Work in Canada
Canada’s Start-Up Visa Program Gains Momentum with Surge in Immigrant Entrepreneurs
Canada’s Start-Up Visa (SUV) program is experiencing unprecedented growth, drawing more immigrant entrepreneurs to the country than ever before. In July 2024 alone, 720 new permanent residents arrived through the SUV program, marking a remarkable 27.4% increase from June’s total of 565. This surge has propelled the total number of SUV immigrants for the first seven months of 2024 to an impressive 3,745—a staggering 688.4% jump compared to the same period in 2023.
This significant growth shows Canada’s increasing appeal to innovative entrepreneurs from around the world. If the trend continues, Canada could welcome as many as 6,420 new permanent residents through the SUV program by the end of 2024, representing an extraordinary 339.7% rise from 2023.
The Start-Up Visa program, introduced in 2015, had a humble beginning with just 55 immigrant entrepreneurs arriving in its first year. However, it quickly gained traction, doubling its intake by 2016. By 2019, the program welcomed 515 new permanent residents before the COVID-19 pandemic temporarily slowed its progress. Since then, the SUV program has bounced back strongly, with 2024 on track to set new records for immigrant entrepreneur arrivals.
British Columbia and Ontario Drive Surge in Start-Up Visa Entrepreneurs
British Columbia has emerged as a key player in the expansion of the SUV program. In July alone, the province saw a 59% increase in new immigrant entrepreneurs, welcoming 310 individuals through the program. This surge in British Columbia almost mirrored Ontario’s, where 345 new permanent residents were added in the same month. Both provinces have quickly become hubs for start-up ventures, attracting entrepreneurs eager to contribute to Canada’s economy through innovation and business creation.
While Quebec, Saskatchewan, and the northern territories are not participants in the SUV program, other regions are also experiencing increased activity. For example, Manitoba welcomed 365 new SUV immigrants, while Alberta saw 80 new arrivals through the program. This broad national engagement highlights the widespread appeal and success of the SUV initiative.
Start-Up Visa 2024 – Pathway to PR for Global Entrepreneurs
The SUV program offers a unique opportunity for immigrant entrepreneurs to initially come to Canada on a work permit, supported by designated investors such as venture capital firms, angel investors, or business incubators. Once their businesses gain a foothold in Canada’s start-up ecosystem, they can apply for permanent residency.
This streamlined process has made the SUV program an appealing choice for entrepreneurs worldwide, providing them with the chance to grow their innovative businesses in a supportive environment. As 2024 unfolds, it’s clear that Canada’s focus on entrepreneurial talent is paying off, with thousands of immigrant entrepreneurs setting the stage for long-term economic growth and innovation across the country.
