Record invites under startup visa has been issued by Canada
As many as 55 new permanent residents immigrated to Canada in 2015 under this program and a record 250 foreigners have settled in Canada under the start-up visa (SUV) program in the last five months.
Which indicates that several immigrants have set up new businesses in the country that puts Canada on track to welcome 600 new permanent residents through the program in 2022. According to Canada Immigration reports it is the highest number since the program was first launched as a five-year pilot program in 2013.
Under this program as many as 55 new permanent residents immigrated to Canada in 2015 while it increased more than nine times to 515 in 2019. Inviting permanent residents under this program was stalled owing to Covid-19 global pandemic. Immigration fell by 45.9 per cent, to only 184,585 new permanent residents in 2020, after welcoming 341,175 new permanent residents to Canada in 2019.
The number of foreign nationals who came to Canada under the SUV and set up business took a similar hit that year and according to the report there is a drop of 45.9 per cent to only 260 new permanent residents and the SUV rebounded somewhat from its low in 2020 to allow 385 foreign nationals to become new permanent residents of Canada, as the border re-opened.
If you want to apply for the startup visa there are some requirements that need to be fulfilled. A designated venture capital fund must confirm that it is investing at least $200,000 into the business and candidates can also qualify with two or more commitments from designated venture capital funds.
One or more angel investors must invest at least $75,000 into the business and a designated business incubator must accept the applicant into its business incubator program. To develop a viable business plan it is all up to the immigrant investor.
Basic eligibility requirements for the SUV are a qualifying business, a commitment certificate and letter of support from a designated entity, sufficient unencumbered, available and transferable settlement funds to meet settlement funding. Proficiency in English or French is also required. It should be done at the minimum Canadian language benchmark level 5.
