Canada’s Start-Up Visa Program Sees Significant Growth in Immigrant Entrepreneurs

September 24, 2024
6:24 am

Share Now

Canada’s Start-Up Visa (SUV) program is experiencing a surge in popularity, with a notable increase in the number of immigrant entrepreneurs arriving through this pathway. In July 2024, the country welcomed 720 new permanent residents through the SUV program, marking a 27.4% increase from June’s total of 565. This boost has brought the total number of SUV immigrants for the first seven months of 2024 to 3,745, reflecting an incredible 688.4% growth compared to the same period in 2023.

This upward trend highlights Canada’s growing appeal to innovative entrepreneurs worldwide. If this pace continues, Canada could see 6,420 new permanent residents through the SUV program by the end of 2024, representing a substantial 339.7% increase from 2023.

British Columbia Leads Growth in Immigrant Entrepreneurs

British Columbia has played a significant role in the growth of the SUV program. In July, the province saw a 59% rise in new immigrant entrepreneurs, welcoming 310 individuals. This nearly matched Ontario’s numbers, where 345 new permanent residents arrived through the program. Both provinces have become key hubs for start-up activity, attracting entrepreneurs eager to contribute to Canada’s economy through innovation and business creation.

The Start-Up Visa program’s success highlights the entrepreneurial spirit thriving across Canada. While Quebec and Saskatchewan, along with Canada’s territories, do not participate in the program, most other provinces have seen significant activity. For instance, Manitoba welcomed 365 new immigrants through the SUV program, while Alberta received 80.

History of the Start-Up Visa Program

Launched in 2015, the Start-Up Visa program began modestly, welcoming just 55 immigrant entrepreneurs in its first year. However, it quickly gained momentum, doubling in size in 2016 and continuing to grow each year. By 2019, the program had attracted 515 new permanent residents, but the global COVID-19 pandemic caused a temporary decline in numbers. Since then, the SUV program has rebounded, with 2024 on track to be a record-breaking year.

Pathway to Permanent Residency for Entrepreneurs

The SUV program allows immigrant entrepreneurs to come to Canada initially on a work permit, supported by designated investors such as angel investors, venture capital funds, or business incubators. Once their business takes root, they can apply for permanent residency. This pathway has become an attractive option for entrepreneurs worldwide, offering opportunities to build innovative businesses in Canada’s supportive start-up ecosystem. Canada’s commitment to fostering entrepreneurial talent through the Start-Up Visa program solidifies its position as a top destination for global innovators seeking permanent residency.