Canada is on track to welcome more than triple the number of immigrants through the Start-Up Visa (SUV) in 2024 compared to last year, the latest data from Immigration, Refugees and Citizenship Canada (IRCC) reveals.
At the current level of SUV immigration, the country could welcome 5,625 new permanent residents through that business program by the end of this year. That would be a 285.3 per cent increase in SUV immigration compared to the 1,460 who arrived under the program last year.
By the end of the first third of this year, SUV immigration to Canada had allowed 1,875 foreign nationals to get their permanent residency, an increase of 913.5 per cent over the comparable four months last year.
Launched in 2015, the SUV saw only 55 immigrant entrepreneurs come to Canada through that program in its initial year.
That number, though, doubled to 110 new permanent residents in 2016 and rose another 22.7 per cent the following year.
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By 2018, the program had more than quadrupled in popularity with 240 new permanent residents arriving under the SUV that year.
In 2019, the last full year before the arrival of COVID-19, the SUV welcomed 515 new permanent residents to Canada.
As the pandemic swept across Canada and public health and travel restrictions were imposed, though, immigration plummeted 45.9 per cent – and the number of people who arrived under the SUV fell in tandem with that overall drop in immigration to Canada.
In 2020, only 260 immigrant entrepreneurs became new permanent residents of Canada through the SUV.
With immigration rebounding strongly in 2021 to hit 406,020 new permanent residents, the SUV also saw increased activity with 385 new permanent residents coming to Canada through it that year, an improvement of 48.1 per cent over 2020.
It took until 2022 for the SUV to fully recover from the pandemic-fuelled downturn but it more than doubled in popularity last year compared to the previous year.
Ontario and British Columbia remain the most popular destinations for SUV immigrants.
Ontario had received 1,030 new permanent residents through the program by the end of April this year and British Columbia had welcomed 610 during those four months.
Alberta added 15 new permanent residents through the program during the first third of the year and Manitoba added 180 immigrant entrepreneurs through the SUV during those months.
SUV Helped 25 Foreign Nationals Start Businesses In Nova Scotia
Twenty-five immigrant entrepreneurs became new permanent residents through the SUV in Nova Scotia during the first four months of this year and 15 more gained their permanent residency through the program in New Brunswick.
None of the other provinces or territories had added any new permanent residents through the SUV by the end of April.
The SUV program generates much lower overall numbers of new permanent residents than federal worker programs, such as the Federal Skilled Worker (FSW) and Federal Skilled Trade (FST), the Provincial Nominee Programs (PNP) or the regional economic development programs including the Atlantic Immigration Program (AIP) or Rural and Northern Immigration Pilot (RNIP).
Due to these smaller numbers, the monthly and even yearly fluctuations in the number of new permanent residents under the SUV can sometimes seem exaggerated when examined in percentage terms.
Candidates applying under the SUV program can initially come to Canada on a work permit supported by their designated Canadian investor before their application for permanent residence is finalized.
The entire process of applying for permanent residence to Canada through the SUV is currently estimated by the IRCC to take 38 months.
Under the SUV, three types of private-sector investors are considered: angel investors, venture capital funds, and business incubators.
A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
Three Types Of Private-Sector Investor Considered Under SUV
A designated business incubator must accept the applicant into its business incubator program. It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.
That investing and the development of the business is usually done with the help of business consultants in Canada’s start-up ecosystem with oversight from experienced corporate business immigration lawyers who can ensure a start-up’s business concept meets all industry-required terms and conditions.
The basic government-imposed candidate eligibility requirements for the SUV are:
- a qualifying business;
- a commitment certificate and letter of support from a designated entity;
- sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and;
- proficiency in English or French at the minimum Canadian Language Benchmark level 5. However, it frequently occurs that higher levels of English are needed to meet due diligence requirements imposed by designated entities.
