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.
Immigration, Refugees and Citizenship Canada (IRCC) has planned to admit more Start-Up Visa applicants, increasing from 1,000 per year in the past few years to 3,500, 5,000, and 6,000 in 2023, 2024, and 2025, respectively.
This increase in immigration through the SUV in August was notable, considering the spike in immigration in July. By the end of August, Canada had welcomed 640 new permanent residents through the SUV, potentially reaching up to 960 by the end of the year if current immigration levels continue.
About the Start-Up Visa (SUV) program
The start-up visa program may make it possible for entrepreneurs to immigrate to Canada. Canada is on a search for bright entrepreneurs who are eager to start businesses that will boost its economy and offer job opportunities to its citizens. The Start-up Visa Program in Canada encourages immigrant business owners who have the skills and ability to start successful businesses in Canada:
- are innovative
- can create jobs for Canadians
- can compete on a global scale
Eligibility Requirements for the Start-up Visa Program
You must fulfill all 4 eligibility requirements for the Start-up Visa Program in addition to the requirements for entry into Canada in order to be eligible. You must:
- 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
About the 2023-2025 Canada Immigration Levels Plan
On November 1, 2022, the 2023–2025 Immigration Levels Plan was introduced, defining the path for raising immigration levels to support Canada’s economic growth and meet labor market needs. The 2023–2025 Immigration Levels Plan will help Canada maintain its position as one of the top talent destinations in the world while reuniting families and fulfilling Canada’s humanitarian obligations, including the resettlement of Afghans who are in need of assistance.
With a stronger emphasis on regional immigration to spread the advantages of immigration across Canada, the Levels Plan gives economic immigration priority in order to support the development of a strong economy. More than half of all expected admissions are for the economic class.
On November 1, 2022, the 2023–2025 Immigration Levels Plan (Levels Plan) was introduced in Parliament. It included the following targets for admitting new permanent residents:
- 465,000 in 2023 (range: 410,000-505,000)
- 485,000 in 2024 (range: 430,000-542,500)
- 500,000 in 2025 (range: 442,500-550,000)
Want to know more details about “The Start-Up Visa program attracts more and more business immigrants” you can contact one of our immigration specialists at Gunness & Associates.
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