Huge 29.4% Surge in Start-Up Visas: Big Opportunities Await!

Canada’s Start-Up Visa (SUV) program saw a significant rebound in May, with immigration numbers jumping by 29.4% after a slow April. According to the latest data from Immigration, Refugees, and Citizenship Canada (IRCC), the number of new permanent residents through the SUV program rose to 550 in May, up from 425 in April. This surge brought SUV immigration close to the March figure of 575 new residents.

This impressive growth in May’s SUV numbers far exceeded the overall rise in total immigration to Canada, which saw a modest 9.3% increase from April to May. In April, Canada welcomed 42,590 new permanent residents, while May saw the number rise to 46,550.

If this trend continues, Canada is set to welcome 5,832 new immigrant entrepreneurs through the SUV program by the end of the year. This would represent a staggering 299.4% increase compared to the 1,460 immigrants who arrived under the program last year.

The Start-Up Visa program, which began in 2015, initially welcomed just 55 entrepreneurs in its first year. That number quickly grew, reaching 110 in 2016 and 135 in 2017. By 2018, the program had expanded to include 240 new residents, and in 2019, it reached 515. However, the COVID-19 pandemic caused a sharp decline in 2020, with only 260 new arrivals. The following year, as immigration overall began to recover, the SUV program saw 385 new permanent residents, a 48.1% increase from 2020.

The year 2022 marked a full recovery from the pandemic’s impact, with SUV numbers more than doubling compared to the previous year. Currently, Ontario and British Columbia are the top destinations for SUV immigrants, with Ontario receiving 1,325 new residents and British Columbia 755 by the end of May this year. Alberta and Manitoba also saw notable increases, with Alberta adding 55 new residents and Manitoba 250. Nova Scotia and New Brunswick welcomed 25 and 20 new residents, respectively.

Despite its growth, the SUV program still accounts for a smaller portion of Canada’s overall immigration compared to other federal and provincial programs. Candidates applying through the SUV can enter Canada on a work permit while their permanent residence application is processed, which currently takes about 39 months.

To qualify, candidates must have support from one of three types of designated private-sector investors: angel investors, venture capital funds, or business incubators. These investors must commit a minimum amount to the business, or the applicant must receive multiple investments to meet the required threshold. Additionally, candidates must demonstrate proficiency in English or French and have sufficient funds to support themselves upon arrival.