Start-Up Visa Immigration to Canada Continues to Grow

Start-Up Visa Immigration to Canada Continues to Grow

The Start-Up Visa (SUV) entrepreneur immigration immigration to Canada experienced a slight slowdown in February compared to its rapid pace in January, with latest Immigration, Refugees and Citizenship Canada (IRCC) data highlighting that the number of new permanent residents entering the country decreased by 14.3% from the preceding month.

🌍 Overall Immigration Numbers Decline
The decline in entrepreneur immigration was almost lockstep with a trending 18.4% fall in total immigration to Canada in February compared to the previous month. The reduction drove down the number of new permanent residents by 13.8 per cent for this year to date compared to the first two months of last year. This trend can be traced to various causal factors, including global economic conditions and ongoing pandemic-related restrictions.

📊 February SUV Immigration Figures
In February, Canada welcomed 420 immigrant entrepreneurs as permanent residents through the SUV, down from 490 the month before that. Despite this decrease, it's important to note that the number of SUV immigrants remains significantly higher than during the same period last year (with only 50 SUV immigrant entrepreneurs coming to Canada in January 2023), indicating a continued and rising interest in Canada's entrepreneurial immigration program.

📈 Long-Term Trends and Outlook
Since its launch in 2015, the SUV program has steadily increased in popularity among global entrepreneurs looking to move to Canada. While it only saw 55 immigrant entrepreneurs come to Canada in its initial year, for example, the program had more than quadrupled in popularity by 2018, with 240 new permanent residents arriving under its mandates that year. It then experienced a temporary setback in 2020 due to the COVID-19 pandemic, but rebounded strongly in 2021 and continued to grow in 2022, which showcases its continued relevance in fostering Canadian innovation and economic growth.

🌟 Popular SUV Destinations 
Ontario and British Columbia continue to be the preferred destinations for SUV immigrants, with the former having received 525 new permanent residents through the program by the end of February 2024, and the latter having welcomed 300 during those two months. Alberta added 10 new permanent residents through the program in January and February and Manitoba added 75 immigrant entrepreneurs through the SUV during those months. The only other province to see the arrival of immigrant entrepreneurs through the SUV in January and February was Nova Scotia which welcomed five. None of the other provinces or territories had added any new permanent residents through the SUV by the end of February.

📋 SUV Application Process and Eligibility
Under the SUV program, candidates can initially come to Canada on a work permit supported by their designated Canadian investor before their permanent residence application is finalized. The entire process is estimated to take 37 months and requires candidates to meet specific eligibility criteria, including proficiency in English or French and a commitment to a qualifying business venture.

🔍Why It Matters and Looking Ahead
Despite a slight decrease in SUV immigration numbers in February, the program continues to show an optimistic long-term trend for welcoming entrepreneur talent to Canada. In fact, projecting out from the current level of SUV immigration in the first two months would mean Canada could welcome up to 5,550 immigrant entrepreneurs this year. This would bear positive results for Canada’s place in the global competition for attracting talent, as the SUV program is a tool for the country to not only fill gaps in its own labour market, but also enhance its position as a global leader in technology, innovation, and business development.

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• In the first two months of 2024, Canada observed a fall in its intake of new permanent residents, registering 13,905 fewer than the corresponding period in 2023. However, projections based on the immigration figures from January and February suggest that Canada could still admit 520,260 new permanent residents by the end of the year, exceeding the total for 2023 by 10.3% and surpassing the target of 485,000 set for 2024 in the Immigration Levels Plan. This would be in alignment with Canada's goal to foster economic growth and family reunification while welcoming over 1.48 million immigrants by 2026.  Read more

• Canada is planning significant updates to its Temporary Foreign Worker Program (TFWP) to address labour shortages in agriculture and food processing. The revised program will streamline into fewer streams and enhance migrant worker protections by allowing them to change employers within the same industry. This change aims to reduce worker exploitation. Additionally, the overhaul includes longer two-year work permits for trusted employers and improved housing and wage standards for workers. Read more

• Conservative immigration critic Tom Kmiec criticized Canada's high temporary resident numbers, advocating for a shift towards prioritizing citizenship. During the Canada Strong and Free Network event, Kmiec expressed concerns that temporary residencies prevent full integration of newcomers and contribute to the housing crisis. The panel discussion underscored the need for a balanced approach to immigration that focuses on long-term integration rather than short-term entries, reflecting broader national debates on how best to manage population growth and housing. Read more

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