Canada Plans to Invite 17,000 Entrepreneurs by 2026

Manmeet Kaur
[Published 10 Feb, 2024 | 04:12 PM]
About Author - 7 min read
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Attention Indian entrepreneurs!

Canada has doubled the number of entrepreneurs they plan to invite in the coming years. As per the recent reports by Immigration, Refugees and Citizenship Canada (IRCC), Canada witnessed a significant increase in the number of entrepreneurs who gained permanent residency in Canada through the Start-Up Visa Program.

By the end of November 2023, Canada invited 1,145 new permanent residents under the SUV program - a significant increase from 560 PRs issued (104.5%) in 2022 during the same period. 

The good news is that IRCC has set bigger targets for entrepreneurs who are planning to apply for a Start-Up Visa. In its new Immigration Levels Plan 2024-2026, it plans to welcome 5,000, 6,000, and 6,000 PRs under the SUV program in 2024, 2025, and 2026 respectively.

This might be your ticket to success if you wish to gain Canada PR from India with no visa conditions and access an early entry work permit within 6 months.

Top Provinces for the Start-Up Visa Immigrants 

British Columbia and Ontario invited the highest number of permanent residents in November. Where Ontario invited 725 new PRs through the SUV program in the first 11 months of 2023, British Columbia also invited 265 new PRs during the same period.

Alberta and Manitoba were the second most preferred destinations, where both provinces collectively invited 140 new PRs through the SUV in 2023. The only other province to see the arrival of entrepreneurs through the SUV in 2023 was Nova Scotia, which had invited 15 new PRs by the end of 2023.

None of the other provinces in Canada added any new PRs through the SUV program in 2023.

Requirements to Apply for the Start-Up Visa Program

To qualify for the Start-Up Visa program, you must meet the following requirements:

#1 - A Qualifying Business

You should have an established business, which meets these conditions:

• You have at least 10% of the voting rights attached to the company’s shares.
• You and the designated organization together hold 50% of the voting rights attached to all shares of the company.

#2 - Letter of Support

Getting a letter of support from a designated organization is crucial to qualify for the Start-Up Visa Program and apply for Canada PR Visa from India. Approved private sector investors who invest or support potential start-ups include Venture Capital Funds, Business Incubators, and Angel Investors.

To get the letter of support, do this:

Get in touch with the designated organization to know the process of getting the support.

Pitch your business idea and convince them why is it worth investing in or supporting.

If everything goes as planned, you will soon have a Letter of Support, which you must submit with your start-up visa application.

#3 - Language Requirements

Prove your proficiency in one of the two official Canadian languages - English or French - through approved language tests. This is a mandatory requirement if you are applying for a PR visa from India. IELTS, PTE Core, and CELPIP are the accepted English language tests, while TEF and TEC are for French.

To qualify, you must meet the minimum level of CLB 5 in either English or French in all four sections: Speaking, Reading, Listening, and Writing. If you fail to meet these conditions, your application will be sent back.

#4 - Proof of Funds

The government of Canada does not help new start-up immigrants financially. When you apply, you need to show proof that you have enough funds to support yourself and your dependents when you arrive in the country. This money cannot be borrowed.

The amount you need to bring to Canada will depend on the number of family members. The funds listed below are updated by the government every year. So, make sure you check the updated ones before applying.