa programme do not need to enter Canada before applying, increasing their chances of approval.
Previous refusals on visiting visas will not affect the applicants’ PR application (as long as all refusals are stated on the immigration paperwork).
Although there are numerous advantages to pick the SUV road if you qualify, there are also reasons why another business immigration programme may be a better fit for your circumstances and goals.
Why Should I Choose One of the Other Business Pathways Over the Canada Startup Visa?
A Better ROI Bet
A startup business does not always offer promising business indicators in terms of ROI. Some applicants may want to invest in a functioning firm in Canada, increasing their prospects of earning a concrete income. If they are suitable, these applicants can select between a provincial entrepreneur pathway and a C10 investor work visa programme.
Existing Business Leverage
Some candidates may already have a profitable business overseas that they would like to use for immigration purposes and establish a branch or subsidiary in Canada. The intra-company transfer (ICT) route is a viable alternative here. However, they must be careful when choosing which province to apply in, otherwise they risk being stranded without a PR.
Prefer to go alone
Joining with other applicants isn’t always best, especially if you’re not convinced they have a secret purpose for rejecting your group. Your organisation may be disqualified by medical issues, immigration applications, and other red flags. Some donors want a straight PR strategy without further applications. Thus, the applicant can choose any other Canadian programme for one applicant or, in the worst case, a Solo-Founder Startup Visa.
Two-year Timeline
Some candidates simply do not have two years to wait for permanent residence and would like a shorter programme, such as our hybrid owner/operator provincial/regional PR programme – provided they meet the eligibility requirements.
Approval Rate Uncertainty
Not all candidates are comfortable with the uncertainties surrounding the Startup Visa program’s approval procedure and success rate. Although approval rates have increased, the stress of waiting for an IRCC officer to decide on your PR based on their broad discretionary powers may not be appropriate for the applicant’s risk tolerance.
PR is secondary
Many applicants simply want to do business in North America, and Canada is a more convenient gateway to obtaining a work permit than the United States. The applicant’s sole aim may be to do business here, and permanent immigration is not their primary goal. They seek to establish a financial presence in North America, set up operations, and conduct commerce or trade from Canada. In this situation, they may decide to just apply for a work visa, which will be quick and easy.
Conclusion
Today’s review should summarise why candidates pick the Canadian Startup Visa programme and why others prefer others. There is no right or incorrect answer; it depends on your profile, eligibility, and goals. We tailor SUV, ICT, C10, provincial Entrepreneur programmes, and hybrid owner/operator PR initiatives to our clients.
Husband and wife from South Africa, both Startup Visa group members, were processed in three months. They were accepted because they followed our advice and kept growing their startup. They had no investment funds, but we used their firm equity to show startup funding prospects.
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