Over the past decade, Canada has emerged as a top destination for Indian entrepreneurs seeking to establish their businesses overseas. Backed by a thriving start-up ecosystem, Canada provides plenty of benefits to new start-ups including access to the North American market, friendly government policies and regulations, and access to world-class talent and capital.
Start Up Visa – A Golden Opportunity For Indian Start-ups
The Start-Up Visa (SUV) program was launched by the Canadian government to target international entrepreneurs who have the potential to scale businesses gobally. The SUV program offers immense opportunity for Indian start-ups as it grants founders a permanent resident status allowing them to gain full access to the benefits provided by the Canadian Government. These include numerous incentives like grants and subsidies that allow start-ups to accelerate their growth.
Another key benefits of starting up in Canada is the ease of access it provides to the US market. A shared border and a friendly trade relationship between Canada and the USA provide aspiring Indian start-ups with an alternative route into the US market. Furthermore, Canada’s growing start-up ecosystem also attracts significant attention from US-based Investors (VCs and Angel Investors), making it easier for founders to gain access to capital. According to Silicon Valley Bank’s quarterly State of the Markets report, US investor participation in Canada has increased in the last 5 years and reached a high of 48 percent in 2020.
Numerous international start-ups have already achieved success through the SUV program. The most recent success story comes from ApplyBoard, an online platform that allows international students to get better access to educational opportunities by streamlining and simplifying application processes. The start-up recently raised a $100 million in Series C funding on a $2 billion valuation.
Who Is Eligible For the Start-up Visa Program?
In order to be eligible for the SUV, candidates must meet the following criteria:
1.Have a qualifying business
2.Gain a letter of support from a designated organization
3.Meet the language requirements
4.Have enough funds to settle in Canada
What are designated organizations?
Designated organizations are business groups that have been approved by the Canadian government to invest or support start-ups in their application process. These organizations comprise of venture capitals, angel investor groups, and business incubators who provide start-ups with the support they require to establish their business in Canada. Designated organizations are responsible to assess the potential of applying start-ups and determine whether they will be successful or not. Each organization runs its own SUV program and application process through which candidates may apply.
Views expressed above are the author’s own.
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