Overview
Canada welcomed more new permanent residents in the first quarter of 2023 than in the same period last year, but the Start-Up Visa (SUV) program did not share the same trend. The SUV program allows immigrant entrepreneurs to start and grow their businesses in Canada with the support of designated investors. However, only 150 new permanent residents used this program in the first three months of 2023, a 6.25% decrease from the previous year.
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Monthly Statistics
The SUV program had a mixed performance in each month of the first quarter. In January, 50 new permanent residents entered through this program, followed by a drop to 40 in February. The number recovered to 50 again in March, matching the January figure.
Provincial Breakdown
The decline in the SUV program was mainly driven by lower numbers from Ontario and British Columbia. These two provinces are usually the most popular destinations for immigrant entrepreneurs, but they saw significant drops in the first quarter of 2023. Ontario had 60 new permanent residents using the SUV program, a 25% decrease from the previous year. British Columbia had 30 new permanent residents, a 15.4% decrease from the previous year.
On the other hand, Manitoba and Alberta showed some growth in the SUV program. Manitoba had 10 new permanent residents, a 66.7% increase from the previous year. Alberta also had 10 new permanent residents, adding 10 more than the previous year.
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Comparison with Other Programs
The SUV program is one of several immigration programs that Canada offers to attract skilled workers and entrepreneurs. Compared to other federal worker programs and provincial nominee programs, the SUV program has a smaller intake of new permanent residents. This means that changes in this program’s statistics may seem more dramatic when expressed as percentages.
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Program Details
The SUV program is designed to help immigrant entrepreneurs launch and grow their businesses in Canada with the help of designated investors. These investors can be angel investors, venture capital funds, or business incubators. They must invest at least $75,000 or $200,000 into the qualifying business, depending on the type of investor. Candidates can also combine multiple investments or commitments to meet the requirement.
To be eligible for the SUV program, candidates must also meet the following criteria:
- Have a qualifying business that meets certain ownership and incorporation requirements.
- Obtain a commitment certificate and a letter of support from a designated investor that confirms their interest and investment in the business.
- Have enough money to settle and live in Canada while establishing their business. The amount depends on the size of their family and is updated annually.
- Have proficiency in either English or French at a minimum level of Canadian Language Benchmark 5. However, some investors may require higher language skills as part of their due diligence process.
Candidates can apply for a work permit supported by their designated investor while their permanent residence application is being processed. The current processing time for permanent residence under this program is about 33 months.
The SUV program involves complex legal and business processes that require professional guidance and support. Candidates should consult with business consultants and corporate immigration lawyers who can help them comply with industry standards and regulations.
Conclusion
The Start-Up Visa (SUV) program is an immigration option for immigrant entrepreneurs who want to start and grow their businesses in Canada with the support of designated investors. However, this program saw lower interest in the first quarter of 2023 compared to the same period last year. The decline was mainly due to fewer arrivals from Ontario and British Columbia, while Manitoba and Alberta showed some growth. Candidates should understand the eligibility requirements and seek legal support to navigate this program effectively.
Frequently Asked Questions
How did the SUV program perform in Q1 2023 compared to Q1 2022?
The SUV program saw a decline of 6.25% in Q1 2023 compared to Q1 2022, with only 150 new permanent residents using this program.
Which provinces had lower numbers of SUV arrivals in Q1 2023?
Ontario and British Columbia had lower numbers of SUV arrivals in Q1 2023. Ontario had a 25% decrease, while British Columbia had a 15.4% decrease compared to Q1 2022.
Which provinces had higher numbers of SUV arrivals in Q1 2023?
Manitoba and Alberta had higher numbers of SUV arrivals in Q1 2023. Manitoba had a 66.7% increase, while Alberta added 10 more arrivals compared to Q1 2022.
How does the SUV program compare to other immigration programs?
The SUV program has a smaller intake of new permanent residents than other federal worker programs and provincial nominee programs. This means that changes in this program’s statistics may seem more dramatic when expressed as percentages.
What are the requirements and process for the SUV program?
The SUV program requires candidates to have a qualifying business, obtain a commitment certificate and a letter of support from a designated investor, have enough money to settle in Canada and have proficiency in either English or French at a minimum level. Candidates can apply for a work permit supported by their investor while their permanent residence application is being processed. The current processing time for permanent residence under this program is about 33 months.
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