What are Commitment Certificates and Letters of Support?
For international entrepreneurs seeking permanent residency in Canada through the Start-Up Visa (SUV) program, obtaining commitment certificates and letters of support is crucial. These documents are provided by designated organizations willing to invest in or support start-ups.
Commitment Certificates: What You Need to Know
A commitment certificate is a document issued by a designated private sector business confirming their agreement to support the applicant's venture under the SUV program. It contains information about the organization, the applicant, the business venture, and work permits.
Key Details in Commitment Certificates
Information about the designated entity
Details about the applicant and entrepreneurial team
Description of the business venture
Business structure and background information
Work permits for essential applicants
Validity and Application Process
Commitment certificates are valid for six months, during which the applicant must apply for permanent residence and, if necessary, a work permit.
Letters of Support: Essential Documentation
A letter of support is provided by designated angel investor groups or venture capital funds to the applicant as proof of their support for the business idea. Each applicant can receive up to five letters of support.
Contents of Letters of Support
Information about the designated organization
Details of the commitment certificate
Information about the applicant and the entrepreneurial team
Proof of support for the business idea
Inclusion in Permanent Residence Application
These letters of support are included in the applicant's permanent residence application under the SUV program.
Basic Eligibility Requirements
To qualify for the SUV program, candidates must meet several criteria:
A qualifying business
Commitment certificate and letter of support from a designated entity
Sufficient settlement funds
Proficiency in English or French
Financial Support and Settlement Funds
Canada does not provide financial support to SUV applicants. Candidates must demonstrate they have sufficient unencumbered funds to support themselves and their dependents in Canada.
Timeline and Application Process
It typically takes four to six months to secure a commitment certificate or letter of support. Once obtained, the permanent residence application can be submitted, with a processing time of approximately 18 months.
Requirements for Permanent Residence
To qualify for permanent residence, the intended business must be incorporated and operating in Canada. The candidate must own at least 10% of the voting rights in the corporation, with no other individual holding 50% or more of the voting rights.
Supporting Multiple Candidates
A single business investment can support up to five candidates in their permanent residence application.
By adhering to these guidelines and requirements, immigrant entrepreneurs can navigate the Start-Up Visa program effectively and pursue their goals of establishing a business and obtaining permanent residency in Canada.
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