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K STARTUP
ASSOCIATION
INCUBATING HUB
About us
We mentor all young Koreans preparing to start a business in Canada on company establishment, basic accounting, how to open a bank account, etc., and provide basic knowledge and methods to effectively market the company/brand/technology/products, as well as how to receive Canadian government grants, how to receive investments, and so on, so that they can establish the foundation for correct and easy startup and effective company management.
We operate the K Startup Incubating Hub, a shared office for startups or new entrepreneurs, within the Vancouver Korean Community Center of the BC Korean Association, and also provide Virtual Office Address Service and Mailing Service.
We also provide overseas branch office, export voucher, and export consultation services for Korean companies preparing to enter the North American market at a cost-effective budget, and provide services related to export and import business with Korea along with local Canadian startup support services.
What we do
Canadian Startup Consulting
1. Consulting on how to establish a company
How to search and register a company name, How to establish and register a corporation, How to open a CRA Account, How to open a Bank Account
2. Basic accounting consulting
Basic accounting knowledge to know to effectively operate a company, Corporate income tax reporting procedures and methods
3. Canadian government grant consulting
Types of grants and qualifications and claim methods, Technical consulting
4. Company Branding & Digital Marketing consulting
How to effectively promote a company, brand, technology, and product, Data analysis of promotional effects, Consulting on modifying and converting promotional methods
5. Investment receiving consulting
Types of investment and preparation, Technical consulting / Which companies are good at receiving investment? / How to network with investors?
Support for import and export of Korean products
1. Import/Export Customs Clearance
Test export for entry into the North American market / HS code investigation for related certification and Canadian customs clearance
2. Market test
On/offline marketability test / Direct sample entry and testing in local Canadian market / Demand and export possibility investigation
3. Key items
Food / Small appliances / IT Hardware / EV Charger & Advanced Charging Solutions / ESS / Industrial Robot / Waste management Equipment
Overseas branch office business
Maximize the effect through local expert matching and effective support for Korean startups and SMEs hoping to enter the North American market
1. Market research (consulting)
2. Digital promotion/advertising/marketing
3. Local exhibitions/events/consultations
4. Local buyer and expert networking support
5. Certification/documentation/logistics/customs clearance agency
6. Canadian government grant consulting support
7. Support for corporation (branch) establishment, factory establishment
8. Canadian stock market (TSXV) listing consulting
NEW
Start-up Visa Consulting Service
K Start-up Association Canada provides a full range of services to help entrepreneurs strategically navigate the Canadian Startup Visa Program.
Our services include legally securing investor support, advising on how to prepare for the program, and assisting with reviewing, preparing and submitting applications for temporary and permanent residency, in partnership with leading local law firms.
K Start-up Association Canada’s in-depth experience with the Startup Visa Program allows us to provide clients with a complete perspective on how to successfully navigate the program.
Our extensive network of global immigration contacts provides our clients with skilled services as they embark on their journey to launch and scale an innovative business in Canada.
K Start-up Association Canada offers tailored solutions for startups across a range of sectors.
Start-up Visa Process
Onboarding --> Document Checklist --> Preparing Application Package --> Filing Applications --> Tracking Applications
Strategic legal support
Backed by Canada’s leading legal professionals, our association provides accurate and effective assistance in all aspects of the startup visa program. From thoroughly reviewing and preparing documentation to providing strategic cross-border advice, K Start-up Association Canada focuses on putting our clients’ interests first at every step.
Litigation experise
The K Start-up Association Canada does not simply submit applications, but also proceeds with litigation through its partner law firms when necessary. The association's partner law firms clearly understand the core points of immigration law and have extensive experience and expertise in investment and management strategies, providing complete support in all aspects.
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Client-centric Approach
K Start-up Association Canada places the success of our clients and members first and foremost, providing personalized attention and a client-centric approach.
We are committed to understanding our clients’ unique needs and tailoring our strategies to help your startup succeed in Canada.
K Start-up Association Canada can conduct startup visa eligibility assessments for our clients and members.
Contact us today for more information.
+1-778-317-4356 k.seedup@gmail.com
NEW
Canada Government Grant Consulting Service
SR&ED (Scientific Research & Experimental Development) Tax Incentive Program
1. What is the SR&ED program?
The SR&ED program is a tax credit and cash rebate program provided by the Canadian government to encourage innovative technology development or empirical technology development. Canadian corporations or individual businesses can receive reimbursement or tax credits for a portion of the expenses incurred for research and development projects that meet certain requirements.
(Detailed explanation of the Canadian government program:
https://www.canada.ca/en/revenue-agency/services/scientific-research-experimental-development-tax-incentive-program.html)
2. Advantages of the SR&ED Program
* Securing Funds: Accelerate the development of innovative technologies by receiving cash reimbursements for labor, material, and outsourced service costs already incurred for research and development and experimental development projects.
* Tax Savings: Reduce corporate tax burden through tax credits for research and development expenses.
* Strengthening Competitiveness: Strengthen the competitiveness of companies and expand market share through the development of innovative technologies.
3. Who can apply?
Any Canadian corporation or individual business that meets all of the following conditions can apply for the SR&ED Program.
* Must be operating a business in Canada.
* A company that is developing an innovative technology development project or an empirically advanced business tool.
* Project-related expenses (labor costs, material costs, outsourcing costs) must have been incurred.
4. What expenses are supported?
The SR&ED program supports the following research and development-related expenses.
* Labor costs - Up to 75% of labor costs invested for technology development
(Example: $75,000 reimbursement when an employee with an annual salary of $100,000 performs 100% of technology development work during regular working hours)
* Material costs - Up to 35% of material costs incurred for technology development
* External service costs: Up to 35% of the contract amount when hiring external technology services to realize an idea
5. Application process
Applying for the SR&ED program requires a complicated and rigorous process.
Our Smart Green Tech will help you with your application together with SR&ED experts.
We will support you without any burden with Risk Zero Success Fee Payment Service that does not charge a fee in case of application failure.
6. Our Services
* SR&ED Eligibility Assessment: We will evaluate whether your project meets the requirements of the SR&ED program.
* Application Writing Support: We will support you in writing and submitting the SR&ED application.
7. Inquiry
Find out more details about the SR&ED program or how to apply through a free Smart Green Tech informational meeting.
Customer Cases
a.. Sushi Restaurant: Received $75,000 cash back for developing a nutritious sushi rice recipe
b. POS Developer: Received $110,000 cash back for developing a program that connects multiple delivery company app orders to the POS system
c. Door Manufacturing, Sales, and Installation Company: Received $203,500 cash back for developing a door system with improved waterproofing and security
d. Medical Assistance Robot Development Company: $1.5M Cash Rebate for Developing Lower Body Paralyzed Patient Assistance Skeleton and Locomotion Robot
Any company that improves their current work or develops a new idea can receive the cash rebate, regardless of whether they are in a specialized scientific or technological field.
This cash rebate is not a government loan, so it is a pure government grant that does not have to be repaid.
IRAP (Industrial Research Assistant Program)
Am I Eligible for Financial Assistance?
If you meet the following criteria, contact NRC IRAP at 1-877-994-4727 to determine if your company is eligible for NRC IRAP assistance.
IRAP provides non-reimbursable financial assistance that covers 80% of salaries and 50% of contractor costs under the following subprograms. Total project costs and allocated funds are determined in collaboration with the NRC IRAP Industrial Technology Advisor (ITA).
A. Small Technology Innovation Projects or Accelerated Review Process (ARP)
Grants of up to $50,000 are available to assist companies in commercializing their R&D and technology projects.
B. Small Technology Innovation Projects
Large grants of up to $10 million are available, typically focused on R&D, new innovative product development, or original software creation.
C. Youth Employment Strategy Program
Provides up to $30,000 per graduate between the ages of 15 and 30 for a 12-month internship period. Up to two candidates may apply, but no candidate may be an employee at the time of application.
1. Who is eligible?
To receive IRAP funding, you must meet the following basic eligibility criteria:
Be a Canadian small business with a for-profit purpose
Have 500 or fewer full-time employees
Have a goal of growing and generating revenue by developing and commercializing innovative, technology-driven new or improved products, services, or processes in Canada
2. What to prepare for the NRC IRAP pre-screening
- Business plan or pitch deck
- Copy of company financial statements
- Resumes or biographies of each member of the management and technical team
3. How do I apply?
- The first step is to contact your local IRAP ITA at 1-877-994-4727 to discuss your project.
- The ITA will help you determine your eligibility and submit a funding proposal.
What you need to know before meeting with an ITA
A. Technology/Project Overview
A high-level overview of the technology or product you are developing.
What problem does it solve and why is it needed in the market?
Potential obstacles and mitigation strategies.
B. Management and Company Skill Set
A current company overview.
Why are you the best team to complete this project and make it commercially successful?
Does your team (or proposed partnership, etc.) have the skills necessary to develop and market the product?
C. Financial Capability
They want to know that you can cover the remaining 20% of your salary, 50% of the subcontractor costs, and any other costs not covered by IRAP (e.g. 100% of capital expenditures).
D. Business and Market
- Quantify the business opportunity.
- Market size and strategies to capture proposed market share.
- Potential barriers and mitigation strategies.
- Intellectual property rights.
E. Economic impacts
What will be the economic impacts? And what will be the benefits to Canada? Job creation, increased revenue, etc.
F. High-level project plan and timeline
If there is more than one phase, there will be sub-phases.
Timelines and proposed milestones for each phase.
Costs for each milestone.
4. When is the deadline?
Projects funded by IRAP must be completed during the fiscal year, i.e., April 1 of the current year through March 31 of the following year.
While IRAP’s funding program does not have a specific deadline, it is recommended that you contact your local ITA prior to April 1 to learn more about the funding cycle and determine if your project is eligible for the following fiscal year.
5.How is it different from SR&ED?
IRAP requires a funding proposal before the project begins. In contrast, SR&ED costs are billed after they are incurred.
SR&ED claims are filed with the CIT, but you must work with the IRAP ITA to submit a funding proposal.
Can I apply for IRAP and SR&ED at the same time?
IRAP does not include indirect costs, but SR&ED does. SR&ED is billed to SR&ED eligible salaries, and the 55% indirect costs mandate is deducted from the government support.
IRAP covers 50% of the contractor and 80% of the salary, so you are responsible for the remainder.
6. What happens next?
If NRC IRAP support is deemed to be beneficial to your development and growth strategy, you will be referred to an Industry Technology Advisor (ITA).
7. Understanding Your Business
ITA may meet with you in person to gain a deeper understanding of your business, including your business strategy, challenges you face, growth opportunities, and future plans. This information will help ITA develop a diagnostic that identifies perceived gaps and recommends strategies to address them.
8. Developing a Project Proposal
Once ITA has evaluated your business and proposed project, we may invite you to develop a project proposal for financial support through NRC IRAP. We will evaluate your proposal within 3 months.
9. Approval of the Project
If successful, you will receive a financial contribution to cover the cost of your R&D project activities and will be required to submit a monthly repayment claim to NRC IRAP. ITA will support you throughout your project.
SPONSORS
