Understanding the Costs Involved in the Startup Visa Program
- Marcela Hartvig
- Jun 11, 2023
- 8 min read
Updated: Feb 5
Investing in the Startup Visa program and launching your Minimum Viable Product (MVP) is an exciting journey toward establishing your business in Canada. However, understanding the costs involved is crucial for effective planning and decision-making.
1. Investment in the Incubation Program
The incubator fees vary based on the institution, program structure, and level of support offered.
To participate in the Startup Visa Program, a minimum investment of CAD 30,000 per company is required. However, depending on the incubator that accepts your company and its specific offerings, this amount can go up to CAD 120,000.
What This Investment Covers:
✅ Incubation/Acceleration Program – A 12- to 24-month structured program provided by a government-designated incubator, equipping entrepreneurs with essential mentorship, training, and networking opportunities.
✅ Business Development Support – Access to expert-led workshops, market-entry strategies, and guidance to ensure your startup is well-positioned for success in Canada.
✅ Industry Connections & Investor Network – Many incubators provide access to potential investors, business advisors, and industry leaders, helping startups establish key relationships.
✅ Letter of Support (LOS) – The incubator will issue the Letter of Support, a critical document for your Permanent Residency (PR) application, confirming that your business aligns with Canada's economic and innovation priorities.
This investment in an incubator is a fundamental requirement of the Startup Visa (SUV) process, providing the business education, resources, and validation needed to secure your Letter of Support and establish your startup in Canada.
However, it is not the only investment required. Beyond incubator fees, other essential costs are involved in your immigration process, business development, and financial planning.
Below, we’ll outline what is not included in the incubator fees and what additional investments you should prepare for.
🚨 What’s NOT Included in the Incubator Fees?
❌ Innova’s Service Fees – offers strategic advice and guidance on navigating the Canadian business landscape, preparing your Pitch Deck for incubator presentations, and securing the Letter of Support. ❌ Costs Related to Developing Your Startup – Beyond incubation, you must invest in establishing and growing your business.
❌Immigration Fees (PR & Work Permit Application) – This investment does not cover government fees for Permanent Residency (PR) or Work Permit (WP) applications.
❌ Proof of Funds - You must demonstrate financial stability by showing proof that you have sufficient funds to support yourself and your family in Canada.
❌ English Proficiency Test (IELTS or CELPIP) - Applicants must meet CLB 5 language requirements, which may require taking an official English or French proficiency test.
❌ Language Classes (English or French) – If needed, you may have to invest in language training to meet the program’s language requirement.
These costs are essential for ensuring a smooth immigration process and business success. Below, we will detail each item so you can plan your investment accordingly.
2. Business Development & Operational Cash Flow
While incubator fees cover mentorship, networking, and business education, startup founders must also invest in building and sustaining their business operations. Developing a strong foundation requires additional resources, and ensuring sufficient cash flow is essential to keeping the business running.
💡 Each incubator has different fees, expectations, and selection processes. Some may provide additional resources, while others require proof of financial stability to ensure your business can sustain itself during the initial phase. It’s advisable to plan for operational cash flow, as some incubators may require proof of liquidity before issuing a Letter of Support.
Key Expenses for Developing & Running Your Business:
✅ Website Development – A user-friendly, responsive website is crucial for building credibility, attracting customers, and presenting your brand professionally.
✅ Visual Identity Creation – Designing a consistent brand identity, including logos, color schemes, and marketing materials, ensures cohesive branding across platforms.
✅ Business Management Software – Subscriptions for CRM systems, project management tools, and financial software help streamline business operations.
✅ Productivity Tools – Apps for team communication, scheduling, and collaboration improve efficiency, especially for remote or global teams.
✅ Digital Marketing Campaigns – SEO, online advertising, content creation, and social media strategies help establish a presence in the Canadian market.
✅ Event Participation – Attending or exhibiting at industry events, conferences, and startup networking sessions to promote your business and connect with investors.
✅ Software Development – If your startup is tech-based, costs may include
developer salaries, software licenses, hosting, and ongoing updates.
✅ Website/App/Game Development – If your startup involves digital products, investing in design, development, and user testing is critical for launch.
✅ Legal Services – Hiring lawyers for compliance, contract drafting, shareholder agreements, and intellectual property protection.
✅ Financial Advisory Services – Engaging accountants or financial consultants to handle taxes, financial reporting, and budget management.
✅ Consulting Services – Hiring business strategy experts to refine operations, market positioning, and scalability plans.
💰 Planning for Cash Flow It’s strongly recommended to have at least CAD 2,000 per month in available funds for business expenses during the first year. This ensures that your startup remains operational while you work toward scaling and generating revenue in Canada.
Why This Investment Matters
Developing a startup goes beyond just incubation—it requires ongoing financial investment, strategic planning, and business development efforts. Ensuring sufficient cash flow from the start reduces risks, improves sustainability, and positions your startup for success in the Canadian market.
🚨 Impact on Your Permanent Residency Application
Your business development directly impacts your Permanent Residency (PR) application. The Startup Visa Program is not just about getting a Letter of Support—it is about demonstrating real business growth. If you fail to develop your startup due to a lack of funds, your chances of PR approval decrease significantly.
Immigration authorities evaluate whether your business is active, scalable, and contributing to the economy before granting PR.
💡 Bottom Line: Proper financial planning is not just a business necessity—it is a key factor in securing your future in Canada.
3 - Immigration Fees, Services & Proof of Funds
Successfully navigating the Startup Visa (SUV) program requires careful planning for immigration-related expenses, professional support, and financial proof of stability. These costs are separate from incubator fees and must be accounted for to ensure a smooth application process.
Immigration Services & Consultation
Why Work with an Immigration Consultant?
The Startup Visa application process involves legal documentation, compliance requirements, and coordination between multiple stakeholders. Engaging a licensed immigration consultant can significantly increase efficiency and reduce errors, ensuring your application meets all requirements.
Key Benefits of Hiring an Immigration Consultant:
✅ Expert Guidance – They ensure your application is accurate, complete, and aligned with immigration policies.
✅ Time & Risk Reduction – Minimize the risk of delays or rejections due to missing documents or errors.
✅ Collective Advantage for Teams – If co-founders and families use the same consultant, they can benefit from bundled pricing and streamlined coordination.
Fees for immigration consultants vary depending on the case's complexity, the number of applicants, and additional services required.
Immigration Fees to Consider
Beyond professional services, you must budget for government-mandated fees required for your Permanent Residency (PR) and Work Permit (WP) applications.
✅ Biometrics Fees – Mandatory for identity verification in the application process.
✅ Permanent Residency & Work Permit Fees – Fees vary based on individual and family applications. Always check the official Canadian immigration website for the most up-to-date information.
✅ Medical Examinations – You and your family must undergo medical tests conducted by government-authorized doctors.
✅ Criminal Background Check – Submit a police clearance certificate from your country of residence.
Keep in mind: Immigration fees are non-refundable and must be paid in full before your application is processed.
Proof of Funds: Meeting Financial Requirements
As part of the Startup Visa application, you must demonstrate that you have sufficient financial resources to support yourself and your family after arriving in Canada.
Key Requirements:
The amount of money required is determined by the size of your family and is updated annually by the Canadian government.
Funds must be readily available and legally sourced—assets such as property or equity holdings do not qualify unless liquidated.
Bank statements or financial documents must be submitted as proof during the application process.
There are two financial tables to consider:
2️⃣ If applying for both a Work Permit & PR (since you will need personal funds to sustain yourself before PR is granted).
Immigration fees, consultant services, and proof of funds are crucial in your Startup Visa journey. Ensuring that you are financially prepared, working with experienced consultants, and following government regulations will increase the likelihood of a successful application and approval.
4 - English Proficiency Test & Language Studies
Proficiency in English or French is a mandatory requirement for the Startup Visa (SUV) Program. Applicants must demonstrate a minimum language proficiency level of CLB 5 (Canadian Language Benchmark) to qualify.
To prove your language ability, you must take an officially recognized English or French proficiency test and submit the results with your application.
Accepted English Tests for the Startup Visa Program:
Proficiency in English is an essential requirement for the Startup Visa program, so you may need to take language proficiency tests such as IELTS or CELPIP.
The costs associated with these tests can be found on the respective test provider's websites.
You must achieve at least CLB 5 in all language skills: listening, reading, writing, and speaking.
Test scores are valid for two years from the test date.
Fees vary by country and test provider, so check the official IELTS or CELPIP websites for up-to-date costs.
English Studies: Improve Your Language Skills Before Applying
If you need to improve your English or French proficiency, enrolling in language courses can help you meet the required CLB 5 level.
Benefits of Language Studies Before Taking the Test:
✔ Increase your chances of success in the incubator program.
✔ Improve your business communication and pitching skills.
✔ Build confidence for interviews and networking in Canada.
Want to assess your current English level? Take an online placement test [here] .
Study English from Anywhere – If you want to prepare in advance, you can enroll in an online English course from a Canadian-accredited school, ensuring high-quality instruction before you arrive in Canada.
Investing in language skills helps you qualify for the Startup Visa and sets you up for business success in Canada.
Assertive communication is key to building relationships, attracting investors, and growing your startup.
5 - Innova’s Services: Your Project Manager & Connector
Navigating the Startup Visa (SUV) Program requires strategic planning, business development, and expert guidance. Innova acts as your project manager and connector, ensuring that your startup meets all key milestones while bridging the gap between you, incubators, and immigration professionals.
📌 How We Support Your Startup Visa Journey:
✅ Consultation & Business Ideation – We assess your business idea, team structure, and market fit, ensuring eligibility for the Startup Visa Program.
✅ Pre-Incubation & Incubator Matching – We refine your business model, prepare your Pitch Deck, and connect you with the incubator that aligns with your startup’s industry and growth goals.
✅ First Phase – Letter of Support Request – Once accepted by an incubator, we help finalize your Business Plan, incorporate your company, and meet incubator requirements to secure your Letter of Support.
✅ Timeline & Immigration Planning – We create a structured roadmap to help you transition smoothly to Canada, covering relocation, financial planning, and business setup.
✅ Startup Counsellor Services (Ongoing Support) – After obtaining your Letter of Support, we provide continued advisory services, including strategic business growth, funding and grants mapping, and bookkeeping support.
💡 Your startup’s success is directly linked to your PR application.
Ensuring financial sustainability and business growth is key to securing your long-term future in Canada.
📌 Ready to take the next step? Work with Innova to simplify your Startup Visa journey and accelerate your success in Canada!
Book a business idea consultation with us today, and let us guide you through the process.
We'll assess your business concept, discuss the investment requirements, and provide personalized advice to set you on the path to success. Don't worry; we know the steps you have to take.
Take advantage of this opportunity to bring your entrepreneurial dreams to Canada.
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