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Is the Program going to close? What is the Canadian Government or IRCC planning for the next 1-2 years for Canada Startup Visa Program? The answer is simple. The information is out there, you just need to know how to reach out and find it.
We are INGWE, a firm that specializes in the Canadian and UK Startup Visa programs. Check out our LinkedIn profile if you need validation of any of our claims on this video, click here.
We’re going to break it down for everyone in this article on what to expect in the upcoming Startup Visa Program changes anytime from now until the end of 2023.
If you don’t know about the Startup Visa program, we suggest you watch our basic introductory video about this program, click here.
Everyone knows that the Canadian Startup Visa program is a direct PR stream with an optional work permit. There is a large backlog of applicants now in the system, and many of these Startups don’t seem to be authentic, which is why the IRCC is concerned and planning changes to the program.
Are you interested in applying for the Canada Startup Visa? You’re in the right place! We are licensed immigration consultants, and we could support you through the whole process. Get a FREE assessment, click here.
Here are some of the changes we believe will be implemented in the coming 1-2 years for the Startup Visa Program:
- It will become a work permit stream. It will not be a direct PR stream
- The work permit will be valid for approx. 2-3 years, with a renewal option
- To become qualified under the future Startup visa program, the Startup should have already had a minimum amount in investments made or attracted from outside investors, or government grants. This means if it’s just a basic startup concept with no traction or investments, it won’t qualify
- Letters of Support or Endorsements will continue to play a big part in the Startup process, however, each designated organization will have a maximum number of letters they can issue per year and will be scrutinized by an oversight committee such as NACO or another body. They can renew their cap on these endorsements before the end of the year, but this renewal application will need to be justified
- Basic language requirements, minimum settlement funds, and past professional experience operating a business or creating innovations will continue to play a key role in the ‘human capital’ part of the Startup Visa Program. This will not change much.
- After arrival in Canada and setting up or continuing the Startup business, the members will then have 2 options or routes to take:
1) Convert to PR
2) Renew their work permits for another 2-3 years
Let’s look at these two options now in detail:
1) To convert to PR, the group would have to have completed a few of the milestones from a list of potential accomplishments which the government will publish. These milestones can include the following:
- minimum number of Canadian jobs created for the past 2-3 years (i.e. minimum 5-10)
- Revenue of at least $500,000 per annum, or a lower figure if there is a component of the sales that can be considered exports
- Attracted investments from third party organizations of a minimum of $500,000 during this time inside Canada
- Minimum investment pumped into the Startup of at least $150,000 to $200,000 by the members.
There will be a list of these eligibility criteria for PR of which 2 or 3 of them should be accomplished to become eligible for PR in Canada.
If the group members have not accomplished enough of these previously listed milestones, they have option 2) to renew their work permits for another 2-3 years if they meet any of the following criteria.
- created a minimum number of Canadian jobs
- had annual growth in sales of at least 20% during their time operating in Canada
- Attracted investments of a minimum of $250,000 from non-member investors for the Startup business to grow
- invested a minimum of $150,000 to $200,000 by its own members
We expect the criteria to renew will be at least 2 out of this list of eligibility criteria.
The work permit renewal limit will be up to 7 years.
Now you’re asking yourself, where is INGWE Immigration getting all this information from? What’s the basis of our forecast on the upcoming Startup Visa Program changes in the coming 1-2 years? Here is our reasoning and justification of what we are claiming:
- the most important aspect of this forecast is that IRCC is not satisfied with the current process of the Startup Visa program with qualified or unqualified Startups that are applying
- If you look at the UK Startup Visa Program, they have exactly this type of structure in place. This means you apply for a 3-year work permit during which time you must implement 2 out of 7 key criteria to become eligible for settlement or permanent residency in the UK. These criteria include low wage and high wage job creation, minimum revenue and export sales, innovation-research activities, minimum investment by the founder(s), and so on.
- The UK designated organizations also have a limit on the number of letters of endorsements which they issue per year, which are scrutinized in detail
- If you review the January 2022 announcement by the US for their new innovation Startup W Visa Program, it is specifically based on such criteria to qualify the Startup to apply (i.e. minimum investment or sales) for a 3-year work visa and specific criteria to convert to a green card such as minimum sales, growth, job creation, and investments. The US figures are very high, and we believe that Canada will create a hybrid between the UK and US Startup Visa programs.
Do you need any help with your Endorsement letter? At INGWE we are experts at the Canada Startup Visa, and we could support you through the whole process. Get a FREE assessment with our licensed immigration consultants, click here.
If you are deciding on applying for immigration to Canada or UK through the Startup Visa Program, look no further. That’s our specialty here at INGWE Canada. We will guide and support you throughout the endorsement letter or Letter of Support process and the entire immigration process including work visas and permanent residencies.
Our team in Canada speaks over 8 languages, and we are licensed to help applicants like yourself and your families. We have 1-million-dollar liability insurance which protects you and us from mistakes or fraud as well as a dedicated client trust account in Canada. We help applicants from over 47 different countries if you require assistance in terms of the Business Immigration process. Get a FREE assessment now! Click here.
