Are you aware of Canada’s Start-up Visa (SUV) program? Canada’s Start-up Visa (SUV) program is changing. From April 30, the Immigration Refugees and Citizenship Canada (IRCC) will limit the number of permanent residency applications accepted each year to those associated with no more than ten start-ups per designated organization.
The introduction of a new cap for applications in the SUV program aims to reduce backlog and speed up processing times. With a limit of 820 applications per year from around 82 designated organizations, the immigration level targets have been reduced, causing concern among immigration experts and entrepreneurs. The program offers a clear path to permanent residency without requiring applicants to invest their own funds or meet a minimum net worth, but they must demonstrate sufficient funds and support from a designated partner.
The IRCC’s decision to limit applications through the SUV program has been criticized by the entrepreneurship-funding sector and immigration experts. Canada was ranked as the most attractive destination for start-up founders in 2023. The program has led to the launch of more than 300 start-ups and allowed about 900 entrepreneurs to become permanent residents. The Self-Employed Persons Program will also pause new applications starting April 30, 2024, to clear the backlog and consider options for reform.
It is important to note that the SUV program requires foreign entrepreneurs to obtain support from one of the designated venture capital funds, angel investor groups, or business incubators in Canada. Venture capital funds require a minimum investment of $200,000, angel investor groups require a minimum investment of $75,000, and business incubators require acceptance into an incubation program.
To streamline the application process, all applications in the venture capital and angel investor streams are given priority processing. Additionally, business incubator-supported applications that report an investment of at least $75,000 will also receive priority treatment. These priority processing measures aim to encourage serious entrepreneurs with backing from Canadian investors, thereby supporting the Canadian economy.
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