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Today, we will be talking about an important part of the Canadian Startup Visa Program that not many know about: the peer review and due diligence process. As many talented entrepreneurs seek to immigrate to Canada and launch their ventures, understanding every step of the process is key to their success.
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.
Once your application for Permanent Residency in the start-up business class has been submitted and received by IRCC, an officer can request a peer review in order to obtain better insights to help them in the processing of the application or to make sure due diligence was performed by the designated organization as well as to corroborate that the terms of the commitment are consistent with industry standards.
In other words, a Peer Review is essentially an independent assessment conducted by a panel of experts in the industry with the purpose to ensure that the activities outlined in the application align with industry standards and to safeguard against fraud.
Once an application undergoes review, the industry association assembles a panel of experts to assess various aspects of the proposed business, such as due diligence, investment terms, and the viability of the business model.
If any concerns arise during the peer review process, applicants may receive a procedural fairness letter. This letter outlines the concerns about an application and requests additional documentation to address them.
Ultimately, the findings from the peer review process are taken into consideration, along with all other application details, in order to reach a final decision.
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.
On one hand, the peer review process ensures a thorough evaluation of each application, enhancing the credibility of the program and fostering trust among stakeholders. By leveraging the expertise of industry professionals, it helps identify high-potential startups, contributing to Canada's innovation ecosystem and economic growth. In summary, a positive outcome will significantly increase the applicant's chances of receiving Permanent Residency approval.
However, like any process, peer review does have its challenges. One such challenge is the time it takes to complete the review. Given the detailed scrutiny involved, the process can stretch over several weeks or even months, potentially delaying applicants eager to kickstart their ventures in Canada.
If your application is sent for review, the officer must notify you.
Despite these challenges, peer review remains a crucial component of the Canadian Startup Visa Program, guaranteeing that only the most viable and innovative ventures are selected. If you want to be part of the chosen ones, remember to thoroughly prepare your application and leverage the peer review process as an opportunity to showcase the strength and viability of your business idea. It's not just about passing a review; it's about proving that your startup can contribute significantly to Canada's economy and innovation landscape.
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.
If you’re thinking about immigrating whether permanently or temporarily - you’re at the right place! Our team speaks over +9 languages, and we help applicants from over 50 different countries during their immigration process. Get a FREE email assessment, click here.
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.
