Canada Start-Up Visa Immigration doubled in 2023

Highlights: Start-up visa in Canada witnesses a surge in 2023

• Start up visas for entrepreneurs saw an increase in new permanent residents in October.
• British Columbia and Ontario emerged as the top destinations for SUVs admitting a total of 990 new permanent residents in November.
• Candidates can enter Canada with a work permit before their permanent residence application is processed.
• IRCC plans to welcome a total of 17,000 new comers to Canada for the period of 2024 – 2026.

 

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Start-up visa Program witnesses a surge in new permanent residents in Canada

In the recent data released by Immigration, Refugees and Citizenship Canada (IRCC), the Start-Up Visas (SUVs) for entrepreneurs witnessed a notable increase in October permitting 200 new permanent residents which represented a 37.9% increase. 135 entrepreneurs entered Canada as new permanent residents in November.

 

1,145 new permanent residents have been accepted by the SUV by the end of November, an increase of 104.5 per cent compared to the same period last year.

 

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IRCC's plans for admitting newcomers in Canada

IRCC has allotted a part of its planned admissions for permanent residence for start-up visa applicants. The plan includes welcoming newcomers in Canada for 2024 – 2026:

 

Year	Admission of newcomers
2024	5,000
2025	6,000
2026	6,000

 

Newcomers in different provinces in Canada

British Columbia and Ontario emerged as the top destinations for SUVs in November. The details about the number of new comers welcomed by different provinces in Canada are given below:

 

Month	Province	Number of newcomers welcomed
November	British Columbia	265 new permanent residents
	Ontario	725 new permanent residents
	Alberta	No change in numbers
	Manitoba	120 immigrant entrepreneurs
	Nova Scotia	15 immigrant entrepreneurs

 

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Start-up visa program in comparison with other programs

The SUV program generates a significantly smaller total number of new permanent residents compared to federal worker programs like Provincial Nominee Programs (PNP), Federal Skilled Worker (FSW) and Federal Skilled Trade (FST), and initiatives like the Northern Immigration Pilot (RNIP), and Atlantic Immigration Program (AIP).

 

Candidates can enter Canada with a work permit

Candidates under the SUV program may first enter Canada with a work permit supported by their Canadian investor before their application for permanent residence is processed. The complete process of applying for PR in Canada will take 37 months.

 

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Three categories of private sector investors are considered under the SUV program

The applicant must be accepted into the business incubator program of a designated business incubator. The immigrant investor creates a business plan that meets the requirements of the government approved designated firms.

 

The business development and investment of the business is carried out under the supervision of skilled corporate business immigration lawyers guaranteeing that the business concept meets all the terms and conditions.

 

Three categories of private sector investors are considered under the SUV programs that are venture capital funds, business incubators, and angel investors.

 

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Requirements and eligibility criteria for SUV program

Candidates seeking the SUV must meet several requirements set by the government, that are;

• A qualifying business
• Certificate of commitment and a letter of support from a designated body
• Having sufficient, transferable, and accessible settlement funds to cover funding
• Minimum of level 5 Canadian Language Benchmark proficiency in either English or French

Eligibility criteria include:

• A minimum contribution of $200,000 to the eligible company must be verified by venture capital funds.
• Candidates may also qualify if they receive two or more commitments totaling $200,000 from approved venture capital funds.
• A designated angel investor organization must invest a minimum of $75,000 into an eligible business.
• Candidates may also qualify if they have received two of more investments from the angel investor group.

 

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