Jun 21, 2022

CANADA TO WELCOME RECORD NUMBER OF IMMIGRANTS IN 2022

STARTUP VISA PROGRAM

In this blog, we will talk about the latest Canadian immigration news on the Start Up Visa Program.

Canada is on track to welcome a record number of immigrants in 2022. Canada's Start Up visa has outperformed as compared to other programs offered. The popularity of the program in terms of welcoming new permanent residents continues to increase in the first quarter of 2022. If this trend continues then it will be the best year yet for the Start Up Visa Program.

The program enjoys a success rate of 76.3%, and 160 newcomers were welcomed through the SUV. Estimates are that if this trend continues for the next three-quarters, Canada will welcome 640 new permanent residents this year beating the previous record of 515 in 2019.

The figures show a growing interest in the SUV, one of Canada's only business immigration programs that requires no previous management experience. The SUV program like all other Canadian immigration programs took a hit from COVID 19 in 2020, and the number of permanent residents dropped to 260. This figure has increased through each of the previous five years and the numbers recovered somewhat in 2021. The good news is that if this astounding start continues then the number of entrepreneurs Canada might welcome will surely break all previous records.

Canada recently announced a small increase in the settlement fund required under the SUV for 2022. Settlement funds are required by applicants under the SUV to cover the cost of living for their families. This is applicable even if the family is not accompanying the applicant to Canada.

These funds must be set aside and readily available when a candidate applies and when a permanent resident visa is issued

Under the Canada Start-Up Visa program, three types of private-sector investors are considered: These are Designated Organisations, commonly referred to as DO’s like Angel Investors, Venture Capital Funds, and Business Incubators.

  1. A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
  2. A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
  3. A designated business incubator must accept the applicant into its business incubator program.

It is the responsibility of the immigrant investor to develop a viable business plan usually with the help of business consultants and an experienced registered immigration lawyer in Canada’s start-up ecosystem. This team ensures that the start-up’s business concept meets all industry-required terms and conditions and the due diligence requirements of these government-approved designated entities.

Candidates applying under the Start-Up Visa program can apply and come to Canada on a work permit supported by their designated Canadian investor before their application for permanent residence is finalized.

Surveys suggest start-up visa candidates usually go on to succeed in Canada in terms of growing their business, attracting further investment, networking or selling their business for a profit.

If you want to know more about the Start Up Visa Program connect with our experts on www.canstartco.com