As of Nov 2023, the Canada Start-Up Visa program permanent residency approvals reached 1145 applications. Ontario accounted for 63.3% of the total approvals, with 725 SUV applications granted. Besides Ontario, British Columbia (BC), with 265 approvals, and Manitoba, with 120 approvals, also have a relatively high percentage of permanent residency approvals.
In 2022, the total number of SUV PRs approved for the entire year was 575. Comparing the approval numbers for the two years, 2023 is nearly double that of 2022. This increase is closely tied to the enhancements made to the SUV program by IRCC. Although the currently released numbers have yet to reach the expected 3000 approvals, it remains an improvement, considering that the enhancements were not fully implemented during this data release.
One of the SUV enhancements of increasing permanent residency approval has already been finalized:
- The annual permanent residency approval quota for 2023 increased from 1000 to 3500. In early November 2023, IRCC further increased the quotas for 2024 to 2026 in their immigration plan, estimating the acceptance of 5000 families in 2024 and an annual acceptance of 6000 families through the business immigration program (SUV included) from 2025 to 2026.
The rules still awaiting further guidance documents from IRCC are:
- Work permits become open work permits, extending from 1 year to a maximum of 3 years, applicable to the entire SUV team.
- Open work permit holders can work for their startups and other companies.
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If the start-ups have committed capital ( from venture capital funds, angel investor groups, or business incubators), the applications will have the opportunity for express processing. The existing applicants can benefit from this rule, too.
In 2023, the SUV program experienced a significant improvement in approval numbers and policy enhancements. This development marks the beginning of a golden three-year period for the Canada SUV program. If your clients are ready to immigrate to Canada, the start-up visa program is highly recommended.
