Canada’s most anticipated immigration program

Although the federal and provincial immigration thresholds are now rising, there is one immigration program that is doing very well. The number of permanent residents approved in one month has almost caught up with the number in the previous year. This program is the Start-Up Visa (Start-Up Visa, referred to as SUV)

According to the latest data from IRCC, in January this year alone, 490 entrepreneurs successfully obtained Canadian permanent resident status through the SUV project. This number surged by 58.1% from the previous month and by 880% from the same period last year!

2023 will definitely be a year for the SUV project to shine. A total of 1,460 entrepreneurs have immigrated to Canada through this project, while the number of approvals in 2022 is 575. The number in January this year alone will almost catch up with the number in the whole of 2022. The number of people is up!

IRCC has allocated a large number of permanent residence permit slots to the SUV project and plans to admit 5,000 people in 2024. But this is not the most important thing. The most important thing is that the passing rate of SUVs is very high. As long as they meet the conditions, they will pass.

The SUV project is approved quickly, with a visa obtained in 3-5 months and a Maple Leaf Card in 18 months at the fastest. It is definitely a rare and good opportunity for Chinese applicants!

Another major advantage of SUV is that failure to start a business will not affect your permanent residence. After all, starting a business anywhere is not an easy task. And if you have a good project but insufficient start-up costs, you can start a business together with other applicants to share costs and risks.

Performance of entrepreneur immigration projects in provinces

Ontario
As the most popular province in Canada, Ontario has been steadily accepting entrepreneur immigrants for the past three years. However, on February 5, Ontario OINP announced that it would suspend accepting applications for the entrepreneur category.

British Columbia
The BCPNP Entrepreneur Project conducted a lottery on January 16, and the number of invitees was <5 people, and the number of invitees for the Entrepreneur Regional Pilot was also <5 people.

The BCPNP Entrepreneur Program invites applicants with a net worth of CAD 600,000, a minimum investment of CAD 200,000 in BC, a minimum English language level of CLB 4, and a college degree or above. Judging from the number of people, the number of people approved for the BCPNP Entrepreneur Project in 2023 is less than a hundred, and there is no advantage in front of the SUV project.

Saskatchewan
A total of 4 draws will be held for the Saskatchewan Entrepreneur Project 2024. In January, Saskatchewan invited 13 entrepreneurs, which was only 2.6% of the number of SUV projects in the same period. The minimum EOI score is 120 points. This score is equivalent to requiring applicants to have a bachelor’s degree, assets of 1 million Canadian dollars, investment of more than 1 million in remote areas, and basic English skills.

Alberta
The province has many restrictions on entrepreneurial immigrants, such as setting up a business in rural areas or graduating from a post-secondary education institution in the province. In 2023, there are only 5 places for all entrepreneur projects in the province. This project can be said to be closed.

Comparing the projects in various provinces, SUV is the only feasible project in Canada suitable for entrepreneurs to immigrate.

Qualifications

• Have the support of a designated angel investment fund or venture capital fund in Canada or join a business incubation program (angel investment requires a minimum investment of 75,000 Canadian dollars, and venture capital requires a minimum investment of 200,000 Canadian dollars. The business incubation program must accept applicants to join its plan );
• English or French proficiency reaches at least CLB5;
• work and settle outside Quebec;
• A project supports up to 5 applicants (each applicant owns at least 10% of the shares of the company. Venture capital institutions plus all applicants must hold more than 50% of the shares. Each applicant can sponsor their family members to immigrate together);
• Adequate liquidity guarantee;