At the recent 2023 Global Entry & Exit Immigration Industry Summit held in China, Emily, Eterna’s Business Development Manager (Greater China), shared valuable insights regarding application approval rates and potential reforms for the Canada Start-up Visa (SUV) program.
She reported that as of October 2022, the overall approval rate for SUV applications is 82%. Notably, the applications supported by Angel Investment Group have enjoyed a 100% permanent residency approval rate in 2020, 2021, and 2022. Emily commented that the 82% approval rate neither seems low nor high in absolute terms – the key is how each application is strategized and executed.
Emily emphasized that the core of a successful SUV application stems from coordination between the essential applicant and non-essential applicants. Since SUV is fundamentally a government-business collaboration, applicants must satisfy IRCC’s rules while crafting an innovative business proposal.
Crucially, the founding team must actively contribute and innovate rather than leave everything to the essential applicant alone. By taking a collaborative team approach, SUV applicants can mitigate risk and increase their chances of success.
As a service provider, Eterna’s role is to prioritize customized solutions over simple policy adherence. For example, assessing clients’ educational backgrounds, languages, and other factors enables Eterna to design tailored plans to guide clients through innovation. This hands-on support represents the commercial aspect of the program.
Considering the official website shows a 37-month average processing time and whether the new Canada Immigration Minister would accelerate approvals, Emily predicted that the Minister’s plans likely will be clear later at the end of this year. However, she quoted the previous Minister’s remark that a 3-year wait would deter startup founders from choosing Canada, signaling the government’s desire to facilitate access for immigrant entrepreneurs.
Emily also highlighted recent announcements to immediately increase the SUV quota to 3,500, allow open work permits for up to 3 years, and expedite approvals for funded or high-tech ventures. While policies are announced, operational details remain pending. Eterna will promptly update clients as new SUV reforms are implemented.
During this share conference, Emily provided valuable insights into current approval trends, the collaborative approach needed for SUV success, and upcoming policy changes that may accelerate application processing. Eterna remains committed to helping clients navigate reforms through customized strategies and hands-on support.