Increase in Permanent Residence for Immigrant Entrepreneurs Drives Surge in Popularity of Canada Start-Up Visa in July
Canada’s Start-Up Visa (SUV) immigration program has seen a significant surge in popularity in July, with the number of monthly arrivals more than doubling compared to the previous month. The latest data from Immigration, Refugees and Citizenship Canada (IRCC) reveals that 135 new permanent residents immigrated under the entrepreneurship program in July, a 107.7% increase from the previous month’s 65 arrivals.
This increase in popularity has contributed to a 33.3% rise in the number of new permanent residents through the SUV during the first seven months of this year compared to the same period last year. By the end of July, Canada had welcomed a total of 480 new permanent residents through the SUV, putting the country on track to welcome 823 immigrant entrepreneurs by the end of this year, a 43.1% increase from last year’s 575 arrivals.
The IRCC has also announced plans to increase the annual planned admissions for permanent residence to Start-Up Visa applicants. While the number has been 1,000 per year in recent years, it is expected to dramatically increase to 3,500, 5,000, and 6,000 in 2023, 2024, and 2025 respectively.
The most popular destinations for immigrant entrepreneurs arriving under the SUV this year have been Ontario and British Columbia. Ontario saw a 45.5% increase in its performance under the SUV compared to the same period last year, welcoming 240 new permanent residents by the end of July. British Columbia, on the other hand, maintained a similar level of performance with 165 new permanent residents compared to 160 from last year.
Other provinces that have seen immigrant entrepreneurs arrive through the SUV include Manitoba and Nova Scotia. Manitoba experienced an 80% increase in arrivals, welcoming 45 entrepreneurs in the first seven months of this year compared to 25 in the same period last year. Nova Scotia welcomed 10 new permanent residents by the end of July.
It is important to note that the SUV program generates lower overall numbers of new permanent residents compared to other federal worker programs and regional economic development programs. However, the monthly fluctuations in the number of new permanent residents under the SUV can sometimes appear exaggerated when examined in percentage terms.
Candidates applying under the SUV program 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 through the SUV is estimated to take 37 months by the IRCC.
To qualify for the SUV program, candidates must meet certain eligibility requirements and be supported by designated private-sector investors such as angel investors, venture capital funds, or business incubators. These investors must make minimum investments into the qualifying business, with venture capital funds investing at least $200,000, angel investor groups investing at least $75,000, and business incubators accepting the applicant into their program.
Navigating Canada’s start-up ecosystem and meeting industry-required terms and conditions often requires the assistance of business consultants and experienced corporate business immigration lawyers. These professionals can ensure that a start-up’s business concept meets all necessary requirements and increase the chances of a successful application.
In conclusion, the surge in popularity of Canada’s Start-Up Visa program in July can be attributed to an increase in permanent residence for immigrant entrepreneurs. With plans to expand the program in the coming years, it is expected that Canada will continue to attract and welcome a growing number of immigrant entrepreneurs.