The Start Up Visa Canada program is one of the most popular startup programs worldwide. Every year, many investors, startup founders, entrepreneurs, and senior management professionals aim to establish their startups in Canada with the program and achieve Canadian permanent residency for the entire family. An applicant must meet the program’s requirements outlined by the government guidelines. One of the significant steps of the startup process is the letter of support from Canadian designated bodies.
This detailed article will discuss the Role of Designated Organizations in Canada’s Startup Visa Program. These bodies include – Venture Capital Funds, Angel Investor Group, and Business Incubators. The investment bodies are known to invest in the new startup, claim the equity rights, and provide all necessary assistance to set up a business in Canada. Once they provide a letter of support to the applicants, then they can start their business in Canada and achieve permanent residency.
Launched in 2013, Startup Canada Visa aimed to attract talented entrepreneurs worldwide who can build innovative and high-growth businesses in Canada. Unlike traditional immigration programs that heavily rely on personal net worth and investment, the Startup Visa Program focuses on the potential of the innovative business idea, the entrepreneur’s ability, and the business’s viability. One of the eminent features of the program is the professional involvement of designated organizations to facilitate the application process for startup applicants.
What are Canadian Designated Organizations?
Designated organizations are professional entities registered and approved by the Canadian government to support and endorse entrepreneurs and their business ideas for the startup visa Canada. These organizations include – Venture Capital Funds, Angel Investor Groups, and Business Incubators. They are responsible for assessing and selecting startups and entrepreneurs who have the potential to contribute to the Canadian economy. It is an essential step of the visa program as these organizations provide letters of support to the entrepreneurs if they are convinced that the business is viable and sustainable in the Canadian business market.
Below is the list of designated organizations:
Venture capital funds
- 7 Gate Ventures
- Alt Ventures
- Apex Innovative Investments Ventures
- Arete Pacific Tech Ventures (VCC) Corp
- BCF Ventures
- BDC Venture Capital
- Celtic House Venture Partners
- Extreme Venture Partners LLP
- First Fund
- Golden Venture Partners Fund, LP
- INP Capital
- iNovia Capital Inc.
- Intrinsic Venture Capital
- Lumira Ventures
- Invest Nova Scotia
- PRIVEQ Capital Funds
- Real Ventures
- Red Leaf Capital Corp
- Relay Ventures
- ScaleUp Venture Partners, Inc.
- Tangentia Ventures
- Top Renergy Inc.
- Vanedge Capital Limited Partnership
- Version One Ventures
- Whitehaven Venture
- Westcap Management Ltd.
- Yaletown Venture Partners Inc.
- York Entrepreneurship Development Institute (YEDI) VC Fund
Angel investor groups:
- Canadian International Angel Investors
- Ekagrata Inc.
- Golden Triangle Angel Network
- Keiretsu Forum Canada
- Oak Mason Investments Inc.
- TenX Angel Investors Inc.
- VANTEC Angel Network Inc.
- York Angel Investors Inc.
Business incubators:
- Alacrity Foundation
- Alberta Agriculture and Forestry
- Agrivalue Processing Business Incubator
- Food Processing Development Centre
- Alberta IoT Association
- Altitude Accelerator
- Bhive
- Biomedical Commercialization Canada Inc. (operating as Manitoba Technology Accelerator)
- Brilliant Catalyst
- Creative Destruction Lab
- DMZ Ventures
- Empowered Startups Ltd.
- Extreme Innovations
- Foresight Cleantech Accelerator Centre
- Genesis Centre
- Highline BETA Inc.
- Invest Nova Scotia
- Innovate Calgary
- Innovation Cluster – Peterborough and the Kawarthas
- Innovation Factory
- Interactive Niagara Media Cluster o/a Innovate Niagara
- Intrinsic Innovations
- Invest Ottawa
- ISM Arts & Culture Ltd
- Knowledge Park o/a Planet Hatch
- LatAm Startups
- Launch Academy – Vancouver
- LaunchPad PEI Inc.
- Millworks Centre for Entrepreneurship
- NEXT Canada
- Niagara Business & Innovation Fund
- North Forge East Ltd.
- North Forge Technology Exchange
- Pacific Technology Ventures
- Platform Calgary
- Pycap
- Real Investment Fund III L.P. o/a FounderFuel
- Red Leaf Capital Corp
- Roseview Global Incubator
- Spark Commercialization and Innovation Centre
- Spring Activator
- The DMZ at Ryerson University
- Think8 Global Institute
- TiE Toronto
- Toronto Business Development Centre (TBDC)
- Treefrog
- TSRV Canada Inc. (operating as Techstars Canada)
- University of Toronto Entrepreneurship Hatchery
- ventureLAB Innovation Centre
- VIATEC
- Waterloo Accelerator Centre
- York Entrepreneurship Development Institute
- YSpace (York University)
What is the Role of Canadian Designated Organizations?
- Responsible for identifying innovative startups, evaluating business proposals, and assessing the viability of the business model with the potential to thrive in Canada under Start Up Visa Canada
- Once a startup is endorsed by a designated organization, the entrepreneur and their team receive ongoing support, including mentorship, guidance, resources, and networking opportunities.
- Responsible for issuing endorsement letters to entrepreneurs, confirming their support and belief in the startup’s potential. It provides immigration authorities with the assurance that the entrepreneur has secured the backing of a trusted organization.
- Continue to support endorsed entrepreneurs even after they arrive in Canada, which can help entrepreneurs navigate the challenges of adapting to a new business environment.
What is the process for acquiring a Letter of Support from Designated Investment bodies?
- Meet the initial requirement for the Startup Canada Visa Program, which means having a viable business plan and other education and language requirements.
- Identify designated organizations that align with your business idea and sector from a list of designated organizations.
- Applicants must reach out to the designated organizations through their official channels, introduce business ideas, and interest in obtaining their support for the Startup Visa Program.
- Prepare a comprehensive business pitch that outlines your business concept, its potential for growth, and the benefits of investing or supporting your venture.
- Provide all the required documentation, including your business plan, financial projections, market research, and any other relevant information.
- If the designated organization expresses interest, they may request a meeting to discuss your business idea.
- If they are willing to support your venture, they will issue a formal letter of support that confirms their commitment to your business idea and their willingness to invest or provide other forms of support.
- Once you have the letter of support, you can include it in your application for the startup Visa Canada Program.
If you wish to understand the process and apply for a Canada Startup visa, you can reach our experts at 8595338595 or mail us at [email protected]
