Canadian Start-Up Visa approvals rise by 70% in 2022

Key aspects of the Start-Up Visa

• Start-Up Visa program was first introduced as a five-year pilot program in the year 2013
• 325 new permanent residents have settled in Canada, bringing the country on track to invite 650 immigrant entrepreneurs under SUV program
• The outcome of the SUV program will lead to an increase of 68.8 percent by the end of 2022
• 35,430 new permanent residents settled in Canada under the program in January, increased to 37,355 in February, and 40,970 in March 2022
• Ottawa is set to invite 431,645 permanent residents in 2022

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Overview:

According to records, in the first six months of 2022, 325 new permanent residents have settled in Canada, bringing the country on track to invite 650 immigrant entrepreneurs under the program by the end of this year.

But this year's projected performance of the SUV program regarding attracting immigrant entrepreneurs to Canada is higher, even more than the results of the program back in 2019, the last full year before the pandemic.

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Canada’s Start-Up Visa (SUV) program

Immigrants who are constantly seeking to start businesses, are offered with Canada's Start-Up Visa (SUV) program that has been popularly growing in record-breaking numbers. The foreign nationals choosing this program, have become new permanent residents of Canada.

According to records, in the first six months of 2022, 325 new permanent residents have settled in Canada, bringing the country on track to invite 650 immigrant entrepreneurs under the program by the end of 2022.

This number of immigrant entrepreneurs will be considered the highest number of new permanent residents under the Start-Up Visa program since it was first introduced as a five-year pilot program in 2013.

Statistics of the new permanent residents

The outcome of the SUV program will lead to an increase of 68.8 percent, which is more than 385 new permanent residents in 2021 under the program, if the trend holds up for the rest of 2022.

The program's ability to draw immigrant entrepreneurs to Canada this year would also increase by 150 percent in the category of new permanent residents under the program over its performance in 2020, especially during the strict COVID-19 travel restrictions and border closures where it has been difficult for international travel and business.

But this year's projected performance of the SUV program regarding attracting immigrant entrepreneurs to Canada is higher, even more than the results of the program back in 2019, the last full year before the pandemic.

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In 2019, the Start-Up Visa program has allowed 515 immigrant entrepreneurs to become permanent residents of Canada. The program is expected to allow 26.2 percent of foreign nationals to obtain permanent residency in Canada through entrepreneurship in 2022.

The recognition of SUV programs has prominently grown in the last six months of 2022.

35,430 new permanent residents settled in Canada under the program in January, increased to 37,355 in February, and 40,970 in March 2022.

Rebound of new permanent residents in June 2022

In April and May of the year 2022, the number of new Canadian permanent residents under the SUV decreased due to the sixth wave of the pandemic but then bounced back in June, allowing 43,705 immigrant entrepreneurs to obtain their permanent residency—that was 8,275 more new permanent residents, or almost 23.4 percent, than in January 2022.

In the five years that ended in 2019. The SUV program offering permanent residence to foreign nationals who are willing to set up businesses in Canada, invited 55 new permanent residents in 2015 to more than nine times as many in 2019.

After inviting 341,175 new permanent residents to Canada in 2019, immigration fell by 45.9 per cent, to only 184,585 individuals in 2020.

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In 2021, after the border has re-opened and the restrictions on public health have been relaxed, a record-breaking 406,005 new permanent residents have made Canada their home country.

Ottawa is set to invite 431,645 permanent residents in 2022; 447,055 in 2023, and 451,000 in 2024, under its Immigration Levels Plan for 2022-2024.

The recent data from the Immigration, Refugees and Citizenship Canada (IRCC) reports that the trend has started in the first quarter of 2022, which may bring a new record of 463,250 new permanent residents to Canada in 2022.

Immigration candidates applying under the Start-Up Visa program can initially enter Canada on a work permit supported by their appointed Canadian investor before their application for permanent residence is finalized.

Under the SUV program, there are three types of private-sector investors such as,

• Angel investors
• Venture capital funds
• Business incubators

Angel investors

A group of appointed angel investors must invest a minimum of $75,000 into the qualifying business and may also qualify with over two investments from angel investor groups.

Venture capital funds

An appointed venture capital fund must confirm that it is investing at least $200,000 into the qualifying business where the candidates can qualify with over two commitments.

Business incubators

An appointed business incubator must accept the applicant into its business incubator program. It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.

Investing and developing the business are usually done with the help of business consultants in Canada's start-up ecosystem with oversight from experienced corporate business immigration lawyers who can guarantee a start-up's business concept meets all industry-required terms and conditions.

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The basic government-imposed candidate eligibility requirements for the SUV are:

• A qualifying business
• Uninfluenced, transferable, and available settlement funds to meet the funding
• A commitment certificate and letter of support from a designated entity
• Proficiency in French or English at the minimum Canadian Language Benchmark level 5

Do you want to migrate to Canada? Get guidance from Y-Axis, the leading Overseas Consultant in Australia.

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