As of October 3, 2024, Canada’s Start-Up Visa (SUV) program has undergone significant changes, introducing new opportunities for start-up entrepreneurs. The policy now includes a 3-year Open Work Permit, allowing applicants to work for any company while awaiting their Permanent Residency (PR) card. This groundbreaking move reaffirms Canada’s position as one of the most attractive destinations for global investors and entrepreneurs.

Canada – An Ideal Destination for Vietnamese Entrepreneurs

With a robust economy and a business-friendly environment, Canada consistently ranks as a top destination for Vietnamese investors. Currently, over 3.5 million start-ups operate in Canada, contributing up to 50% of the nation’s GDP. This highlights the appeal of its start-up ecosystem, supported by venture capital funds and a highly skilled workforce.

The recent policy updates to the SUV program provide entrepreneurs with greater opportunities to integrate and expand their business networks while also offering financial support through additional work opportunities. Vietnamese entrepreneurs can leverage these changes to establish an international brand in a competitive yet supportive environment.

Opportunities from the New Policy

• Work Freedom: The Open Work Permit allows entrepreneurs to work beyond their specific project, enabling them to explore new business opportunities without risking immigration violations.
• Financial Support: Having an open work permit creates a stable income stream, supporting the initial phases of their start-up ventures.

In the context of Canada’s ongoing efforts to attract global talent, these changes offer substantial prospects for Vietnamese entrepreneurs looking to bring their projects to international markets.

Challenges of the Start-Up Visa Program

While the new policy offers many benefits, there are challenges as well:

1. Acknowledgment of Receipt (AOR): Applicants must obtain an AOR from the Canadian government, confirming that their PR application has been received. This process can take 6–16 months, potentially delaying project timelines.
2. Demonstrating Progress: Entrepreneurs need to show significant progress in their start-up projects, including product development, market expansion, or securing investment.
   • According to Canada’s Immigration Department, only 30% of start-ups meet requirements within the first two years, indicating the pressure on international entrepreneurs to deliver results.

Portico and Bridge – Your Strategic Partner for Success

Achieving success in the SUV program requires a clear plan and professional support. Portico and Bridge, with years of expertise in immigration and investment consulting, is proud to be a trusted partner for Vietnamese entrepreneurs entering the Canadian market.

• Proven Track Record: Over 200 successful cases annually, showcasing our competence and reliability.
• Comprehensive Support: Assistance with PR applications, AOR acquisition, and work permit preparation.
• Business Strategy Guidance: Advice on building strategies, connecting with partners, and securing venture capital in Canada.
• Compliance Assurance: Ensuring your application meets Canada’s stringent immigration standards.

We are committed to guiding you through every step of your journey to realize your dreams of residency and entrepreneurship in Canada.

Seize the Golden Opportunity from the SUV Policy

Canada’s new policy is an unparalleled opportunity for Vietnamese entrepreneurs seeking a professional and sustainable international business environment. To maximize these benefits, thorough preparation and specialized support are essential.

Let Portico and Bridge be your companion. Contact us today for a free consultation and begin your start-up journey in Canada. This is your first step toward global success.