Start-Up Visa Program Sees Surge in New Immigrants to Canada
August Sees 29.6% Increase in Start-Up Visa Immigrants
In August, the Start-Up Visa (SUV) program in Canada welcomed 175 new permanent residents, marking a significant 29.6% increase from the 135 in July, according to the latest data from Immigration, Refugees and Citizenship Canada (IRCC).
Planned Admissions Set to Soar
IRCC has planned substantial increases in the number of Canadian permanent residence admissions for Start-Up Visa applicants. For the past few years, this number was fixed at 1,000 per year, but in 2023, 2024 and 2025, it will rise dramatically to 3,500, 5,000, and 6,000, respectively.
Continued Growth in SUV Immigration
This surge in August follows a remarkable 107.7% increase in monthly SUV immigration in July, with 65 new permanent residents welcomed in June.
By the end of August, Canada had welcomed 640 new permanent residents through the SUV program, putting the country on track to potentially reach 960 new permanent residents by the end of the year if this trend continues.
This level of SUV immigration would be 67% higher than the 575 new permanent residents who arrived in Canada under the program last year.
Popular Destinations for SUV Immigrants
The most popular destinations for immigrant entrepreneurs under the SUV program this year have been Ontario and British Columbia. Ontario welcomed 370 new permanent residents, while British Columbia saw 200 during the same period.
Ontario welcomed 370 new permanent residents in the first eight months of the year.
Alberta added 20 new permanent residents, and Manitoba welcomed 50 immigrant entrepreneurs through the SUV in the first eight months of the year.
What is the Start-Up Visa (SUV) Program?
The Start-Up Visa Program offers Canadian Permanent Residence with no visa conditions and is one of the fastest programs in North America for business immigrants. Foreign entrepreneurs with an approved business concept, recognized by designated organizations, receive support and can apply for Canadian Permanent Residence. The program has no limitations on the type of start-up concept.
Private- Sector Investors
Under the SUV, three types of private- sector investors are considered:
Venture Capital Funds, and
Venture Capital Funds: Venture capital funds must invest a minimum of $200,000 into the qualifying business. This financial support allows startups to grow, thereby boosting the Canadian economy. Entrepreneurs can also qualify with multiple commitments from venture capital funds.
Angel Investor Groups: Angel investor groups must invest at least $75,000 to qualifying businesses. Candidates can also meet the program’s financial criteria by securing investments from multiple angel investor groups.
Business Incubators: The applicant must be accepted into the business incubator’s program by a designated incubator. It is the immigrant investor’s responsibility to create an effective business plan that meets the due diligence criteria of these government designated entities.
The Application Process
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.