In 2024, Canada has embraced over 3,000 newcomers via the Start-Up Visa program.

Recent statistics from Immigration, Refugees and Citizenship Canada (IRCC) indicate that the nation admitted an additional 560 new permanent residents via the SUV in June, maintaining the same level as recorded in May.

With this second consecutive month of robust SUV immigration to Canada, the total number of foreign nationals who attained permanent residency by the end of June reached 3,010, representing an increase of 785.3 percent compared to the 340 new permanent residents admitted through the program during the corresponding six-month period last year. If this slant in SUV migration proceeds, Canada may welcome a add up to of 6,020 foreigner business people by the conclusion of this year.

Entrepreneurial immigration program:

The losses experienced were counterbalanced by a significant 34.5 percent increase in British Columbia, which welcomed 195 new permanent residents through the SUV in June, rising from 145 in May. In June, the performance of the entrepreneurial immigration program surpassed the national trend, as total monthly immigration decreased by 4.9 percent, resulting in 44,540 new permanent residents compared to 46,835 in the preceding month.

Since its inception in 2015, the SUV program initially attracted only 55 immigrant entrepreneurs to Canada during its first year. However, this figure doubled to 110 new permanent residents in 2016 and saw an additional increase of 22.7 percent the following year. By 2018, the program\’s popularity had surged, with 240 new permanent residents arriving under the SUV that year. In 2019, the last complete year prior to the onset of COVID-19, the SUV facilitated the arrival of 515 new permanent residents to Canada. However, as the pandemic spread across Canada and public health and travel restrictions were enacted, immigration experienced a dramatic decline of 45.9 percent, with the number of individuals arriving through the SUV reflecting this overall downturn. In 2020, as it were 260 migrant business visionaries got to be unused changeless inhabitants of Canada by means of the SUV.

With immigration rebounding robustly in 2021, reaching 406,020 new permanent residents, the SUV also experienced heightened activity, welcoming 385 new permanent residents that year, marking an increase of 48.1 percent compared to 2020. It was not until 2022 that the SUV fully recovered from the pandemic-induced decline, more than doubling its popularity compared to the previous year.

Ontario has established itself as the leading destination for SUV immigrants:

Ontario has established itself as the leading destination for SUV immigrants in the first half of this year, despite experiencing a slight decline in performance during June, with the province inviting 1,630 worker business visionaries as modern changeless residents. In comparison, British Columbia received 955 new permanent residents through the program over the same six-month period. Alberta saw an addition of 70 new permanent residents via the SUV program, while Manitoba welcomed 305 immigrant entrepreneurs during this timeframe. In Nova Scotia, 30 immigrant entrepreneurs achieved permanent residency through the SUV in the first half of the year, and New Brunswick added 25 more individuals through the same program.

No other territories or regions detailed any unused changeless inhabitants through the SUV by the conclusion of May. The SUV program yields essentially lower in general numbers of unused changeless inhabitants compared to government laborer programs, such as the Government Gifted Laborer (FSW) and Government Talented Exchange (FST) programs, as well as the Provincial Nominee Programs (PNP) and regional economic development initiatives, including the Atlantic Immigration Program (AIP) and the Rural and Northern Immigration Pilot (RNIP).

Due to these relatively small figures, the monthly and annual variations in the number of new permanent residents under the SUV can appear exaggerated when analyzed in percentage terms. Candidates applying through the SUV program may initially enter Canada on a work permit, supported by their designated Canadian investor, prior to the finalization of their permanent residency application. The IRCC currently estimates that the entire process for obtaining permanent residency in Canada through the SUV takes approximately 39 months.

SUV encompasses three categories of private-sector investors:

The SUV encompasses three categories of private-sector investors: angel investors, venture capital funds, and business incubators.

A assigned wander capital support is required to confirm an speculation of no less than $200,000 into the qualifying business. Alternatively, candidates may qualify through two or more commitments from designated venture capital funds that collectively amount to $200,000. A designated angel investor group is obligated to invest a minimum of $75,000 into the qualifying business. Candidates may also qualify through two or more investments from angel investor groups that total $75,000.

For a designated business incubator, acceptance into its program is necessary for the applicant. It is the responsibility of the immigrant investor to formulate a viable business plan that satisfies the due diligence criteria set forth by these government-sanctioned designated entities. Investment and business development are typically facilitated by business consultants within Canada’s start-up ecosystem, under the guidance of seasoned corporate business immigration lawyers who ensure that the start-up’s business concept adheres to all industry-specific requirements.

The fundamental eligibility criteria mandated by the government for the SUV include:

• A qualifying business;
• A commitment certificate and a letter of support from a alloted substance;
• Adequate unencumbered, available, and transferable settlement funds to cover settlement expenses; and
• Proficiency in English or French at a minimum Canadian Language Benchmark level of 5. However, it is often the case that higher levels of English proficiency are necessary to fulfill the due diligence requirements imposed by designated entities.