Canada approved 40 more start-ups in February
Start-Up Visa (SUV) program, which promotes entrepreneurship and job creation through immigration, had a strong start this year and in February 2023Canada approved 40 more start-ups.
According to the latest data from Immigration, Refugees, and Citizenship Canada (IRCC), 100 immigrant entrepreneurs have settled in Canada through the Start-Up Visa (SUV) program in 2023, which is a 5.3% increase from the same period last year.
British Columbia and Ontario have attracted the most immigrant entrepreneurs this year – 40 and 30 start-ups, respectively.
Through that program, Manitoba has welcomed 20 new permanent residents this year, and Alberta has welcomed 10, though none settled in Alberta through the SUV in February. All the SUV activity in that province occurred in January.
575 foreign nationals got permanent residency in Canada last year due to the SUV.
That was 60 immigrant entrepreneurs, or 11.6%, more than the 515 immigrants who started businesses and received permanent residence through the program in 2019, one full year before the pandemic started.
Ottawa swiftly implemented travel and public health restrictions when the coronavirus made its way to Canada in early 2020, which led to a 45.9% reduction in immigration, from 341,175 new permanent residents in 2019 to only 184,590 the following year.
Similar reductions were observed in the number of new immigrants included by the SUV, which fell from 515 new permanent residents in 2019 to only 260, or barely more than half, in 2020.
2021 saw a resurgence in immigration, which at the time reached a record high of 406,045 new permanent residents. The SUV program also experienced a recovery, though not by as much.
Canada Startup Visa Program
Entrepreneurs have the opportunity to move to Canada under the start-up visa program in order to start a new business. Immigrant entrepreneurs have to demonstrate that their startup is distinctive, will create new jobs for Canadians, and is capable of competing on a global scale.
Requirements for the start-up visa Program
You have to meet all 4 eligibility requirements for the Start-up Visa Program as well as the requirements for getting into Canada in order to be eligible.
- have a qualifying business.
- have a letter of support from a designated organization.
- meet the language requirements, and.
- have enough money to settle and live in Canada before you make money from your business.
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