The Canada Start-Up Visa (SUV) Program is an opportunity for entrepreneurs to offer a pathway to Canadian permanent residency. The latest IRCC statistics outstandingly highlighted the success and potential of the SUV program.
IRCC Statistics of Canada Start-Up Visa Program
Since its inception in 2014 through November 2023, the Start-Up Visa Program has facilitated permanent residency for 5,170 applicants and their families. In 2023, the IRCC introduced reforms to the SUV program to enhance its efficiency and appeal. These modifications have evidently paid dividends, as evidenced by the latest approval rates from the IRCC statistics:
- Business Incubators have seen an approval rate of 86%, with 1,925 successful applications.
- Angel Investors boast a 78% approval rate, translating to 583 approved applications.
- Venture Capital Funds reported an 85% approval rate, with 66 applications approved.
These figures total 2,574 approvals in the last year, which shows an 84% approval rate for the SUV PR application. It’s also a testament to the program’s effectiveness and the government’s efforts to streamline the application process.
Why the SUV Program Stands Out
The SUV program distinguishes itself not only through high approval rates but also through its relatively straightforward application requirements, including:
- An innovative business idea;
- Letter of Support from a designated organization;
- The principal applicant must provide English or French test results of at least CLB5 (IELTS 5 except for Reading Factor IELTS 4).
Moreover, the program offers unique benefits such as accessing permanent residency for the entire family, quick access to Canada before obtaining the PR, no impact of the start-up’s success or failure on the residency, no need for proof of net worth, and no requirement for previous management or business experience.
At Eterna International, we are dedicated to leveraging these opportunities for your clients, ensuring they receive comprehensive support through their application process. The time has never been better to explore the SUV program, and we sincerely invite you to join us in this endeavor.
