Canada’s Start-Up Visa Program has reached an all-time high, welcoming 5,595 new permanent residents in 2024. This marks a significant increase compared to previous years, solidifying Canada’s reputation as a top destination for global entrepreneurs.

However, with the federal government planning to adjust immigration targets under the 2025-2027 Immigration Levels Plan, many are questioning whether this growth will continue. Here’s a closer look at the program’s expansion, its impact, and what future applicants should expect.

Start-Up Visa Program: A Decade of Growth

Launched as a pilot in 2013 and made permanent in 2018, the SUV program grants permanent residency to entrepreneurs who secure investment from a designated Canadian organization. Since its inception, the program has shown steady growth:

The decline in 2020 and 2021 was due to pandemic-related restrictions, but the program has since surged, reaching record-breaking numbers in 2024.

Where Are Start-Up Entrepreneurs Settling?

Unlike other immigration programs, the SUV does not allocate immigrants by province. However, trends show that some regions are more attractive than others:

Notably, Quebec does not participate in the SUV program and operates its own business immigration streams.

Why Is the Start-Up Visa Program Growing?

Several factors have contributed to the SUV program’s rapid growth:

• Post-Pandemic Economic Recovery: Canada has expanded immigration to support its economy, with SUV applicants contributing to job creation.
• Global Economic Uncertainty: Entrepreneurs from unstable economies are seeking more secure business environments.
• Canada’s Thriving Tech Industry: The expanding tech sector in Ontario and British Columbia is attracting international start-ups.

Applying for Canada’s Start-Up Visa Program – Eligibility Requirements

To qualify for the SUV program, applicants must:

• Own at least 10% of a qualifying business.
• Secure a letter of support from a designated venture capital fund, angel investor group, or business incubator.
• Meet the minimum language requirement (CLB 5 in English or French).
• Show proof of settlement funds.
• Plan to actively manage the business in Canada.

Application Process

• Obtain Investment or Support: Secure backing from a designated organization.
• Submit a Permanent Residency Application: Apply through Immigration, Refugees, and Citizenship Canada (IRCC).
• Apply for a Work Permit (Optional): Start business operations in Canada while awaiting PR approval.
• Wait for Processing: Timelines range from 12 to 32 months, depending on application volume and country of origin.

Will the Growth Continue?

In October 2024, Canada announced plans to lower immigration targets under the 2025-2027 Immigration Levels Plan. The number of SUV applicants accepted will drop to 2,000 in 2025 and just 1,000 in both 2026 and 2027, compared to the previous goal of 6,000 per year.

This means:

• Higher competition for fewer spots.
• Longer processing times due to increased demand.
• Greater scrutiny of applications.

Entrepreneurs looking to apply should act quickly before stricter caps come into effect.

The Start-Up Visa program has become a major gateway for global entrepreneurs to establish businesses in Canada. With 5,595 new permanent residents in 2024, the program has never been more popular. However, upcoming immigration adjustments mean that applicants should prepare for stricter selection criteria and longer processing times in the coming years.

For those considering Canada’s Start-Up Visa, now is the time to apply before quotas tighten and competition increases.

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