Immigration Announcement
Nearly 500 Candidates Received Canada Permanent Residence in January
The Start-Up Visa (SUV) program in Canada witnessed a remarkable surge in January, with nearly 500 immigrant entrepreneurs being granted permanent residency, according to the latest data from Immigration, Refugees and Citizenship Canada (IRCC).
Last year, the SUV program achieved a new milestone by welcoming 1,460 new permanent residents, surpassing the previous record of 575 in 2022. The momentum has carried forward into the new year, with January alone witnessing a 58.1 percent increase in SUV immigrants compared to the previous month.
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Rise in Start-Up Visa Immigration
The surge in SUV immigration is particularly striking when compared to January 2023, with this year’s figures marking an astonishing 880 percent increase over the same period last year. If this trend persists, projections suggest that Canada could see over 5,880 new permanent residents through the SUV program by the end of 2024, quadrupling last year’s numbers.
Since its inception in 2015, the SUV program has steadily gained traction, evolving from a modest beginning of 55 immigrant entrepreneurs in its inaugural year to a robust system that welcomed 515 new permanent residents in 2019. Despite facing challenges amidst the pandemic, the program has demonstrated resilience, rebounding strongly in 2021 and doubling its popularity in 2022.
SUV Immigrants in Provinces
Ontario and British Columbia remain the preferred destinations for SUV immigrants, with Ontario receiving 275 new permanent residents and British Columbia welcoming 170 in January. While Alberta, Manitoba, and Nova Scotia also saw SUV immigration, other provinces and territories reported no new permanent residents through the program.
Compared to federal worker programs and provincial nominee programs, the SUV program generates lower overall numbers of new permanent residents. However, its significance lies in nurturing immigrant entrepreneurs and fostering innovation in Canada’s start-up ecosystem.
Under the SUV program, candidates can initially arrive in Canada on a work permit supported by designated Canadian investors before finalizing their applications for permanent residence. The entire process is estimated to take 37 months, with candidates required to meet eligibility criteria such as proficiency in English or French and securing commitments from designated venture capital funds, angel investor groups, or business incubators.
The success of the SUV program reflects Canada’s aim to attract and retain talent and drive economic growth. As Canada continues to position itself as a global hub for innovation, the Start-Up Visa program plays a crucial role in shaping its future success.
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