The number of permanent residents in Canada increased by 785.3 percent in June, with the total number of foreigners coming to the country reaching 3,010 foreigners. In 2023, this number was down by 340 fewer permanent residents.
According to data from Immigration, Refugees and Citizenship Canada (IRCC), 560 new permanent residents came to Canada via the Start-Up Visa in June alone, indicating a strong upward trend, VisaGuide.World reports.
If this level of immigrant entrepreneurs coming to Canada is maintained, there could be 6,020 newcomers via the SUV by the end of the year.
Timeline: How Did the Start-Up Visa in Canada Become Popular?
The entrepreneurial immigration program started in 2015 and brought only 55 immigrant entrepreneurs to the country in that year. In 2016, the number doubled to 110 newcomers and rose to 135 in the following year (22.7 percent).
In 2018, 240 new permanent residents arrived in Canada thanks to this program while in 2019, the number rose to 515 newcomers.
During the pandemic, the interest in this program dipped, with only 260 immigrant entrepreneurs gaining Canadian citizenship through the SUV. In 2021, 385 entrepreneur immigrants came to Canada, which is 48 percent more than in 2020.
SUV Entrepreneur Immigrants ‘Flock’ to Ontario
Ontario has remained the most popular destination for SUV immigrants, welcoming 1,630 immigrants as new residents by the end of June. The second to follow is British Columbia with 955 new residents while Alberta received 70.
Manitoba and Nova Scotia added 305 and 30 immigrant entrepreneurs during this period while 25 new residents were recorded in New Brunswick.
According to the data from the government of Canada, the top countries with the highest number of applicants to the Canadian SUV program between 2013 and 2020 were China (340), Vietnam (264), India (256), Iran (199) and Hong Kong (81).
IRCC data reveals that before the COVID-19 pandemic (2013 to 2020), there were 1,858 applicants to the program – 77.7 percent (1,444) of which were approved.
The approval rate for applications received under the program has changed throughout the years, beginning with 85 percent in 2015 to 72 percent in 2020. The lowest approval rates were recorded in 2018 (63 percent) while the highest rates were registered in 2016 (99 percent).
In order to be eligible for Canada’s Startup Program, it is required to have a business that qualifies you for the program and have a support letter from a certain organisation. Applicants should also have sufficient financial resources and meet the language requirements.