Start-Up Visa: Project Development Process and Risks to Consider

The application tracking process for the Start-Up Visa (SUV) program differs from other immigration programs. With other programs, after submitting your Permanent Resident (PR) application, you simply wait for the results. However, with SUV, submitting the PR application is just the beginning of a much longer process. While waiting for PR, you need to stay updated on the progress and results of your project.

Many people often wonder why the cost of SUV project setup in some places can be very low compared to the general price. This depends on the work required at different stages of the SUV process. Below, we will examine those stages:

Phase 1: Receive Letter of Support from the designated organization and submit PR application.

At this point, there will be two groups of designated units:

Group 1: Designated entities, usually incubators, will issue a Letter of Sale (LOS) if they agree, allowing you to apply for PR and work permits even if your project isn't fully completed. The project might just be a plan on paper, an intention, or an idea. If the service provider handles this stage, their fee will be the lowest and usually non-refundable, as obtaining the LOS fulfills the service company's responsibilities.

Group 2: Some Incubators, Angels, and Ventures will not grant LOS (Lease of Ownership) for projects that are only ideas and plans on paper. If your service company works with this group, they won't be able to file a PR application for you if the project is not yet developed, so you won't get a cheap price.

At this stage, whether the project is in its early stages or already developed, it's possible to obtain a Work Permit. It's not difficult, unless your personal profile is completely unrelated to the project. Normally, most people get a Work Permit. Because it's so easy, many people think they've succeeded at this point and become complacent, neglecting stage 2.

Phase 2: Project Implementation and Reporting

If you have already submitted your PR and Work Permit applications, you need to proceed with Phase 2, even if your applications are pending. Otherwise, the risk of PR rejection increases significantly. Phase 2 requires you to complete and provide data for various aspects of your project, including a business plan, revenue strategy, partners, branding, and more. Failure to do so means you are accepting the risk of rejection. To complete this, you must consider the cost involved, as it is quite expensive. If the service provider charged you from the beginning to support you, then you can rest assured; otherwise, you will need to dedicate considerable time and money to continue the process.

Below is a checklist of requirements your startup project needs to have if you want to safely pass Phase 2:

1. Pitch Deck: A project presentation, summarizing the business idea, operating model, and development strategy.

2. Video Presentation of Pitch Deck: A video recording the pitch deck presentation process.

3. Team Structure: The structure of the team, including the position and role of each member.

4. Business Plan: A detailed business plan, including marketing strategy, market analysis, financial forecasts, etc.

5. Competition: Analyzing the competition, including other businesses in the field.

6. Advantage Among Others: A competitive advantage over other competitors.

7. IP Strategy & Innovation: A company's strategy regarding intellectual property rights and innovations.

8. Revenue Strategy: A strategic revenue plan.

9. Partnerships: Information about current or potential partners.

10. Contracts with Global Networks: Important contracts with global networks.

11. Investor Presentation: A presentation intended for investors.

12. Patent Information: Information about patents related to the product or service.

13. POC - Proof of Concept: Demonstrating the feasibility of an idea, including results, measurements, case studies, and a summary.

14. MVP - Minimum Viable Product: The minimum functional product, including a 3D model, technical drawings, assembly instructions, architecture, algorithms, hardware/software/application, installation and testing instructions.

15. Prototype Phases [Alpha, Beta]: The testing phases of a prototype product.

16. How Much Invested the Company of Their Own Capital? ( This refers to the amount of capital invested in the company from their own personal funds.)

17. Product: Detailed product information, including specifications and marketing materials.

18. Validation & Verification: The process of checking and verifying the reliability of a product or service.

19. Regulatory Compliance & Qualifications: Compliance with regulations and standards.

20. Manufacturing & Production: Details about the manufacturing process.

21. Scaling to Mass Manufacturing: A plan for large-scale production expansion.

22. Customers: Information about potential or current customers.

23. Sales: Information about sales figures.

24. How Many Users: The number of users of a product or service.

25. How Many Paying Users: Number of paying users.

26. Description of the Next Steps: A description of the next steps in the development plan.

Phase 3: Continuing project development

If your PR application is still pending approval for a long time, Stage 3 requires you to continue developing from Stage 2. When CIC requests an update, they only give you about 20-30 days to submit the report.

Clearly, the SUV application process isn't simply a matter of submitting an application and waiting for results. It requires a deep commitment of time, effort, and finances. Therefore, when comparing fees, you need to consider the responsibilities and work involved at each stage.

Recently, CIC has released a very important update regarding startup visas. With this new process, projects that are still in their infancy and lacking many necessary elements will have almost no chance of success. The update can be viewed here .