I have a startup that I launched in my home country of Egypt back in 2018. Due to bureaucratic hurdles, I had to stop the project as it was deemed to be a threat to national security because it used data mining of consumer data. However, it has great potential for success. Can I apply for a Canada startup visa with this project, seeing that it was already registered in Egypt before?
The SUV Program exists to promote innovative growth in Canada, but does not restrict applicants to create a "new" company. You can indeed apply to the program with an already-incorporated entity, provided that it is deemed to be innovative. Typically, however, the applicant will be expected to set up a Canadian branch and transfer IP, if applicable, in keeping with the spirit of the program to propel development inside Canada.
The SUV program and the idea cannot be aged more than a year, however, there are many factors involved such as the sales stage or having a patent and many others. You may consider that your project might be eligible for investment for the investors or venture capital but once you are in Canada and pitch as a resident. There are always possibilities but you need to be eligible for the immigration requirements and get a letter of support from a designated organization before considering the project's success at an early stage.
There is no restriction on the projects which have been launched in other countries. Therefore, your inactive project may also be used for your application of startup in Canada.
You will need to register a new entity in Canada anyway to apply for the SUBC. Therefore, whether your Startup is inactive or active in Egypt is irrelevant. The important thing is if the idea is still innovative.
The 'start up' aspect of the visa relates to being a start up in Canada. It is not uncommon - in fact, I would say it is virtually always the case - that the business is an existing business abroad, now launching in Canada. Further, given this, recognize that it will be necessary to show the viability of the business, which may be impacted by the viability of the foreign business.
You can apply for a Canada startup visa using your previously registered but inactive business project. Although the project faced hurdles in your home country, its potential for success showcases your entrepreneurial spirit. To succeed in your application, focus on explaining the innovative concept behind the project, its market potential in Canada, and how you've addressed any previous national security concerns. Prepare a detailed business plan outlining your strategy for reactivating and scaling the project in Canada. Before proceeding, it's crucial to thoroughly check the eligibility requirements and steps for the Canadian startup visa program. This will ensure that your project aligns with the program's criteria and that you're well-prepared for the application process.
It might be possible. If I could see the Pitch Desk, it would be possible to provide a more accurate answer but technically, if you have developed qualified innovative intellectual property in Egypt, it could be used for the start-up visa program in Canada.
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