The allure of Canada's Start-Up Visa (SUV) program continues to grow, with a significant upswing in the number of new permanent residents settling in the country under this entrepreneurship initiative. Recent data from Immigration, Refugees, and Citizenship Canada (IRCC) shows a remarkable surge in SUV immigration during August. Almost one-third more entrepreneurs became permanent residents in Canada through this program in August compared to July.
In August, Canada warmly welcomed 175 new permanent residents via the SUV program, marking a substantial 29.6% increase from the 135 who arrived in July.
IRCC's forward-looking approach is evident, as they've allocated substantial planned admissions for permanent residence under the Start-Up Visa program. While this number has traditionally been fixed at 1,000 per year in recent years, it's set to undergo a dramatic transformation in 2023, 2024, and 2025, with the planned numbers reaching 3,500, 5,000, and 6,000, respectively.
The surge in SUV immigration during August follows a notable uptick in July, where Canada experienced a remarkable 107.7% increase in monthly immigration through the program. June saw 65 new permanent residents under the SUV program, setting the stage for this impressive growth.
By the end of August, Canada had already welcomed 640 new permanent residents under the SUV program in 2023, putting the nation on track for a potential 960 new permanent residents by the year's end, should the current immigration rates continue. This would signify a remarkable 67% increase compared to the 575 permanent residents who arrived under this program the previous year.
Ontario and British Columbia have emerged as the most preferred destinations for immigrant entrepreneurs under the SUV program in 2023. Ontario led the way with 370 new permanent residents, while British Columbia welcomed 200 during the same period. Alberta contributed 20 new permanent residents, and Manitoba saw 50 immigrant entrepreneurs settle in during the first eight months of the year.
Notably, Nova Scotia is the only province to receive immigrant entrepreneurs through the SUV program, with ten arrivals by the end of August. The remaining provinces and territories did not add any new permanent residents through the SUV in the first eight months of 2023.
While the Start-Up Visa program brings a surge of immigrant entrepreneurs to Canada, it's important to note that it generates lower overall numbers than federal worker and provincial nominee programs. Consequently, monthly fluctuations in SUV immigration may appear exaggerated when expressed as percentages.
Applicants under the SUV program initially arrive in Canada on a work permit supported by their designated Canadian investor while their permanent residence application is being processed. The entire process is currently estimated to take approximately 37 months.
The program considers three types of private-sector investors: angel investors, venture capital funds, and business incubators. Venture capital funds must invest at least $200,000 in the qualifying business, while angel investor groups must invest at least $75,000. Business incubators admit candidates into their programs, requiring the immigrant investor to develop a viable business plan meeting government-approved designated entities' due diligence standards.
Navigating Canada's start-up ecosystem and ensuring compliance with industry requirements is often accomplished with the assistance of business consultants and experienced corporate business immigration lawyers. These professionals are crucial in helping immigrant entrepreneurs bring their innovative ideas to life.
To be eligible for the Start-Up Visa program, candidates must fulfill government-imposed criteria, including having a qualifying business, a commitment certificate and letter of support from a designated entity, sufficient settlement funds, and proficiency in English or French at the minimum Canadian Language Benchmark level 5. However, higher language proficiency is often needed to meet due diligence requirements set by designated entities.
If you have any question about how to immigrate through Startup Visa, book an appointment with our team. E-Visa Immigration has expert immigration consultants ready to assist you at any time of your process. Contact us!