Canada’s Start-Up Visa Program, designed to attract high-calibre entrepreneurs with the skills and attributes for business success, is set to see a sharp increase in numbers in the next three years.
The government’s Immigration Levels Plan for 2023 to 2025 allows for 3,500 newcomers in the federal business category in 2023, rising to 6,000 by 2025.
The majority of this allocation is expected to come through the Start-Up Visa Program.
Increasing numbers of immigration candidates are coming to Canada through the SUV. They are generally highly qualified individuals who bring with them significant human capital, including age, education and language ability.
SUV candidates compare favourably to those admitted through Canada’s previous entrepreneur programs on human capital and in terms of business success.
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The Start-Up Visa has been lauded and copied by other countries, held up as another example of Canada’s innovative and flexible approach to immigration.
Through the SUV, Canada is able to quickly bring in some of the world’s brightest talent, matching them up with local investors to turn their business ideas into reality.
Initially launched as a pilot program, the SUV was made permanent in 2018 and has gone from strength to strength.
The program aims to recruit innovative entrepreneurs to Canada and link them with private sector investors (angel investor groups, venture capital funds or business incubators) to help establish their business.
Candidates have the option of initially coming to Canada on a work permit, before transitioning to permanent residence.
In 2022, the total number of new permanent residents admitted through the SUV reached 575, beating the previous record of 510 in 2019. As with the whole of Canada’s immigration system, the program saw a reduction in the number of newcomers during the coronavirus pandemic.
The program is on target in 2023 to break the record again, after welcoming 195 new permanent residents in the four months to April.
Stakeholders report an important advantage of the program is timely processing, both of the initial work permit and the permanent residence application.
If an entrepreneur has a viable start-up business project, it will take about four to six months to secure a commitment certificate or letter of support from a designated entity. Once a letter of support is received, the application for permanent residence can be submitted. It will take approximately 18 months to finalize the application for permanent resident visa issuance.
Surveys suggest SUV candidates go on to succeed in Canada, in terms of growing their business, attracting further investment, networking or selling their business for a profit.
Webinar: Canada’s Start-Up Visa Program
From the point of view of Immigration, Refugees and Citizenship Canada (IRCC), the program is cheaper to administer than the previous Entrepreneur Program. Through the SUV, the private sector investor selects candidates based on the viability of their business idea. Under the previous program, this was done by IRCC visa officers.
Already viewed as an industry leader, Canada was one of the first among its peers to introduce a Start-Up Visa, a move that has been replicated by developed countries all over the world.
As a result, Canada is now viewed as a destination of choice for immigrant entrepreneurs despite increased competition from other countries.
The number of candidates may be quite low, although it is quickly increasing, and those that have come through the program are of high value to Canada’s economy and have enjoyed success in the business environment.
As the number of candidates grows, the SUV is set to become an increasingly important program on the landscape of Canada immigration.
