Canada’s Start-Up Visa (SUV) program has seen a surge in applications even during the COVID-19 pandemic, according to the latest data from Immigration, Refugees, and Citizenship Canada (IRCC). The data obtained in February 2023 provides a detailed breakdown of SUV applications between January 2016 and October 2022, categorized by designated organizations, countries, and success rates.
Of the three designated organizations, Business Incubators received the highest number of SUV applications, followed by Angel Investors. Interestingly, Business Incubators received over three times the number of applications compared to Angel Investors, indicating a greater preference among applicants for incubation support.
The data also revealed that China submitted the most SUV applications, although the number of applications dropped by almost 50% from 2016 to 2019. On the other hand, India submitted the second-highest number of applications, with the highest number of applications received in 2021. Furthermore, the data showed a significant increase in the number of applications submitted by countries such as Bangladesh and Hong Kong SAR from 2016 to 2020.
It is worth noting that the COVID-19 pandemic significantly impacted the issuance of application file numbers, and the data for 2021 and 2022 should be read in this context. The methodology used for data collection in these years may be less reliable, given the disruption caused by the pandemic. However, the data suggests that the number of SUV applications has increased significantly since 2018, with the highest number of applications received in 2020.
Despite the pandemic’s impact on the issuance of application file numbers, the rise in SUV applications is a positive sign for Canada’s startup ecosystem. The SUV program provides a pathway for foreign entrepreneurs to establish innovative businesses in Canada with the support of designated organizations, such as angel investors, venture capital funds, and business incubators. Successful applicants are granted permanent residency and can benefit from Canada’s supportive business environment and access to global markets.
Canada’s Start-Up Visa program has proven to be an attractive option for foreign entrepreneurs seeking to establish innovative businesses in Canada. While the pandemic has undoubtedly affected the issuance of application file numbers, the data suggests that the program’s popularity is rising. As Canada looks to foster a thriving startup ecosystem, the SUV program can be crucial in attracting foreign talent and boosting economic growth.
