Today, the Immigration, Refugees and Citizenship Canada (IRCC) has unveiled specifics of the Government of Canada’s Immigration Levels Plan for 2024-2026, further cementing Canada’s welcoming attitude to global entrepreneurs. An aspect of the plan that’s grabbing attention is the emphasis on the Federal Business category, which comprises the Canada SUV Program and the Self-employed Persons Program.
Increasing Admissions for Federal Business Immigrants
Under the new Immigration Levels Plan, Canada’s targets for the Federal Business (concluded the SUV Program and the Self-employed Persons Program) category show an upward trajectory:
- 2024: 5,000 planned admissions
- 2025: 6,000 planned admissions
- 2026: 6,000 planned admissions
These boosted targets resonate with Canada’s ambition to be a global entrepreneurial hotspot. It’s following the improvement of the SUV program that not only increased spots from 1,000 to 3,500 for 2023 but will continue to increase in the next 3 years.
The Other Enhanced Rules of the Start-Up Visa Program
The Start-Up Visa Program, designed to bring innovative entrepreneurs to Canadian shores, has recently seen enhancements that make it even more attractive:
- Extended Work Permit Duration: A significant update to the SUV Program is the extension of work permit duration. Applicants can now be granted work permits lasting up to three years, a notable upgrade from the previous cap of one year.
- Work Permits Turn to Open Work Permits: Applicants of the Start-Up Visa Program will be eligible for open work permits. This allows them the flexibility to work for any employer, breaking the previous constraint of working solely for their start-ups. This three-year open work permit is accessible to every member of the entrepreneurial team and their families, as opposed to being exclusive to individuals deemed essential for immediate roles in Canada.
- Express Application Processing Time: Applications bolstered by venture capital, angel investor circles, and business incubators with affirmed capital commitments will be given precedence. This also includes applications endorsed by incubators affiliated with Canada’s Tech Network.
Why the SUV Program is a Game-Changer
When viewed alongside the increased admissions targets, these enhancements reiterate Canada’s commitment to establishing itself as a prime destination for global entrepreneurs. Canada remains at the forefront of global innovation and entrepreneurship by refining the Start-Up Visa Program’s rules and boosting the admission targets.
Canada’s progressive approach to immigration, particularly concerning entrepreneurial talents, is evident in the 2024-2026 Immigration Levels Plan. The enhanced Start-Up Visa Program rules only add to the allure, promising global entrepreneurs a supportive environment to bring their innovative visions to life.
