**effective January 1, 2026, IRCC will stop accepting new Start-Up Visa (SUV) applications. A new program will replace SUV in 2026.
Below is a step-by-step guide for launching a new business in Canada:
1. Idea Development
Define your business concept. Identify what problem it solves and how it creates value. Consider the products or services you want to offer and the type of business structure (sole proprietorship, partnership, or corporation).
2. Preliminary Planning
Prepare a concise one-page business summary that outlines:
– Your offering (products or services)
– Target market profile
– Competitive edge
– Initial estimates of demand and market conditions
3. Market Research
Conduct primary and secondary research to understand:
– Customer needs and behaviours
– Industry trends
– Competitor strategies and pricing
– Regulatory or compliance requirements
4. Business Planning
Develop a detailed business plan covering the following components:
– Marketing strategy
– Operational plan (supply chain, delivery model, day-to-day processes)
– Legal and licensing requirements
– Financial plan (startup costs, cash flow forecast, revenue model)
Determine what resources are required to launch and sustain the business:
– Capital investment
– Staffing and management
– IT systems or tools
– Physical workspace or equipment
– External partners or suppliers
6. Implementation
Register your business and secure required permits or licenses. Open a business bank account and set up accounting systems. Launch your product or service in line with your marketing plan. Monitor progress, evaluate early feedback, and refine operations.
