May 29, 2024 2:47 AM

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The Popularity of Canada’s Start-up Visa (SUV) Grows Among Immigrant Entrepreneurs

There was a surge in the number of immigrant entrepreneurs arriving in Canada under the Start-up Visa (SUV) program in July 2023, registering around a 43 percent increase from last year’s January and July figures.

 Canada welcomed 135 new permanent residents under the Start-up Visa program in July 2023, against 65 immigrant entrepreneurs in June 2023. With this, the total number of new permanent residents arriving in Canada as immigrant entrepreneurs between January and July 2023 is 823. It suggests a growth of 33.3 percent, as only 360 immigrant entrepreneurs landed in Canada last year during the same period.

These figures explain why Canada is confident of achieving an impressive growth of 43.1 percent over last year by welcoming 823 new permanent residents in 2023 through the Start-up Visa stream. Immigration, Refugees and Citizenship Canada (IRCC) has the following allocations for annual SUV admissions:

  • 2023- 3,500
  • 2024- 5,000
  • 2025- 6,000

Earlier annual quotas for new entrepreneur immigrants were around 1,000, much lower than these figures.

Ontario and British Columbia are the most sought-after destinations among new immigrant entrepreneurs, welcoming 240 and 165 new permanent residents through the start-up visa program, respectively.   

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