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According to information recorded by iCanfield Vietnam, the Start-Up Visa (SUV) Entrepreneur program was tested by the Canadian Immigration Department in April 2013. This is a program that attracts foreign entrepreneurs and investors who have new business ideas and want to do it in Canada. Until 2018, SUV became the official immigration program and took effect forever. Currently, SUV is known as the most chosen Federal immigration program by Vietnamese people not only because of its high success rate but also as the only permanent resident direct investment program. According to recent information, the Quebec Investor Program will stop accepting applications in 2019 and provincial Entrepreneur Programs such as Prince Island and New Brunswick do not directly grant permanent residency.
Since 2015, 85% of applicants have been approved. In 2016, 103 out of 104 applicants received approval for permanent residence and 1 applicant withdrew before the application was reviewed. This shows that the approval rate in 2016 is close to 100%. Over the next three years, the approval rates were 78%, 63%, and 77%, respectively. This ratio will vary according to the type of organization designated as Business Incubators, Angels and Venture Funds.
Start-up Visa approval rate
With the success of the program, the Government of Canada announced a goal for the period of 2023 - 2025 to increase the quota for SUVs. Specifically, support 3,500 seats in 2023 and continue to increase to 5,000 and 6,000 in the next two years.
iCanfield Vietnam said, Start - Up Visa is one of the programs to assess the level of foreign language skills that are not too difficult for entrepreneurs and investors. Specifically, through a standardized test, SUV requires candidates to achieve a minimum IELTS score of 5.0 for all 4 skills in English or equivalent French. In addition, applicants do not need to prove the origin of assets, but only need to have enough economic resources to support themselves and their families while living in Canada. This is also a huge advantage of SUVs compared to other Canadian Immigration - Investment Programs.
Most importantly, investors must prepare a start-up plan to deploy in Canada to receive a Certificate of Commitment and a Letter of Support from a designated organization, including:
The program will not be suitable for investors who simply want to obtain a Canadian permanent resident card. Start - Up Visa is a program that the Government of Canada clearly defines the goal of bringing business owners and investors to Canada. Therefore, applicants who want to participate in the program will need to spend time participating in the development of the Start - Up project regardless of working with any designated Organization.
The applicant receives a Certificate of Commitment and a Letter of Support from a designated organization
As a unit specializing in providing foreign investment solutions, iCanfield Vietnam has nearly ten years of experience in supporting hundreds of investors to successfully apply for the SUV program. Working with partners and foreign immigration attorneys, iCanfield Vietnam understands the necessary investment procedures and immigration programs in accordance with each client's ability to bring optimal results and ensure the best possible outcome. absolute confidentiality. Especially, Start - Up projects are exclusively developed by iCanfield and are designed in accordance with the customer's capacity profile and experience. Therefore, iCanfield can control the project progress and the highest success rate for customer records.
Consulting transparent information about the success rate of customer records.
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Source: Entrepreneur Newspaper
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