New data from Immigration, Refugees and Citizenship Canada (IRCC) revealed that nearly three times as many entrepreneurs have set up businesses in Canada through the Start-Up Visa (SUV) program this year.
Accordingly, the impressive change in numbers from this year to last year is drastic. 420 permanent residents have come to Canada in the first eight months of this year under the SUV program. That is 190 per cent more than the 145 new permanent residents from last year.
Start-Up Visa Program Invitation Breakdown
Evidently, the SUV is up 13.5 per cent from pre-pandemic levels. The SUV program has averaged 52 new permanent residents to Canada per month this year. For a breakdown of the first seven months of this year, here is a chart detailing the number of entrepreneurs Canada has invited
| MONTH | CANADA SUV INVITATION |
| January | 55 |
| February | 40 |
| March | 60 |
| April | 20 |
| May | 60 |
| June | 70 |
| July | 45 |
This means it could welcome 630 new permanent residents by the end of 2022. That number would be a 63 per cent increase from last year’s 385 and a 22 per cent increase from 2019’s 515.
British Columbia and Ontario are the two provinces getting the biggest benefits from the SUV this year. B.C. welcomed 190 new permanent residents under the program, and Ontario welcomed 185 new residents.
Three private sectors under the Start-Up Visa Program
For those looking to immigrate to Canada under the Start-Up Visa program, candidates must initially come to Canada on a work permit supported by their designated Canadian investor before finalizing their application for permanent residence.
Under the SUV program, there are three types of private-sector investors
- Angel Investors: usually a group of investors 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
- Venture Capital Funds: must confirm its investment of 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.
- Business Incubators: 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.
These investments and developments of the business are typically made with the help of business consultants in Canada’s start-up ecosystem with oversight from experienced corporate business immigration lawyers. Moreover, the lawyers are the ones who can ensure a start-up’s business concept meets all the industry-required terms and conditions.
Eligibility for the Start-Up Visa Program
The government-imposed candidate eligibility criteria for the SUV are
- Firstly, you need a qualifying business;
- Secondly, you must have a commitment certificate and letter of support from a designated entity;
- Thirdly, you’ll need sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and;
- Lastly, you need 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.
Immigration in Canada continues to break records every year
Canada had its borders closed during the pandemic in 2020, which helped to limit the number of COVID cases. Unfortunately, this limited the number of immigrants in the country as well. However, since last year (2019) when the border re-opened and public health restrictions eased, a record-breaking 406,005 new permanent residents made Canada their home.
The new Immigration Levels Plan for 2023 to 2025 was released on November 1. It embraces immigration to help businesses find workers and attract the skills required in key sectors to manage the social and economic challenges Canada will face. For example, this would include health care, skilled trades, manufacturing and technology.
“Last year, we welcomed the most newcomers in a single year in our history. This year’s immigration levels plan will help businesses find the workers they need, set Canada on a path that will contribute to our long-term success, and allow us to make good on key commitments to vulnerable people fleeing violence, war and persecution.” – The Honourable Sean Fraser, Minister of Immigration, Refugees and Citizenship.
In addition, the Government is continuing its ambition by setting targets in the new levels plan of 465,000 permanent residents in 2023, 485,000 in 2024, and 500,000 in 2025. The plan also brings an increased focus on attracting newcomers to different regions of the country, including small towns and rural communities.
Mana immigration is here to help you grow your business in Canada
Contact us if you want to be part of the growing number of immigrants to Canada. We are a full-service immigration firm with more than thirty years of experience in Canadian visas. Our team of Certified Regulated Canadian Immigration Consultants specializes in business and economics, as well as family classes. We represent and advise individuals to become permanent residents of Canada and live their dreams.
“It has been our pleasure and goal to help our clients immigrate to Canada to expand, build, and buy their own business here with the goal of eventually being able to have their loved ones immigrate here and join them,” Founder, Iman Moayedi.
Overall, we offer free consultations to help you find the best pathway suited for you. You might even be eligible for the Start-Up Visa program. To find out and talk to one of our immigration specialists, click the link here to get started today.
