In May, Canada's Start-Up Visa (SUV) program had a remarkable resurgence. Immigration, Refugees, and Citizenship Canada (IRCC) reported a 29.4% rise in SUV applications. This significant increase follows a slow April. In April, SUV immigration declined by 27%, despite an increase in overall immigration to Canada.

May’s Impressive Recovery

In May, Canada welcomed 550 new permanent residents through the SUV program. This represents a significant increase from 425 in April. The figures in May were practically identical to the 575 new permanent residents received in March.

This increase is significant, especially given the overall immigration growth of only 9.3% in May. Total new permanent residents increased from 42,590 in April to 46,550 in May.

If the SUV trend continues, Canada might welcome 5,832 new permanent residents by the end of the year. This would represent an astounding 299.4% rise from 1,460 immigrants in 2023.

SUV Program’s Historical Performance

The SUV program began in 2015. It started with 55 immigrant entrepreneurs in its first year. In 2016, this figure had increased to 110. It grew by 22.7% more in 2017.

By 2018, the program had accepted 240 new permanent residents. This represented a greater than fourfold surge in popularity. Before the COVID-19 epidemic, the SUV program received 515 new entries in 2019.

The epidemic produced a significant decline. In 2020, just 260 immigrant entrepreneurs participated in the SUV program. However, immigration rebounded sharply in 2021. Canada welcomed 406,020 new permanent residents, 385 of them arriving by SUV, representing a 48.1% increase from 2020. The SUV program fully rebounded in 2022, more than doubling in popularity over the previous year.

Ontario and British Columbia remain popular locations for SUV immigrants. By the end of May, Ontario had welcomed 1,325 new permanent citizens via the SUV program. British Columbia received 755 visitors over the same period.

Alberta welcomed 55 new permanent residents, Manitoba 250, Nova Scotia 25 and New Brunswick 20. No other provinces or territories had recorded new SUV permanent residents by the end of May.

The SUV program has fewer participants than federal worker programs like as the Federal Skilled Worker (FSW), Federal Skilled Trade (FST), and Provincial Nominee Programs. Due to the smaller figures, monthly and yearly changes in SUV numbers may appear exaggerated in percentage terms.

Candidates under the Start-Up Visa program can enter Canada with a work permit sponsored by a designated Canadian investor. The IRCC anticipates that the complete process for permanent residence will take 39 months.

Private-sector investors fall into three categories: angel investors, venture capital funds, and business incubators. Each has particular investment requirements. Candidates must also meet eligibility requirements, which include a qualifying business, a commitment certificate, adequate settlement funds, and fluency in English or French.

FAQS

What categories of private-sector investors participate in the SUV program?

The SUV program brings together three categories of private-sector investors: angel investors, venture capital firms, and company incubators. Each category has particular investment requirements.

What role do business consultants have in the SUV program?

Business advisors assist immigrant entrepreneurs in creating credible business strategies that meet the due diligence criteria of designated institutions. They offer guidance and support throughout the application process.