500 Canada Permanent Residence issued to Start-up visa candidates in Jan

Highlights: 500 new permanent residents arrived in Canada through the Start-up visa program

• A new record was set by Canada’s Start-Up Visa (SUV) entrepreneur immigration program last year, and around 1,460 new permanent residents arrived in Canada through this program.
• Canada’s Start-Up Visa (SUV) program was launched in 2015.
• In January 2024, nearly 500 immigrant entrepreneurs became permanent residents.
• British Columbia and Ontario remain the most popular destinations for Start-up visa immigrants.

 

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Canada’s Start-Up Visa program

Canada is looking for talented entrepreneurs who are willing to invest and start a business in the country. Canada’s Start-up Visa Program, also called the SUV program of Canada, is a pathway for qualified entrepreneurs. This program allows entrepreneurs to migrate to Canada to establish a new business.

 

According to the latest data from IRCC, nearly 500 immigrant entrepreneurs got Permanent Residence in Canada in January 2024 through the Start-up Visa Program.  In 2023, Canada’s Start-Up Visa (SUV) Program set a new record by issuing 1,460 new permanent residents. This number broke the previous record of 575 new permanent residents in 2022.

 

The first month of 2024 saw the highest number of immigrants getting permanent residents through the SUV program. If this continues, around 5,880 new permanent residents will be invited by the end of this year.

 

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The SUV program generates new permanent residents than federal worker programs, such as the Federal Skilled Trade (FST) and Federal Skilled Worker (FSW), the Provincial Nominee Programs (PNP) or the regional economic development programs including the Atlantic Immigration Program (AIP) or Rural and Northern Immigration Pilot (RNIP).

 

Requirements for Canada's Start-up Visa

• Considering all company shares, you must hold at least 10% of the voting rights.
• Pitch your business idea and satisfy the organization that it is worth supporting. 
• You must take a language test from a legalized agency and get 5 in either English or French in speaking, reading, listening, and writing.
• Show proof of funds that you have enough money to support yourself and any family members.

 

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Ontario and British Columbia became choice destinations for SUV entrepreneurs.

British Columbia and Ontario remain the most popular destinations for SUV immigrants. British Columbia received 170 new permanent residents in the first month of this year, and Ontario received 275 new permanent residents through the program.

 

List of SUV entrepreneurs welcomed in January in other provinces or territories.

Province/ Territories	No Permanent residents
Ontario	275
British Columbia	170
Alberta	5
Manitoba	35
Nova Scotia	5

 

Three sectors of SUV

Three types of private-sector investors are considered in SUV: angel investors, venture capital funds, and business incubators.

Investors must invest at least $200,000 into the qualifying business. They can qualify with two or more commitments from nominated venture capital funds totaling $200,000.

 

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