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If you’re considering applying for the Startup Visa (SUV) Permanent Residency, today’s article is a must-read. We’ll be discussing a crucial aspect of the application process: understanding which financial documents are considered unacceptable by IRCC. Drawing from our clients' real-life experiences, we’ll share valuable insights to help you avoid common pitfalls and ensure your application is as strong as possible. Whether you're just starting out or are already deep into the process, this information will equip you with the knowledge you need to navigate your SUV application successfully.
At INGWE we are EXPERTS in the Canada Startup Visa. 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. Get a FREE email assessment, click here.
One of the most important parts of your SUV PR application is providing proof of settlement funds. Typically, IRCC asks for bank statements from the past six months. This is usually straightforward—submit the most updated bank statements, and that often satisfies the requirement.
However, on occasions, IRCC requests more specific information. For example, we often receive requests asking for detailed transaction histories, including the date each account was opened, current balances, and average balances over the past six months. They also require these details to be printed on the financial institution’s letterhead, with full contact information, and may also ask for explanations and supporting documents for transactions over CAD $5,000.
Sometimes clients inquire about utilizing their monetary investments as proof of having access to sufficient funds. It is important to keep in mind that IRCC requires an applicant to provide proof of liquid funds for settlement funds in the SUV PR visa application. Liquid funds usually are savings in your bank account, which means, investment funds are only accepted if the bank confirms that the investment can be withdrawn at any time without a penalty. Or, if there is a penalty, the confirmation that the final amount the applicant will have access to, after the withdrawal of the investment minus any penalty, is more than or equal to the required settlement funds as per the Low income cut-offs or LICO.
We've had several applications, particularly from higher refusal regions, where IRCC has required more detailed proof of funds. For one of our clients from Vietnam, IRCC requested official letters and account statements to prove the funds were readily available. They also requested explanations for large transactions and details about investments, fixed deposits, and life insurance policies.
Despite providing a thorough explanation, including supporting documents like bills of sale and investment terms, IRCC issued a Procedural Fairness Letter (PFL), stating that the client didn't meet the minimum funds requirement. The PFL highlighted the importance of demonstrating that the funds are not only available but also accessible and unencumbered by restrictions.
Ultimately, we were able to secure a detailed letter directly from the financial institution, specifying the exact amount of funds that would be readily available at the time of withdrawal, which in the end granted the applicant an approval of their PR application.
In another opportunity, a client’s personal bank account did not have sufficient funds, but their business account was well-funded. They relied entirely on their business funds to establish their startup in Canada. Although this raised concerns with IRCC, we successfully demonstrated that the client had enough equity in their existing business to sponsor and fund their new startup. We submitted a carefully drafted explanation outlining how they could liquidate their current company entirely to finance the startup while still ensuring sufficient settlement funds for a family of three. Since both the husband and wife owned 100% of both the existing company and the new startup, IRCC accepted the business funds as sufficient for the SUV application, even though they were not traditionally held in the applicant’s name.
At INGWE we are EXPERTS in the Canada Startup Visa. 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. Get a FREE email assessment, click here.
The key takeaway here is that your financial documents must clearly show that the funds are available, accessible, and sufficient to support your settlement in Canada. If there are any large transactions, be prepared to provide justifications and proof of the source of these funds.
Always ensure that the financial documents are on the institution’s letterhead, include all necessary details, and if the funds are held jointly or by another person, include a letter confirming your access to these funds.
At INGWE we are EXPERTS in the Canada Startup Visa. 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. Get a FREE email assessment, click here.
In summary, it's crucial to submit clear and readily available funds to IRCC to avoid any delays or rejections in your PR application. If you’re unsure about what documents to submit, consult with your legal or immigration advisor to ensure everything is in order.
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If you’re ready to apply and would like a 1-on-1 session with me or one of immigration team members at INGWE, you can also book a session directly using this consultation link.
