The Start-Up Visa is a permanent residence program for individuals who receive a Letter of Support (LOS) from a designated business organization (DBO). To be considered for admission into the program, you must first obtain a Letter of Support. Letter of Support is used by entrepreneurs with innovative ideas that have the potential to create jobs and grow the economy to submit an application for Permanent Residence in Canada.
What is a Letter Of Support?
Letter Of Support is a specific document issued by one of the Canadian DBOs, which has been approved by the Government of Canada to assess business concepts from foreign entrepreneurs who wish to immigrate to Canada under the Start-Up Visa Program.
Letter Of Support provides entrepreneurs with an official opinion on the potential of their business. It also provides background information about the designated Canadian business organization which issued the Letter of Support. In the other words, it is a commitment from the investor to invest or lend money in the project. Letter of Support is issued by an authorized DBO.
Designated Business Organizations
Designated Business Organizations (DBO) are businesses that have been authorized by the Government of Canada. There are three types of DBOs: Venture Capital Funds (VCF), Business Incubators, and Angel Investor Groups (AIGs).
Letter of Support can be issued by any DBO and it doesn’t matter what organization provides with the LOS unless it is authorized by the government. As of November 2021, only the following organizations are allowed to issue Letters of Support under the Start-Up Visa Program:
How To Get a Letter of Support for my Start-Up?
A foreign entrepreneur must have an innovative idea for a start-up business that has the potential to become successful. Furthermore, most DBOs are looking for concepts that have already been developed. However, what to do if your project is still in a seed-stage or just a preliminary idea in your head? We are here to help you on the matter.
To apply for a Letter of Support, you must go through a qualification process. The exact requirements depend on the DBO. Our team can help you to finalize the concept, create a presentation or pitch, and even to develop a detailed explanation of the start-up concept and its marketability.
Our Start-Up business consultants can help you to get through the qualification process to reach the proper investors. We will mentor you during the whole process and help you successfully pass the interview with the angel investor or representative of the venture capital fund, or assist you with the program of the business incubator. Moreover, we will help you to obtain a business plan as well as prepare all paperwork, required for a Letter of Support.
Permanent Residence under the Start-Up Visa
Once your Letter of Support is secured, you will be able to apply for permanent residence in Canada under the Start-Up Visa Program. The processing time usually takes around 12 to 14 months.
Aside from LOS, all you have to do to fulfill the program’s criteria is have a legal business, satisfy the language requirements of CLB 5 and demonstrate enough settlement funds.
Immigration Canada Pro is an industry leader in the Start-Up Visa
Immigration Canada Pro specialized in business immigration to Canada and offers wholesale Start-Up Visa services to foreign businessmen. Our experts help many entrepreneurs around the world who wish to run their innovative businesses in Canada.
Our team of Start-Up Visa industry experts has helped dozens of entrepreneurs to obtain Letters of Support and become permanent residents of Canada. We will review your business concept; prepare all necessary documents, design a business plan, provide coaching, guidance and mentorship throughout the whole process.