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What’s happened to the Canadian Startup Visa Program? It’s April Madness!
Designated organizations have been knocked out by a killer blow with an announcement from the immigration minister on April 29th. The Canadian government is now limiting the number of Letters of Support each incubator, angel investor, and venture capital organization can issue to sponsor Startup Visa applicants per year. Startup Visa will never be the same again. We hate to say it, but we said so. We made this prediction in our videos outlining possible future changes in the SUV program, including capping designated organizations. This announcement has staggering impacts that will affect applicants from around the world.
At INGWE we are EXPERTS in the Canada Startup Visa. We will guide and support you throughout the endorsement letter or Letter of Support process and the entire immigration process including work visas and permanent residencies. Get a FREE email assessment, click here.
Let’s look at why and how this happened.
This capping of designated organizations has been tabled for more than 1.5 years now by the government but there was a huge pushback from all the incubators, angel investors and venture capital firms. The previous minister was a bit of a pushover, but the new immigration minister in Canada is not. If this was the world of comic books, Miller would be the equivalent of ‘The Punisher’ and the previous minister would have been Batman’s sidekick, Robin. This change of leadership has led to an idea becoming a sudden and stark reality.
At INGWE we are EXPERTS in the Canada Startup Visa. We will guide and support you throughout the endorsement letter or Letter of Support process and the entire immigration process including work visas and permanent residencies. Get a FREE email assessment, click here.
Some groups of applicants will not feel the effects of this change. These fortunate ones include:
* Applicants with valid Letters of Support who are applying for the PR now or have not yet applied but their Letters of Support are valid.
* Applicants under process for PR who have already submitted their immigration applications to IRCC.
* Applicants applying for a work permit now with valid Letters of Support.
* Applicants who received their pre-arrival letter, confirmation of PR or update request letters.
Applicants who are early on in their SUV journey or were still waiting and considering all the options will feel the brunt of this change. These affected groups include:
* Anyone who has not been admitted yet to a designated organization. The conditions and pricing of the incubators, VC’s and angel investors have all changed now.
* Anyone who is still going through the designated organization cohort program and has not reached the finish line yet may be affected if this is a condition of the designated organization before issuing the Letter of Support.
* Anyone who has signed and deposited money with an agent, consultant, or lawyer but has NOT yet started their SUV program path.
* Any applicants who were contemplating applying for the Canadian SUV but have not made up their minds yet.
At INGWE we are EXPERTS in the Canada Startup Visa. We will guide and support you throughout the endorsement letter or Letter of Support process and the entire immigration process including work visas and permanent residencies. Get a FREE email assessment, click here.
Beyond the effect on the applicants, this announcement will cause a chain reaction in the industry as well. The falling dominoes will include:
* Certain consultants and agencies who were not licensed for immigration, but were only doing SUV, will go out of business.
* The cost for Letters of Support and being admitted to a designated organization for the SUV program will now be three to five times higher than what it was.
* Genuine Startups will have a tough time getting admitted to this program unless they have serious traction, revenues, and customer base for their Startup business
* Applicants and agents will be looking for alternative, more feasible Canadian PR options.
* Permanent Residency programs, such as the fast-track executive PR stream and entrepreneur programs will also increase in prices by the fall of this year.
The backlogs and increasing processing times have been setting the stage for an intervention. If you are in the applicant pool that will feel the impact of this change, you need to get connected with a firm that is established and can provide you with all the options to continue moving forward in your journey to Canadian PR. Ingwe Immigration has a knowledgeable, informed staff that offers consistent immigration solutions in an ever-changing marketplace. Although you may have to pivot in your journey, it doesn’t have to be the end of the road.
If you’re thinking about immigrating whether permanently or temporarily - you’re at the right place! Our team speaks over +9 languages, and we help applicants from over 50 different countries during their immigration process. Get a FREE email assessment, click here.
If you’re ready to apply and would like a 1-on-1 session with me or one of immigration team members at INGWE, you can also book a session directly using this consultation link.
