Canada Plans to Invite 17,000 Entrepreneurs by 2026

Canada Plans to Invite 17,000 Entrepreneurs by 2026

Manmeet Kaur 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.

Apply for Start-Up Visa Program

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.
Keep in mind that at the time you will get Canada PR, you must have an active and fully operating business in Canada. Your business operations should be within Canada and also be incorporated here only.

Requirements to Apply for the Start-Up Visa Program

#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.

Number of family membersFunds your need (in Canadian dollars)
1$13,757
2$17,127
3$21,055
4$25,564
5$28,994
6$32,700
7$36,407
If more than 7, for each additional family member$3,706

Unlike the provincial or federal investor program that requires you to invest, you will not be required to do that under the Start-Up Visa program.

Talk to an Expert

How to Apply for a Start-Up Visa Canada from India?

Follow these steps:

Step 1: Fill out the following forms:

  • Generic Application Form for Canada (IMM 0008)
  • Schedule A - Background/Declaration (IMM 5669)
  • Additional Family Information (IMM 5406)
  • Supplementary Information - Your travels (IMM 5562)
Step 2: Gather the documents required with your application like proof of funds and Letter of Support.

Step 3: Pay your application fees, which include processing fees, the right of permanent residence fees, and fees for medical exams,  police certificates, and biometrics.

Step 4: Submit your application along with supporting documents.

The entire process of applying for Canada PR will take 33 to 37 months - this includes the time you need to give your biometrics.

Start-Up Visa Optional Work Permit

You can get an early start on building your business in Canada while your PR application is processing by applying for a temporary work permit.

If you have already submitted your PR application through the Start-Up Visa Program, you will get an optional work permit. Optional Work Permit is only for the SUV program and remains valid for one year. Also, it only lets you do the work to start your venture while your start-up visa application is being processed.

Invest 1,00,000 CAD and move to Canada in 90 days | Alberta Business Immigration Rural Entrepreneur

A small number of permanent residents are welcomed in Canada through the Start-Up Visa Program compared to other economic immigration programs like PNPs, FSWP, FSTP, and others. Still, it stands as one of the best immigration programs for entrepreneurs.

As new targets have been set for 2024, 2025, and 2026, the Start-Up visa program is going to get more competitive. Therefore, you must meet the requirements for successful immigration.

If you’re having trouble, talk to the best immigration consultant in India to make your dreams of starting your own business in Canada possible.

Read more: Apply For Canada PR Visa By Investment In 2024



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