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Canada Start-up Visa Program, a pathway for immigrant entrepreneurs to gain permanent residence, faces criticism as it imposes caps on applications, impacting aspiring business owners. These changes aim to address backlog issues and improve processing times, but raise concerns about Canada’s attractiveness for start-ups.
The Immigration, Refugees, and Citizenship Canada (IRCC) recently announced significant changes to the Start-up Visa (SUV) Program. Starting April 30, the program will limit the number of permanent residence applications accepted annually to those associated with a maximum of 10 start-ups per designated organization. This move aims to tackle growing application backlogs and enhance processing efficiency.
The SUV program has been popular among immigrant entrepreneurs as it provides a straightforward path to permanent residence without requiring significant personal investment. However, applicants must demonstrate sufficient funds to support themselves and their families upon arrival in Canada, along with support from a designated partner such as a venture capital fund (VCF), angel investor group, or business incubator.
Previously, immigration level targets for the SUV program were set at 5,000 for the current year and 6,000 for 2025 and 2026. However, with the new cap in place, these numbers will see a significant reduction, causing concern among stakeholders.
Criticism has been directed at Canada’s decision to limit applications through the SUV program, particularly from the entrepreneurship and immigration sectors. The program’s success in attracting start-up founders has contributed significantly to Canada’s reputation as an attractive destination for entrepreneurs.
In addition to changes to the SUV program, the IRCC has also announced a full pause on new applications for the Self-Employed Persons Program, effective April 30, 2024. This program offers a pathway to permanent residence for individuals with notable experience in art, culture, recreation, or sports. The pause aims to address processing delays caused by a high volume of applications.
Overall, these changes underscore Canada’s efforts to manage immigration programs effectively while balancing the needs of its economy and workforce.
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