I am a German entrepreneur looking into Canada's startup visa program. However, I heard that the amount of applications is going to be limited to reduce the current backlog. Is this true? If so, how could it affect my application?
Yes, it does, it's limited to 10 projects per designated organization. You may read the news on the government site at the following link: https://www.canada.ca/en/immigration-refugees-citizenship/news/2024/04/changes-to-the-start-up-visa-and-self-employed-persons-programs-to-help-reduce-backlogs-and-improve-processing-times.html
Indeed, Canada has introduced a cap on the number of permanent residence applications through the Start-Up Visa (SUV) Program. According to a recent announcement by Immigration Minister Marc Miller, Immigration, Refugees and Citizenship Canada (IRCC) will now restrict the annual intake of applications to no more than 10 start-ups per designated organization. As a German entrepreneur interested in the Start-Up Visa Program, here are some key considerations: 1. Eligibility Criteria: - You can apply for the Start-Up Visa Program either as an individual or as part of a group of up to 5 owners. - Applicants must collectively own at least 50% of the voting shares in the business, with each individual owning a minimum of 10%. 2. Application Process: - To apply, you must present your qualifying start-up idea to a designated organization and secure their endorsement. - Additionally, you must meet language proficiency requirements and possess sufficient funds to settle in Canada. - While awaiting permanent residence, you may have the opportunity to work in Canada if your business demonstrates significant economic benefits to the country. 3. Impact of Application Cap: - The application cap is aimed at reducing processing times and addressing the current backlog. - With a limited number of applications per designated organization, it is crucial to act swiftly and secure endorsement from a willing designated organization for your start-up. I hope this information proves helpful as you navigate the Start-Up Visa Program.
If you have submitted your startup visa application for Canada, there is no impact on you. If you have not submitted your application yet, you will be affected by this new cap starting on April 30, 2024. I strongly suggest contacting your immigration lawyer as soon as possible to secure your access to a possible startup visa application for Canada.
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