Canadian business owners are optimistic about the future as inflation slows, with many planning to hire. Eight in ten business leaders report their businesses are growing, and 76% are hopeful about their performance over the next five years. Despite a slowdown in job growth and the housing crisis, 65.9% of businesses remain optimistic about the next 12 months.
Foreign investors with similar optimism can gain permanent residence via the Start-Up Visa (SUV) program. This program, which has launched 200 start-ups since 2013, considers angel investors, venture capital funds, and business incubators. Investment requirements are $75,000 from angel investors, $200,000 from venture capital funds, or acceptance into a business incubator program.
You must meet the following requirements to be eligible for the Start-up Visa Program:
- You must have a qualifying business
- A letter of support from a designated organization is required
- meet the language requirements, and
- Before you start your business, you should have enough money to settle and live in Canada.
Start-up Visa Program is projected to increase by roughly 80%
According to Immigration, Refugees and Citizenship Canada (IRCC), the Start-Up Visa (SUV) program saw a slight dip in September compared to August. Still, overall numbers are significantly higher than last year. In September 2023, Canada welcomed 145 new permanent residents through the SUV, down 17.1% from 175 in August.
However, this follows a record month in August, up 30% from July. IRCC plans to increase admissions substantially for Start-Up Visa applicants. Current annual admissions of 1,000 will rise to 3,500, 5,000, 6,000, and 6,000 in 2023, 2024, 2025, and 2026, respectively. As of September, Canada had welcomed 770 new permanent residents through the SUV, potentially reaching 1,027 by year-end. This would signify a 78.6% increase over the previous year.
The popularity of the Start-Up Visa (SUV) increased in August as 175 new permanent residents settled in Canada through the program, a 29.6% increase from July.
Want to know more details about the “Canadian businesses expect a positive economy this year” you can contact one of our immigration specialists at Gunness & Associates.
Tel: (416) 604-2669
Email: info@immigrationmatters.info
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