Examining the data spanning from 2016 to 2022 obtained from Immigration, Refugees and Citizenship Canada (IRCC) reveals valuable insights into the Canada Start-up Visa Program. This analysis sheds light on program trends, applicant preferences, and approval rates, providing a deeper understanding of this enticing initiative.
However, it is important to consider the influence of the COVID-19 pandemic on application numbers. Notably, the decrease in cases in 2021 (110) compared to the previous year (3,905) may not be fully captured in the official records, warranting cautious interpretation.
Among the Designated Organizations, Business Incubators emerged as the primary choice for applicants, receiving a substantial number of Start-up Visa applications (4,941 cases submitted). This accounted for over 70% of the total submissions during the seven years. Angel Investor Networks ranked second with 1,536 applications, while Venture Capital Funds received the fewest applications (179 cases submitted).
The Angel Investor Group experienced significant growth in SUV applications, particularly in 2020, with a remarkable year-over-year increase of 517%.
Analyzing the countries contributing to SUV applications, Vietnam, Hong Kong, and China emerged as prominent players, these three countries summit 1326 cases in total collectively constituting a significant majority of the total applications in 2020 (34%).
Vietnam witnessed notable progress, with a considerable surge from 12 applications in 2016 to 507 in 2020. India also demonstrated a substantial increase in SUV applications, experiencing a 15-fold rise from 2016 to 2020. Meanwhile, countries like Bangladesh, South Korea, and Taiwan, which traditionally contribute a significant number of business immigration applicants, made up a smaller portion of the applications (110 collectively).
The Canada Start-up Visa Program exhibited an overall success rate of 80% over the analyzed six-year period. Angel Investor Groups consistently achieved high approval rates, achieving 89% on average across the years. Business Incubators also displayed commendable approval rates, ranging from 69% to 90%. However, due to limited data availability, it is challenging to draw firm conclusions about the approval rates of Venture Capital Funds.
In summary, the Canada Start-up Visa Program continues to attract ambitious entrepreneurs seeking to establish their ventures in Canada. Business Incubators are the preferred choice for applicants, followed by Angel Investor Networks. These organizations consistently maintain high approval rates, contributing to the program’s success.