Canada's Start-Up Visa (SUV) program is poised for significant growth in 2023, with immigrant entrepreneurship making a strong comeback in October, according to the latest data from Immigration, Refugees, and Citizenship Canada (IRCC). If the current trend continues, Canada is expected to welcome approximately 1,200 new permanent residents through the SUV program by the end of this year.
In October alone, Canada admitted 200 new permanent residents through the SUV program, marking a notable increase of 37.9% compared to the 145 newcomers in September. This positive development in immigrant entrepreneurship follows a brief decline of 17.1% from August to September when the program admitted 175 new permanent residents.
IRCC has earmarked substantial planned admissions for permanent residence for Start-Up Visa applicants. While the annual quota was limited to 1,000 in recent years, it is set to surge in the coming years. In 2023, 2024, 2025, and 2026, the allocation will dramatically increase to 3,500, 5,000, 6,000, and 6,000, respectively.
The surge in SUV immigration in October established a new record for monthly immigration under the program this year, surpassing the previous record set in July. After welcoming 65 new permanent residents in June, Canada experienced a remarkable 107.7% increase in SUV immigration in July.
As of the end of October, Canada had already admitted 1,000 new permanent residents through the SUV program, putting the country on track to potentially receive up to 1,200 new permanent residents by year-end if the current trend persists. This level of SUV immigration would represent a substantial increase of 108.7% compared to the 575 new permanent residents admitted under the program last year.
During the first ten months of this year, the SUV program welcomed 90.5% more new permanent residents than it did during the same period in the previous year. Notably, Ontario and British Columbia emerged as the top destinations for immigrant entrepreneurs arriving through the SUV program, with Ontario welcoming 635 new permanent residents, while British Columbia admitted 240 during the same period. Alberta added 20 new permanent residents, Manitoba welcomed 95 immigrant entrepreneurs, and Nova Scotia, the only other province to receive SUV entrepreneurs, welcomed 10, maintaining the same number as the previous month.
It is worth noting that the SUV program admits a lower overall number of new permanent residents compared to federal worker programs, Provincial Nominee Programs (PNP), and regional economic development programs like the Atlantic Immigration Program (AIP) and Rural and Northern Immigration Pilot (RNIP). Therefore, monthly fluctuations in SUV immigration numbers may appear more significant when expressed as percentages.
Under the SUV program, candidates initially arrive in Canada on a work permit supported by their designated Canadian investor before finalizing their application for permanent residence. The entire process is estimated by the IRCC to take 37 months.
The SUV program considers three types of private-sector investors: angel investors, venture capital funds, and business incubators. A designated venture capital fund must invest at least $200,000 in the qualifying business, or candidates can qualify with multiple commitments totalling $200,000. For designated angel investor groups, a minimum investment of $75,000 is required, or candidates can qualify with multiple investments totalling $75,000. A designated business incubator must accept the applicant into its program, and it falls on the immigrant investor to develop a viable business plan meeting the due diligence requirements of the designated entities approved by the government.
Navigating Canada's start-up ecosystem and ensuring compliance with industry terms and conditions typically involves assistance from business consultants, overseen by experienced corporate business immigration lawyers.
To be eligible for the SUV program, candidates must meet certain government-imposed criteria, including having a qualifying business, obtaining a commitment certificate and letter of support from a designated entity, demonstrating sufficient unencumbered and transferable settlement funds, and possessing proficiency in English or French at the minimum Canadian Language Benchmark level 5, with higher language proficiency often required to meet the due diligence requirements imposed by designated entities.
Certainly, here are some pros and cons of the Start-Up Visa (SUV) program in Canada:
Pros:
In October alone, Canada admitted 200 new permanent residents through the SUV program, marking a notable increase of 37.9% compared to the 145 newcomers in September. This positive development in immigrant entrepreneurship follows a brief decline of 17.1% from August to September when the program admitted 175 new permanent residents.
IRCC has earmarked substantial planned admissions for permanent residence for Start-Up Visa applicants. While the annual quota was limited to 1,000 in recent years, it is set to surge in the coming years. In 2023, 2024, 2025, and 2026, the allocation will dramatically increase to 3,500, 5,000, 6,000, and 6,000, respectively.
The surge in SUV immigration in October established a new record for monthly immigration under the program this year, surpassing the previous record set in July. After welcoming 65 new permanent residents in June, Canada experienced a remarkable 107.7% increase in SUV immigration in July.
As of the end of October, Canada had already admitted 1,000 new permanent residents through the SUV program, putting the country on track to potentially receive up to 1,200 new permanent residents by year-end if the current trend persists. This level of SUV immigration would represent a substantial increase of 108.7% compared to the 575 new permanent residents admitted under the program last year.
During the first ten months of this year, the SUV program welcomed 90.5% more new permanent residents than it did during the same period in the previous year. Notably, Ontario and British Columbia emerged as the top destinations for immigrant entrepreneurs arriving through the SUV program, with Ontario welcoming 635 new permanent residents, while British Columbia admitted 240 during the same period. Alberta added 20 new permanent residents, Manitoba welcomed 95 immigrant entrepreneurs, and Nova Scotia, the only other province to receive SUV entrepreneurs, welcomed 10, maintaining the same number as the previous month.
It is worth noting that the SUV program admits a lower overall number of new permanent residents compared to federal worker programs, Provincial Nominee Programs (PNP), and regional economic development programs like the Atlantic Immigration Program (AIP) and Rural and Northern Immigration Pilot (RNIP). Therefore, monthly fluctuations in SUV immigration numbers may appear more significant when expressed as percentages.
Under the SUV program, candidates initially arrive in Canada on a work permit supported by their designated Canadian investor before finalizing their application for permanent residence. The entire process is estimated by the IRCC to take 37 months.
The SUV program considers three types of private-sector investors: angel investors, venture capital funds, and business incubators. A designated venture capital fund must invest at least $200,000 in the qualifying business, or candidates can qualify with multiple commitments totalling $200,000. For designated angel investor groups, a minimum investment of $75,000 is required, or candidates can qualify with multiple investments totalling $75,000. A designated business incubator must accept the applicant into its program, and it falls on the immigrant investor to develop a viable business plan meeting the due diligence requirements of the designated entities approved by the government.
Navigating Canada's start-up ecosystem and ensuring compliance with industry terms and conditions typically involves assistance from business consultants, overseen by experienced corporate business immigration lawyers.
To be eligible for the SUV program, candidates must meet certain government-imposed criteria, including having a qualifying business, obtaining a commitment certificate and letter of support from a designated entity, demonstrating sufficient unencumbered and transferable settlement funds, and possessing proficiency in English or French at the minimum Canadian Language Benchmark level 5, with higher language proficiency often required to meet the due diligence requirements imposed by designated entities.
Certainly, here are some pros and cons of the Start-Up Visa (SUV) program in Canada:
Pros:
- Entrepreneurial Opportunities: The SUV program provides immigrant entrepreneurs with an opportunity to start and operate a business in Canada, tapping into a thriving and diverse market.
- Permanent Residency: Successful applicants receive permanent residency in Canada, which allows them to live, work, and study in the country indefinitely.
- Access to Capital: The program encourages investment from venture capital funds, angel investors, and business incubators, providing entrepreneurs with the necessary capital to launch their businesses.
- Business Support: Immigrant entrepreneurs often receive support and mentorship from designated Canadian entities, helping them develop their business plans and navigate the Canadian market.
- Family Benefits: The program allows applicants to include their immediate family members (spouse, partner, and dependent children) in their application, granting them the same immigration benefits.
- Path to Citizenship: Permanent residents in Canada can eventually apply for Canadian citizenship after meeting certain residency and other requirements.
- Diverse Business Sectors: The program is open to a wide range of business sectors, making it accessible to entrepreneurs with different business ideas and backgrounds.
- Competitive Selection: The SUV program is highly competitive, and not all applicants are successful. Meeting the program's criteria and obtaining support from designated entities can be challenging.
- Financial Requirements: To qualify, candidates often need a significant financial investment from designated investors or organizations, which may not be readily available to everyone.
- Processing Time: The SUV application process can be lengthy, with an estimated 37-month processing time, which may delay an entrepreneur's ability to start their business.
- Language Proficiency: Proficiency in English or French, often at higher levels than the minimum requirement, can be a barrier for some applicants.
- Geographic Limitations: The program is primarily concentrated in certain provinces like Ontario and British Columbia, limiting options for entrepreneurs who may prefer to settle in other regions.
- Business Risk: Like any business venture, starting a new business in a foreign country carries inherent risks, and there is no guarantee of success.
- Relocation Challenges: Immigrant entrepreneurs and their families may face challenges related to relocating to a new country, such as adapting to a different culture and lifestyle.
- Conditional Permanent Residency: Initially, permanent residency is granted conditionally, and entrepreneurs must meet specific requirements related to their business to maintain their status.
I love that Canada is opening doors for people to bring their ideas and build businesses here! But yeah, that 37-month wait time seems a bit long… 
