More new permanent residents through Canada entry visa in the first four months of 2023

The most recent data from Immigration, Refugees and Citizenship Canada (IRCC) shows the Starter visa (SUV) immigration program helped more foreigners become permanent residents of Canada in the first four months of this year than during the comparable period last year.

In the first third of this year, the SUV welcomed 195 new permanent residents, or 8.3 percent more than the 180 in the first four months of 2022.

At the current rate of new arrivals via the SUV, the program could welcome 585 new permanent residents by the end of this year if current levels continue into 2023.

That level would be roughly comparable to the 575 new permanent residents who made their home last year using Canada’s SUV.

But as overall immigration to Canada fell 34.6 percent in April compared to the previous month, the number of new permanent residents arriving via SUV also fell that month.

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In April, the SUV welcomed 30 percent fewer new permanent residents in Canada, just 35, compared to the 50 in March.

The most popular destinations for immigrant entrepreneurs to arrive by SUV so far this year are British Columbia and Ontario.

The West Coast province of British Columbia welcomed 85 new permanent residents through the SUV in the first four months of this year, up 6.3 percent from the 80 for the comparable period in 2022.

Ontario, Canada’s largest province, welcomed 70 new permanent residents through that immigration program in the first four months of this year, 17.6 percent less than the 85 in the same period last year.

Alberta, which received no immigrants through the SUV in the first four months of last year, added 15 of these entrepreneurs through the program during the comparable period this year.

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And Manitoba, which welcomed 25 immigrant entrepreneurs via the SUV in the first four months of last year, repeated its performance via the SUV this year.

None of the other provinces or territories added new permanent residents through the SUV in the first four months of this year.

The SUV program generates much lower total numbers of new permanent residents than federal employee programs, such as the Federal Skilled Worker (FSW) and Federal specialist trade (FST), the Provincial nominated programs (PNP) or the regional economic development programs, including the Atlantic Immigration Program (AIP) or Rural and Northern Immigration Pilot (RNIP).

Because of these smaller numbers, the monthly fluctuations in the number of new permanent residents among the SUV can sometimes seem exaggerated when viewed in percentage terms.

Work permits allow SUV candidates to come to Canada while the application is being processed

Applicants applying under the SUV program may initially come to Canada on a work permit backed by their designated Canadian investor before finalizing their application for permanent residency.

The entire process of applying for permanent residency in Canada through the SUV is currently estimated by the IRCC to take 33 months.

Under the SUV, three types of private sector investors are considered: angel investors, venture capital fundsAnd business incubators.

A designated venture capital fund must confirm that it invests at least $200,000 in the qualifying company. Candidates may also qualify with two or more commitments from designated venture capital funds totaling $200,000.

A designated angel investor group must invest at least $75,000 in the eligible company. Candidates may also qualify with two or more investments from angel investor groups totaling $75,000.

A designated incubator must accept the applicant into its incubator program. It is up to the immigrant investor to develop a viable business plan that meets the due diligence requirements of these government-approved designated entities.

Immigrant entrepreneurs often use the services of corporate immigration attorneys to set up businesses

That investing and development of the business is usually done with the help of business consultants in Canada startup ecosystem with supervision experienced corporate immigration lawyers that can ensure that the business concept of a start-up meets all the conditions required by the industry.

The basic requirements imposed by the government to qualify for the SUV are: