According to information, from the Immigration, Refugees and Citizenship Canada (IRCC) Canada plans to boost the intake of immigrants through the Start Up Visa (SUV) program. The data suggests a rise, in activity with an estimated 1,200 new permanent residents anticipated by year end.
In October Canadian authorities granted residency to 200 individuals through the SUV program. This reflects a 37.9% increase compared to September’s figures. This rise contrasts sharply with the decline observed between August and September when admissions dropped by 17.1%.
The IRCC has recently announced their plans to expand the number of applications accepted through the Start Up Visa program in the coming years. Their aim is to increase it from the limit of 1,000 to 3,500 by 2023. Additionally, they have set a goal of doubling it and reaching 6,000 applications by 2025 with intentions to maintain this level in 2026.
This year has seen considerable growth in start-up visa immigration with July setting the previous record for monthly admissions. A massive boom of 107.7% was recorded when the number of new permanent residents soared from June’s arrivals of 65 entrepreneurs to July’s impressive count.
Assuming this upward trend continues through the remainder of this year, the SUV program in Canada is expected to witness approximately 1,200 new permanent residents by December – a stark contrast to last year’s numbers, where authorities admitted only 575 entrepreneurs throughout the entire year. As of now, in just the first ten months of this year alone, the SUV program has seen a 90.5% increase in accepting permanent residents compared to their counterparts during the same period last year.
The top destination provinces for these immigrant entrepreneurs were Ontario and British Columbia, with a total of 635 and 240 new permanent residents settling there between January and October 2021, respectively. Other regions like Alberta saw no change in admissions from September to October – its total being 20 by the end of October – while Manitoba welcomed 95 entrepreneurs through the SUV program within the same ten-month window.
Expanding the Start Up Visa program, with this approach has potential to positively impact Canada’s economy. It encourages the development of thinkers, entrepreneurial skills and a wide range of industries, in our country. This will ultimately lead to growth and prosperity across sectors.
Ontario Welcomes the Highest Number of SUV Entrepreneurs, While Nova Scotia Sees the Fewest
According to the data Ontario had the influx of immigrant entrepreneurs through the Start, up Visa (SUV) program whereas Nova Scotia had the lowest. It is worth noting that Nova Scotia’s numbers remained consistent compared to the month with 10 entrepreneurs arriving by the end of October.
No other provinces or territories recorded new permanent residents arriving through the SUV program during the first 10 months of this year. It’s worth noting that the SUV program attracts fewer overall permanent residents compared to federal worker initiatives such as the Federal Skilled Worker (FSW) and Federal Skilled Trade (FST) programs, Provincial Nominee Programs (PNP), or regional economic development schemes like the Atlantic Immigration Program (AIP) and Rural and Northern Immigration Pilot (RNIP).
Because of the smaller pool of participants in the SUV program, monthly fluctuations in permanent resident numbers might seem more significant when analyzed in percentage terms.
