Applying for any type of visa in Canada can be a strenuous process, merely because of the various steps and documentation required, as if there are hundreds of hoops to jump through. The same can be said when going through a business immigration program. For example, in order to qualify for the Canada Start-up Visa Program, you need to fulfill many admissibility and eligibility requirements, one of which is getting a letter of support from a designated organization.
Table of Contents
- What are designated organizations?
- How does a letter of support work?
- How do you get a letter of support?
- Match your business to the right organization
- Know what is expected of you
- Get your documents in order
- Make sure you meet other government eligibility requirements
- Focus on what matters
What are designated organizations?
Designated organizations are business groups approved by the Canadian government to provide support and invest in start-ups. There are different types of designated organizations to choose from, which include
- Venture capital funds,
- Angel investor groups, and
- Business incubators.
Venture capitalists and angel investors will expect equity in return for their investment, while business incubators require a fee. However, unlike venture capitalists, angel investors can provide their expertise, mentorship, and networking. Business incubators operate a little differently and are obliged by their contract to offer various forms of support, such as management training, office space, marketing support, and so on.
Also, you should know that the investment scope from these organizations can vary too. You will need a minimum investment of $75,000 from an angel investor group, while there is a minimum requirement of $200,000 from a venture capital fund. However, to get a letter of support from a business incubator, it is not necessary to get their investment–you only need to be accepted into their program(s).
After reaching an agreement with a designated organization, you will be provided with a letter of support.
How does a letter of support work?
Once you have secured a qualifying investment from one (or more) of these organizations or been accepted into one of their incubator programs, you will receive a letter of support to submit with your visa application. The organization will also send a commitment letter directly to the IRCC (Immigration Refugees and Citizenship Canada). The letter is valid for 6 months, during which time you can apply for your residence permit.
Of course, there are proper steps in place to get this letter. Each organization has a different application process, so it is important to know what is expected of you and how to prepare. Arming yourself with knowledge and information will increase your chances of getting funding or support for your business, and being one step closer to obtaining your Start-up Visa.
How to get a letter of support?
There is no one-size-fits-all when applying for a letter of support, but the approach you can take is universal. First, it is important to match the industry, your business model, and values to the organization you are applying to. Furthermore, you should do your homework and find out what the application format is for the organization of your choosing. With that in mind, here are some useful tips to know about designated organizations to get you started with your application process:
- Match your business to the right organization
No two designated organizations are the same. This is the number one thing to know when applying for your letter of support, since it will dictate the rest of your application process. The first thing to consider is what type of businesses the designated organization supports and whether or not that will align with your industry or business model. There is a whole list of organizations to choose from, but they may not all be appropriate for you or your start-up. Each organization is looking for start-ups in their desired field so make sure you find one that matches yours.
- Know what is expected of you
Be aware that each designated organization has its own application process, and may have specific requirements from you, such as submitting a business plan or a pitch deck, having an in-person interview, or completing an application. If you do not comply with their rules, your business proposal will not be taken into consideration. Therefore, it is important to know exactly what they are looking for and prepare adequately. Having just a business plan may not be enough, or even required, by many of these groups.
- Get your documents in order
It is important to keep in mind that what you submit to the organizations is what will represent your start-up, so make sure every document is in order and there are no oversights. It is important you represent your business clearly and effectively. Your documents should be straightforward with what your business stands for and, most importantly, without any errors.
First impressions are important, so everything needs to be presented in a professional manner. Take your time to check (and double check) all of your documents before you submit anything. Sometimes it can be beneficial to hire services from professional business writers to increase your chances of success. Having another set of eyes, especially ones with experience in this kind of thing, will be of great benefit to you.
- Make sure you meet other government eligibility requirements
Before you apply for your letter of support, make sure you fulfill all of the Start-up Visa requirements. No designated organization will agree to support your business if you do not qualify for a visa, or there is a chance you’ll be rejected for not having all of the prerequisites. Besides getting a letter of support, you will need to meet other eligibility standards, which are
- Having a qualifying business,
- Meeting the language requirements, and
- Having enough money to live in Canada before you make money from your business.
- Focus on what matters
Last but not least, prioritize the forecasted growth of your start-up in your application. If the designated organization were to invest money in your business, they will want to feel confident in the likelihood they’ll have a positive ROI. Likewise, it benefits a business incubator to add another business to their repertoire, but they will want to see the chances of your business becoming successful to make sure the resources put into your business will not go to waste.
Getting a letter of support may seem like the most difficult part of getting your Start-up Visa. It is imperative to approach this task with utmost care and diligence. Finding the right designated organization to apply to and respecting it’s application process is just the first step to getting your letter of support. From there, it is a matter of knowing what the organization wants. If you compile a top notch business proposal that is just too good to refuse, with an impeccable business plan and/or pitch deck, you will have nothing to worry about.
This content is brough to you in partnership with Joorney Business Plans. Joorney Business Plans is the leading immigration business plan writing company in Canada and the U.S. Established in 2013, they write thousands of fully customized immigration business plans and other business documents per year, with an emphasis on the Start-up Visa. Their volume gives them unparalleled expertise. This, paired with their responsiveness, professionalism and quick delivery times, is why immigration applicants – and the professionals who serve them – choose to place their trust in the Joorney team every day! Let them help you on your journey. Get started!
