April 24, 2024 12:07 AM

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Canada to Focus on Welcoming more new Permanent Residents through Start-up Visa (SUV) Program

Canada is confident of bringing 620 foreign entrepreneurs in 2022 after welcoming 465 new immigrants through the SUV pathway in the first nine months. 

Immigration, Refugees and Citizenship Canada reveals a remarkable rise in the number of immigrants setting up businesses as Canada increases immigrants through the Start-up Visa program. The growth in SUV immigration shows Canada welcomed over 62 percent more entrepreneurs this year than in 2022.

The new Immigration Levels Plan targets 3500, 5000, and 6000 new immigrants through Start-up Visa Program in 2023, 2024, and 2025 respectively. The Start-up Visa program generates fewer immigrants than the Federal Skills Trade Program (FSTP) and Federal Skilled Worker Program (FSWP). There is enormous scope for SUV immigration, as only a few provinces are exploring the benefits of the SUV program to boost their economy and job market.

Ontario is on its way to bringing 287 new permanent residents registering a growth of 129.6 percent in SUV immigration over the previous year. British Columbia is also on track to welcome an equivalent number of permanent residents by leveraging the Start-up Visa Program.

 Besides its small population, Manitoba, a province in the Prairies, will welcome 40 new permanent residents through the Start-up visa program in 2022. Manitoba brought 20 new permanent residents through the SUV program in 2021.

Candidates willing to become permanent residents through the Start-up Visa Program should arrive in Canada on a work permit backed by a designated Canadian investor. They can select any of the three private sector investors, such as business incubators, angel investors, and venture capital funds.

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