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Start-Up Visa Immigration Sets New Record

Start-Up Visa Immigration Sets New Record

IRCC introduces a "Trusted Institutions Framework" to assess colleges and universities to admit foreign students, New Brunswick schools strained with newcomers and Canada’s Parents and Grandparents immigration stream hits new record.

February 19, 2024

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In this week’s issue, IRCC introduces a "Trusted Institutions Framework" to assess colleges and universities to admit foreign students, New Brunswick schools strained with newcomers and Canada’s Parents and Grandparents immigration stream hits new record.

Start-Up Visa Immigration Sets New Record In 2023

Canada's Start-Up Visa (SUV) program has seen a significant surge in popularity, welcoming a record-breaking 1,460 new permanent residents last year. This marks a remarkable increase of 153.9% compared to the previous year.

💫 A Bright Future Ahead
Immigration, Refugees and Citizenship Canada (IRCC) has announced plans for substantial growth in the program, aiming to welcome 5,000, 6,000, and 6,000 newcomers in 2024, 2025, and 2026, respectively. These numbers reflect Canada's commitment to fostering innovation and entrepreneurship here.

📈 A Journey of Growth
Since its launch in 2015, the SUV program has witnessed steady growth. Initially welcoming only 55 immigrant entrepreneurs in its inaugural year, the program has since experienced exponential expansion, with 515 newcomers arriving in 2019 before facing a setback due to the pandemic.

🌟 Resilience Amid Challenges
Despite the challenges posed by COVID-19, Canada's commitment to immigration remained steadfast. While the pandemic initially led to a decline in immigration numbers, the SUV program rebounded strongly in 2021, showcasing IRCC’s view of its resilience and importance in driving economic growth.

🏙️ Regional Preferences
Ontario and British Columbia emerged as the top destinations for SUV immigrants, with Alberta, Manitoba, and Nova Scotia also witnessing significant arrivals. These provinces offer conducive environments for budding entrepreneurs to thrive and contribute to its start-up ecosystem.

🛤️ Navigating the Path to Permanent Residence
Candidates applying under the SUV program can enter Canada under early entry work permits supported by designated entities and Canadian investors, jumpstarting their journey towards permanent residence. This effectively offsets the growing timeline for obtaining Canadian permanent residence through the SUV program. It now takes an estimated 37 months, after start-ups meet specific eligibility criteria and obtain support from designated entities.

🌱 Encouraging Entrepreneurship
The SUV program aims to encourage entrepreneurship by considering three types of private-sector designated entities: venture capital funds, angel investors and business incubators. Through strategic investments and business development, immigrant entrepreneurs can realize their goal of establishing successful start-up ventures in Canada.

TRENDING NEWS

Canada immigration minister considering cut to off campus work for international students, aiming to curb reliance on temporary foreign workers. Study permit applications will be capped at 606,250 for 2024, a 35% decrease from 2023. Provinces will face limits on international student intake. Businesses express concerns, urging thoughtful consideration for smaller communities dependent on immigrants.
IRCC introduces a "Trusted Institutions Framework" to assess colleges and universities based on factors like student attendance, labour market integration and the percentage of tuition revenue derived from international students. This latest initiative comes amidst concerns over program integrity and foreign student vulnerability. Read more
Newcomers and interprovincial migrants flocking to New Brunswick strain its schools, necessitating more resources and staff. The province, once grappling with depopulation, now faces a growth spurt, welcoming 11,455 new permanent residents last year. The influx aligns with programs targeting skilled workers and entrepreneurs. Read more
Canada's Food Price Report anticipates only a 2.5 to 4.5 percent increase in grocery prices, offering relief compared to previous years. Factors like global disasters and conflicts have influenced costs. Despite record-high food bank visits, Canadians spent less on food last year, raising concerns about food quality. Read More

Poll of the Week

If you are an immigrant to Canada, how integrated do you feel into Canadian society?

NUMBERS TO KNOW

Alberta Advantage Immigration Program Draw: Province Issues At Least 146 Invitations Targeting Healthcare and Construction Workers Read More
Canada Express Entry Draw: 3,500 Invitations Targeting Healthcare Jobs Issued Read More
British Columbia PNP Draw: Province Issues At Least 200 Invitations Read More
Canada Express Entry Draw: 1,490 Invitations Under General Category Issued Read More
Manitoba PNP Draw: Province Issues At Least 282 Invitations Read More
Ontario PNP Draw: Province Targets Healthcare and Tech Jobs With At Least 4,552 Invitations Read More
Watch our Express Entry Weekly Roundup

FEATURED PODCAST

In today's episode of “My Great Canada”, Melissa showcases Himank Bhatia, a credit counselor with Credit Canada, as he shares his personal journey as a newcomer to Canada and the financial challenges he faced. Himank discusses common financial pitfalls for immigrants, the importance of credit building, and provides valuable credit building advice during the immigration process. Through his story of resilience and success, listeners gain insights into overcoming obstacles and the crucial steps toward financial stability in Canada.