2024 has brought major changes to Canadian immigration, especially with the Startup Visa (SUV) program. As one of the organizations selecting top startups for this program, we’ve seen firsthand the introduction of a cap. While we knew this was coming, the timing was uncertain. Now that it’s here, let’s break down what it means and what we’ve learned.
Why the Cap Matters
The cap aims to restore fairness to a system that had been exploited. Some organizations were giving out Letters of Support (LoS) to individuals who simply wanted a way to immigrate, rather than build real businesses. This hurt the program’s reputation and delayed processing times for legitimate startups.
As a result, all designated organizations were affected. We began to see skepticism from others in the market: “Oh, you’re one of those…” Worse, startups following the proper process were held back because of the overwhelming number of weak applications.
While the cap of 10 startups per organization may seem restrictive, it’s a step toward fixing the system and ensuring the program focuses on real, high-potential tech companies.
Who Is the Startup Visa Program For?
The SUV program is not for everyone. It’s not for companies still in the idea stage. It’s designed for startups that already have traction and see Canada as the perfect base to expand into North America.
Many startups in this program come from emerging markets, where business environments are less structured. Moving to Canada—a mature and highly regulated market—requires significant adjustments. Companies need clear strategies, strong due diligence, and the ability to adapt.
The Truth About Letters of Support
There’s a common misconception about Letters of Support:
- An LoS is not a guarantee of success.
- It’s an essential document but only one part of the process.
If you spend all your resources on getting an LoS but don’t have the funds or plan to actually move and scale your business, your chances of success are slim. The LoS opens the door, but it doesn’t secure your future.
The SUV program demands dedication, resilience, and the right support system. That’s why it’s crucial to work with trusted partners who understand the process and can guide you.
The Journey Is Tough, but Worth It
Building a startup is hard, and doing it as an immigrant adds extra challenges. You’ll face setbacks, frustrations, and moments where you’ll question whether it’s worth it. But having the right community and support makes all the difference.
Over the years, we’ve helped many startups navigate this journey. While we’ve already selected our cohort for this year and early next year, my goal here isn’t to attract more applicants. It’s to remind everyone that the LoS is just one piece of the puzzle.
My Personal Commitment
As an immigrant myself, I understand the challenges of starting over in a new country. Sixteen years ago, I came to Canada under the economic class. My first business here failed. But through perseverance, I built a consultancy and accelerator that has created jobs for dozens of Canadians—both immigrants and Canadian-born, I pay taxes, my company pay taxes, I believe I’m doing the right thing in this country.
I know firsthand how much immigrants can contribute to the economy when given the right opportunities. That’s why it pains me to see people exploit this program, taking advantage of those chasing their dreams.
A Final Word of Advice
If you’re considering the Startup Visa program, approach it with seriousness and a clear purpose. This program is for entrepreneurs ready to grow a business, not for those simply looking to immigrate. If immigration is your primary goal, explore other pathways.
For startups with global ambitions, our team at Global Startups is here to help you navigate this challenging but rewarding journey.
Miryam Lazarte, CEO at Global Startups Accelerator and General Partner at GSA Ventures
