Work in Canada
Canada Start-Up Visa Immigration Surges with Over 100% Growth
Canada’s Start-Up Visa (SUV) program is experiencing remarkable growth, doubling the number of new permanent residents in recent months. In October, the SUV welcomed 200 entrepreneurs, marking a 37.9% increase from September. Despite a slight dip in November with 135 newcomers, the program remains on track to exceed previous records, aiming to admit 5,000, 6,000, and 6,000 newcomers in 2024, 2025, and 2026, respectively.
Record Growth and Provincial Trends
The November 2023, the SUV had already welcomed 1,145 new permanent residents, showcasing a significant 104.5% increase from the same period in the previous year.
- Ontario and British Columbia emerged as the preferred destinations for SUV immigrants, with Ontario receiving 725 and British Columbia welcoming 265 newcomers during the first 11 months of 2023.
- Alberta maintained steady numbers with 20 new permanent residents, while Manitoba saw 120 immigrant entrepreneurs through the SUV by the end of November.
- Nova Scotia also participated in the program, welcoming 15 newcomers during the same period.
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Comparative Numbers and Program Dynamics
Although the SUV program generates fewer new permanent residents compared to other federal worker programs, such as the Federal Skilled Worker (FSW) and Federal Skilled Trade (FST), Provincial Nominee Programs (PNP), and regional economic development initiatives like the Rural and Northern Immigration Pilot (RNIP) 2024, its impact is still noteworthy.
Candidates applying under the SUV program can initially come to Canada on a work permit, supported by their designated Canadian investor while awaiting the finalization of their PR application. The entire process is estimated to take approximately 37 months.
Investor Types and Eligibility Criteria
The SUV considers three types of private-sector investors: angel investors, venture capital funds, and business incubators. For instance, a designated venture capital fund must invest a minimum of $200,000 in the qualifying business, or candidates can qualify with two or more commitments totaling the same amount.
Similarly, a designated angel investor group must invest at least $75,000, with an option for candidates to qualify with two or more investments from angel investor groups totaling $75,000. Additionally, candidates can gain eligibility through a designated business incubator by being accepted into its program.
SUV Process, Eligibility, and More
The SUV process involves developing a viable business plan, often with the assistance of business consultants within Canada’s dynamic start-up ecosystem. Corporate business immigration lawyers play a crucial role in ensuring the business concept aligns with industry-required terms and conditions, providing oversight throughout the investing and business development stages.
Basic eligibility requirements for SUV candidates include:
- A qualifying business
- A commitment certificate and letter of support from a designated entity
- Sufficient unencumbered, available, and transferable settlement funds
- Proficiency in English or French, meeting at least the minimum Canadian Language Benchmark level 5, with the possibility of higher language proficiency requirements imposed by designated entities.
Canada’s Start-Up Visa program 2024 is witnessing significant growth, presenting promising opportunities for international entrepreneurs seeking to contribute to the country’s vibrant start-up community. With increasing numbers and continued government support, the SUV program is poised for continued success in attracting innovative talent to Canada.
