Getting a Letter of Support from a Designated Entity is the most important qualifier to apply for Permanent Residency under the Start-Up Visa program. These designated Entities are approved business groups that can invest or support a start-up business under this program.
These Designated Organizations can be a:
- Venture Capitalist
- Angel Investor Group
- Business Incubator
Each of these designated entities have a different screening process that must meet the industry standards. These Designated Entities must be contacted by the applicant or their representatives (like an immigration consultant) to find out how to get a letter of support. The onus is on the applicant to effectively pitch their business idea to the Designated Organization and present the supporting business plan to show its viability.
Which Designated Entity to Approach?
This is one of the biggest questions that needs to be tackled wisely. Approaching the right designated entity could increase or jeopardize your chances of getting a positive approval on your application. The due diligence that the designated entity does before issuing you a letter of support is later scrutinized by the visa officer, who needs to understand that the applicant has all the right documents and a comprehensive business plan that the designated entity has evaluated as per the industry norms. Therefore, the decision to go to the right entity is a crucial one and must be made after taking expert advice.
There is no right or wrong answer here, but it all depends on the need of your business. For example, if your business is in the initial stages, going to a Business Incubator would probably make more sense to you. However, if the business is at the growth stage and more established, you might need some investments and so going to an Angel Investor would be more beneficial. While selecting a designated entity, you must do your research and consult the experts to help you make the right decision.
How to Succeed in Getting a Letter of Support?
Each of these designated entities have their own set of requirements that must researched. It is highly recommended to visit their websites to gather more information on what they are looking for. Some organizations for instance may ask for a full Business Plan while others may just require a business overview deck with an execution plan.
It’s important to have a well researched Business Plan, but it is equally important to present it confidently to convince the designated entity to provide you with the letter of support. The applicant needs to prepare well and must rehearse their pitch before the presentation. The Designated Organization if satisfied, will then provide a Commitment Certificate along with their letter of support.
This marks the first step towards beginning your Start-up Visa Application, however there are other requirements to be met.
