December 10, 2023
According to the most recent data from Immigration, Refugees, and Citizenship Canada (IRCC), entrepreneurs who are immigrants are obtaining permanent residence in record numbers as a result of the Start-Up Visa (SUV) program in Canada. This program provides numerous opportunities for foreign nationals who are attempting to immigrate to Canada.
The SUV program had already assisted 555 foreign nationals in obtaining permanent residence in Canada by the end of the first eleven months of the previous year. This placed the program on track to welcome a record-breaking 612 new permanent residents to the nation by the end of the year.
In 2019, the final full year before the COVID-19 pandemic, a record 515 new permanent residents arrived in Canada under the SUV.
Due to border closures and international travel restrictions, immigration to Canada fell in 2020 as the coronavirus spread throughout the nation.
In the same year, the SUV saw a precipitous drop in the number of new permanent residents to Canada, from 260 to 49.5%.
However, immigration roared back to life in 2021 when those public health measures were relaxed, and the number of new permanent residents under the SUV increased by 125, or 48.1%, to 385.
The SUV’s popularity among immigrant investors has increased by 13.6 times, and the program has helped a projected 612 new permanent residents last year, up from 45 in 2015.
Immigrant business owners love the SUV because it gives them the freedom to start a wide range of businesses and the chance to get permanent residency in Canada.
Those who are qualified for the SUV must:
have a company that qualifies;
procure a support letter from a designated organization;
comply with the language specifications, and;
bring sufficient funds to settle.
The number of dependents an applicant has determines how much money they need to immigrate under the SUV program.
