The Start-Up Visa (SUV) program allows applicants for permanent residence to get much of the support they need to qualify to immigrate by giving them access to business incubators which are rampant throughout Canada.
Business incubators, key players in Canada’s economic development sector, nurture start-ups and help them navigate the challenges to get the financial, human, and physical resources they need to survive over a period of months and even years.
These business incubators help entrepreneurs right from the earliest stages, when the business is still only an idea, and provide office space, administrative support, mentorship and training, and access to investors and capital.
Run as either non-profits or businesses themselves, business incubators help entrepreneurs:
- develop relationships with financial partners, business consultants, management-level execs;
- find office space and business hardware and software, and;
- access research through relationships with universities and governmental agencies.
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Under the SUV, budding entrepreneurs hoping to gain permanent residence in Canada need to get the support of either an angel investor, venture capital funds, or a business incubator.
A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
A designated business incubator must accept the applicant into its business incubator program.
It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.
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“If you reach an agreement with a designated organization, it will send you a letter of support. You need to include this letter when you submit your application to us,” notes Immigration, Refugees and Citizenship Canada (IRCC) on its website. “This is the proof you need to show that the venture capital fund, angel investor group, or business incubator is supporting your business idea.
“The organization will also send a commitment certificate directly to us. We’ll use both your letter of support and the organization’s commitment certificate to assess your application. Please note, we may ask you for more business information in order to take a final decision on your application.”
There Are 50 Business Incubators SUV Applicants Can Use
Business incubators that have been approved by the IRCC to support immigrants through the Start-up Visa program are the following 50 organizations:
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Alberta IoT Association
- Altitude Accelerator
- Bhive
- Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)
- Brilliant Catalyst
- Creative Destruction Lab
- DMZ Ventures
- Empowered Startups Ltd.
- Extreme Innovations
- Foresight Cleantech Accelerator Centre
- Genesis Centre
- Highline BETA Inc.
- Invest Nova Scotia
- Innovate Calgary
- Innovation Cluster – Peterborough and the Kawarthas
- Innovation Factory
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Intrinsic Innovations
- Invest Ottawa
- ISM Arts & Culture Ltd
- Knowledge Park o/a Planet Hatch
- LatAm Startups
- Launch Academy – Vancouver
- LaunchPad PEI Inc.
- Millworks Centre for Entrepreneurship
- NEXT Canada
- Niagara Business & Innovation Fund
- North Forge East Ltd.
- North Forge Technology Exchange
- Pacific Technology Ventures
- Platform Calgary
- Pycap
- Real Investment Fund III L.P. o/a FounderFuel
- Red Leaf Capital Corp
- Roseview Global Incubator
- Spark Commercialization and Innovation Centre
- Spring Activator
- The DMZ at Ryerson University
- Think8 Global Institute
- TiE Toronto
- Toronto Business Development Centre (TBDC)
- Treefrog
- TSRV Canada Inc. (operating as Techstars Canada)
- University of Toronto Entrepreneurship Hatchery
- ventureLAB Innovation Centre
- VIATEC
- Waterloo Accelerator Centre
- York Entrepreneurship Development Institute
- YSpace (York University)