Canada tripled the number of start-up visa approvals.
Business people are flocking to Canada thanks to the Start-Up Visa program. According to the latest data from Immigration, Refugees and Citizenship Canada (IRCC), nearly three times as many entrepreneurs have set up businesses in Canada through the Start-Up Visa program this year compared to last year.
420 permanent residents have come to Canada in the first eight months of this year under the Start-Up Visa program, which is 189.6% more than the 145 new permanent residents during that time last year.
Even though Canada got a record number of permanent residents (406,031) last year, the number of people who came through the Start-Up Visa program was much lower.
But this year’s success is more than just a bounce-back from 2021 when the number of visitors was unusually low.
Canada to welcome more permanent residents through Start-Up visa
Canada Immigrants who wish to launch a business in Canada frequently use the Start-Up visa. Through this scheme, 325 permanent residents were admitted to Canada between January and June. If this pace continued, 385 additional applicants would be granted a permanent residency at the end of this year.
This year, the SUV program is drawing more business owners, which will lead to a 150 percent increase in the number of new permanent residents welcomed.
Compared to federal worker programs like the Federal Skilled Worker (FSW) and Federal Skilled Trade (FST), provincial nominee programs (PNP), or regional economic development programs like the Atlantic Immigration Program (AIP) and Rural and Northern Immigration Pilot, the SUV program produces significantly fewer new permanent residents overall (RNIP).
The table below shows how many entrepreneurs were invited to Canada in the first seven months of 2022.
|Canada SUV invites
|Canada SUV invites
At the current pace, 630 permanent residents can be invited by the end of 2022 through the Start-Up visa program, with an average invitation rate of 52.5%. By virtue of the SUV program, British Columbia and Ontario are likely to benefit more than any other.
For the SUV, the following basic requirements:
A legitimate business; a statement of support and commitment from a recognized organization;
Both English or French fluency at the minimum Canadian Language Benchmark level 5 and adequate unrestricted,
available, and transferrable settlement funds are required.
To find out more details about “Canada SUV”, you can contact one of our immigration specialists at Gunness & Associates.
Tel: (416) 604-2669
Gunness & Associates has helped thousands of people successfully immigrate to Canada with their families. Our skilled and experienced immigration experts have the expertise to accurately examine your case and advise you on the best method of proceeding to best serve your needs.
For honest and straightforward advice, contact the experts
Get a free Assessment
Join our newsletter and get up-to-date immigration news Click here
All rights reserved ©2022 Gunness & Associate