Canada is making important changes to its Start-Up Visa (SUV) Program to attract innovative entrepreneurs and make it easier for them to start their businesses in Canada. At the same time, these changes may impact anyone planning to apply through the SUV program.
Immigration, Refugees and Citizenship Canada (IRCC) recently announced that starting April 30, there will be a yearly limit on the number of permanent residence applications available through the SUV pathway.
Each designated organization can only endorse up to 10 start-ups each year. This new cap means that potential applicants must act quickly if they want to take advantage of the opportunity to enter Canada's dynamic business environment.
Changes to the Start-Up Visa Program
Here are the key changes you need to know if you’re applying for (or considering applying for) a visa through the Start-Up Visa Program.
- Annual Application Cap:
Each designated organization can now only accept 10 or fewer SUV start-ups per year. With fewer than 100 current designated entities, this effectively limits new SUV applications to less than 1,000 for the entire year. (Source Canada.ca).
- Prioritized Processing: Applications from start-ups that have secured committed capital from recognized Canadian investment entities, or from incubators that are part of Canada’s Tech Network, will receive priority processing. This fast-tracks innovative ventures that are ready to hit the ground running and contribute economically (Source Canada.ca).
- Open Work Permit Eligibility: In a change planned for the future, all team members applying for permanent residence through the program will be able to work in Canada while their applications are processed. This will allow entrepreneurs to contribute to the Canadian economy and run their businesses smoothly during this period. (Source Canada.ca).
- Increased Admission Targets: The program still aims to triple the number of admitted entrepreneurs compared to previous years “tripling last year’s target by admitting 3,500 people in 2023 (including SUV and self-employed persons)”, leveraging SUV application backlogs.(Source Canada.ca).
Other Business Immigration Opportunities
If your business doesn’t qualify for the Start-Up Visa Program, Canada offers other programs which offer similar great benefits.
- Provincial Nominee Entrepreneur Programs: For instance, the Saskatchewan Immigrant Nominee Program for Entrepreneurs (SINP-ENT) supports individuals aiming to establish, acquire, or partner in a business in Saskatchewan. It offers a clear route to permanent residence for entrepreneurs committed to long-term development within the province. Other provinces have additional options.
- ICT Intra-Company Transfer: This program helps multinational companies temporarily transfer key employees, such as managers, executives, or specialized knowledge workers, to support operations in Canada.
- Owner/Operator Pathway (OO to PR): This pathway is for business owners actively managing a business in Canada. It offers a route to permanent residence based on the economic contributions of their business.
Why These Changes Matter
The updates to the Start-Up Visa Program are part of Canada’s strategy to attract and keep global entrepreneurial talent. By making it easier for innovative businesses and their founders to establish themselves in Canada, the country not only boosts its economy but also strengthens its position as a top global center for technology and innovation.
If you’re looking to enter the Canadian market, now is the time to act. For detailed advice and guidance on these new opportunities, be sure to consult with a licensed legal expert. They can provide valuable insights and help tailored to your specific business needs.
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