July 8th, 2024 as published on CILA.co
Mr. Slava Apel’s article was published on the Canadian Immigration Lawyers Association (CILA) platform.
The article discusses significant changes to Canada’s Start-up Visa Program (SUVP), which have been prompted by a backlog of applications and concerns about the quality of startup companies being approved. The Immigration, Refugees and Citizenship Canada (IRCC) has reduced the number of approvals each designated organization can give to ten per year, aiming to ensure the startups meet the program’s standards. The author, Slava Apel, who is experienced in guiding startups through the SUVP, highlights the rigorous qualification and due diligence process necessary for approval that he was administering.
The process involves evaluating innovation, market potential, team competency, scalability, and funding plans. Slava notes the importance of financial health, legal compliance, market research, and risk assessment in due diligence. Despite the challenges, the SUVP has successfully processed numerous applications, helping over 900 entrepreneurs become permanent residents and launching more than 300 startups since its inception in 2013.
Recent reforms include capping permanent residence applications associated with no more than ten startups per designated organization and prioritizing those supported by Canadian capital or specific business incubators. These changes aim to improve the program’s efficiency and ensure high-quality startups contribute to Canada’s innovation ecosystem.
Mr. Apel predicts that some designated organizations might discontinue the program due to the new limits, while others might raise prices or require larger teams. The article emphasizes the importance of collaboration between immigration professionals and designated organizations to foster a thriving entrepreneurial ecosystem in Canada.
Read the full article at https://cila.co/navigating-the-canadian-startup-visa-program-insights-from-a-designated-organization-representative/