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Everything you need to know about Spring’s Impact Startup Visa Program

January 17, 2024
By Meet Trivedi

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At Spring, we empower entrepreneurs and entrepreneur support organizations to build better businesses and change the world through innovation. Better businesses and change the world through innovation.

Our Approach 

Making Impact Mainstream 

We engage with entrepreneurs, investors, and ecosystem supporters in the debate on Impact, metrics, and how you can develop a business model driven by purpose while making a profit at the same time. We invite you to join us in the conversation.

Ecosystem Nurturing 

Spring works with entrepreneurs, incubators, accelerators, foundations, donors, and governments to ensure a holistic approach to organizational and ecosystem growth.

All Industries Welcome

We’ve worked in various sectors across multiple product types such as food, agriculture, healthcare, sustainable energy, apps, and e-commerce. Our work also spans different business types from for-profit to non-profit as well as early to growth-stage enterprises.

Global Reach

We decided early on to engage globally. That means Spring can work with organizations anywhere in the world, and we’ve already supported more than 40 communities worldwide in nurturing their entrepreneurial ecosystems.

What is Impact Startup Visa Program?

Spring’s virtual Impact Startup Visa (ISV) Program is a comprehensive 3-month program that combines a traditional startup Incubator program with processes and support to help you launch and solidify your business headquarters in Canada.

Designed to support entrepreneurs who want to use their businesses to address social and environmental issues, the ISV program offers the training, mentorship, opportunities, and connections your Impact-first enterprise needs to unlock growth and crystallize its effect on people and the planet.

The ISV program operates under the banner of Canada’s Start-Up Visa (SUV), which is a Canadian immigration channel created to increase innovation and employment within the country.

As an entrepreneur, you can choose from two tracks in the program: ISV Standard and ISV Premium. These tracks are designed to cater to the different requirements of entrepreneurs. The ISV Standard may be suitable for those looking for a supportive environment to nurture their early-stage business ideas, while the ISV Premium could be a better fit for entrepreneurs seeking a more advanced and comprehensive support system for their established ventures. The choice between the two programs depends on the specific needs and stage of development of your business.

TRACK ONE: ISV STANDARD

What’s included

24 online training modules over 12 weeks of learning sessions, delivered by top business trainers.

Access to a vetted network of experienced entrepreneurs, mentors, investors, and business partners.

Industry experts to increase your knowledge in specialized areas.

Connections to relevant partners, investors, funding opportunities, business services and more.

Track One: ISV Standard Program Fees:

For the entire list of frequently asked questions about the Impact Startup Visa Program (Standard), please visit https://spring.is/isv.

TRACK TWO: ISV PREMIUM. ALL THE FEATURES OF ISV STANDARD, AND MORE

What’s included

Selecting the right legal firm, structure, and setting up the legal entity.

Accounting firm selection, registration for relevant tax numbers, accounting software advice, first-year financial statements, first-year corporate tax filing

Extensive work with an Entrepreneur in Residence on Business Plan and Launch Plan to maximize success.

Expert-led workshops on Investment Readiness, Intellectual Property, Digital Marketing, and more

Introductions to banking partners, setup of business bank accounts,

Marketing Plan development support, digital marketing training program, website launch, and guidance on social media.

For the entire list of frequently asked questions about the Impact Startup Visa Program (premium), please visit https://spring.is/programs/impact-startup-visa-program-premium/ or email us at help@spring.is

ISV Program Admission Criteria

This program supports and mentors established business leaders who want to launch a new Impact-focused business in Canada. As a result, applicants to the ISV Program must have a business idea motivated by a positive social or environmental Impact, market research, and a pilot plan to present to the recruitment team.

Purpose-Driven Business

Successful applicants and their business models are motivated by having a positive Impact, whether social or environmental, directly through their product or service or in how they operate. The ISV program will be taking participants on the journey of how to incorporate Impact and Impact measurement into their business models. 

Why Canada

An ideal candidate would be able to show a clear and well-researched rationale on why it is beneficial to start up their business in Canada, and how they plan on doing so. This includes having researched the nature of the demand for their product or service, the competitive landscape, and how they address both of these. In addition, their operations plan and financial forecast would reflect the research they have done into the Canadian landscape.

Application Process

We accept applications on a rolling basis throughout the year. However, we highly encourage candidates to apply as early as possible to account for immigration processing times.

Step 1: Assess your eligibility to the Start-Up Visa Program here.

Step 2: Apply for Spring’s Impact Startup Visa Program here.

Step 3: Go through initial screening, interviews and a due diligence process with Spring.

Step 4: Accepted candidates receive a Letter of Support for Canada’s Start-Up Visa Program.

Step 5: Submit your Letter of Support and the application package to Canada’s Start-Up Visa Program.

*Please be aware that Work Permit and PR application fees are not included in this since they are paid separately to the Canadian government.

*Please note that it is now mandatory to use an immigration lawyer/consultant; we’d be happy to refer you to one.

*The maximum number of people allowed per application to the Start-Up Visa is five.