#suvprogram

Work Permits For Startup Visa

The Canadian government has updated the Startup Visa (SUV) program, allowing essential candidates to apply for open work permits from October 3rd, 2024. Open work permits let foreign nationals work for any employer without a job offer, providing flexibility beyond closed permits. To qualify, applicants must have an Acknowledgment of Receipt (AOR) and meet specific requirements. Priority cases will receive faster processing, while non-priority applicants may face delays. Existing closed work permit holders can transition to open permits without an AOR.

The Canadian government announced significant changes to its Startup Visa (SUV) Program on April 30, aiming to reduce application backlogs and speed up processing. These changes, however, have caused concerns among entrepreneurs. Key updates include a cap on permanent residence applications, limiting them to 10 startups per designated organization, resulting in about 820 applications yearly. Startups backed by Canadian capital or linked to Canada’s Tech Network will receive priority processing. Founders can now directly secure permanent residence with fewer net worth requirements, though financial stability must be demonstrated upon arrival. The cap is intended to streamline the application process and improve the program’s efficiency. Matrix Venture Studio, a consulting firm, assists immigrant entrepreneurs in navigating these changes by offering market research, business plans, and growth strategies, ensuring their success in Canada. The cap is expected to remain until 2026.