Achieving success under the SUV program requires a methodical approach and a full understanding of each step in the process. Each phase has its own unique requirements and potential challenges.
Step 1: Develop a Business ConceptThis begins with market research and identifying the startup’s competitive advantages. Designated organizations seek projects that offer clear value propositions, feasible monetization strategies, and room for scalability. The business should address a real need in the Canadian or global market.
Market research should include analysis of market size, competition, regulatory environment, and customer segments. Special attention should be paid to the Canadian context, including cultural norms, consumer behavior, and technology adoption.
The business model must outline unit economics, monetization paths, scalability levers, and competitive differentiation. The financial model should project 3 to 5 years ahead, detailing revenue sources, cost structures, and key performance indicators.
Step 2: Select a Designated OrganizationThere are currently 84 designated organizations, categorized into three types: 32 venture capital funds, 27 angel groups, and 25 incubators. Venture capital funds focus on high-growth tech startups and require a minimum CAD 200,000 investment. Angel groups are more flexible, typically investing at least CAD 75,000, and often specialize in specific sectors. Business incubators do not require capital investment but offer mentorship and access to support ecosystems through structured 3 to 6-month programs.
Applicants should carefully research each organization’s portfolio, investment thesis, industry focus, team background, and success stories. It is essential to approach groups with a history of supporting similar businesses or with relevant domain expertise.
Administrative fees can vary significantly:- Venture capital funds may charge CAD 50,000 to 100,000 for due diligence and onboarding.
- Angel groups generally charge CAD 25,000 to 45,000 per founder.
- Incubators typically charge CAD 40,000 to 50,000 per team for program participation.
Step 3: Prepare and Submit the PitchA strong pitch deck should contain 10 to 12 slides covering the problem, solution, target market, competitive landscape, business model, team profile, financial projections, and use of funds. The initial 2–6 week review process includes interviews, reference checks, market validation, technical and legal due diligence.
A robust data room should also be prepared in advance, including financial statements, legal documents, IP records, customer lists, and technical materials.
CBGA guides clients through pitch creation, mock presentations, and the vetting process. Our established relationships with designated organizations help strengthen the application’s credibility.Step 4: Submit the Immigration ApplicationThis involves compiling extensive documentation: completed forms, Letter of Support, language test results, police clearances, medical exams, educational credentials, and proof of settlement funds. Supplementary materials such as the business plan, pitch deck, incorporation records, capitalization table, and financial documentation are also required. The quality of documentation significantly affects processing speed and outcomes.
In parallel, applicants should file for the open work permit. This three-year permit allows them to work for any employer in Canada while growing their business. Spouses and children are eligible for accompanying permits.