Canada’s Start-Up Visa Brings A Record-Breaking Number of Immigrants
In today’s blog we’ll be taking you through Canada’s Start-Up Visa and the record-breaking number of immigrants welcomed through this route.
In 2022, Canada’s Start-Up Visa (SUV) program is soaring in popularity. Canada expects to receive a record number of foreign nationals establishing new businesses there.
The SUV has witnessed 250 new permanent residents settle in Canada in the first five months of 2022.
That places Canada on route to welcoming 600 new permanent residents via the program in 2022. This is the highest number since the initial launch of the program in 2013 as a five-year pilot program.
During the five years that ended in 2019, the program, which presents permanent residence to foreign citizens establishing businesses in Canada, moved from 55 new permanent residents in 2015 to more than nine times as many, 515, in 2019.
That was the final full year before the global pandemic struck Canada. As it did, Ottawa and the provinces set strict public health measures, including border closures for a limited period, and immigration plunged.
After receiving 341,175 new permanent residents in 2019, immigration dropped by 45.9 percent, which was only 184,585 new permanent residents in 2020.
The number of foreign citizens who arrived in Canada through the SUV and established businesses bore a similar blow that year, plunging 49.5 percent, which is merely 260 new permanent residents.
However, last year, immigration boomed, mainly due to the Temporary-to-Permanent Resident pathway, a one-time program developed to permit a maximum of 90,000 foreign nationals residing in Canada on temporary visas the chance to apply for permanent residence.
As the border reopened and public health constraints gradually eased, a record-breaking 406,005 new permanent residents made Canada their permanent home.
The SUV recovered moderately from its low in 2020 to permit 385 foreign nationals to become Canada’s new permanent residents.
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