Savory and Partners: Canada Start-Up Visa Advantage: Permanent Residency Status for Entrepreneurs
The Honourable Sean Fraser, Minister of Immigration, Refugees and Citizenship, praised the achievement, saying: "Today marks an important milestone for
In 2021,
Immigration in
The 2021 census highlighted the streamlined integration of immigrants in
Economic immigration to
Economic immigration encompasses a wide array of immigration routes, from Federal Skilled, Provincial Nominee Programs (PNPs), Federal Economic Policies, Economic Pilot Programs (EPPs), the Atlantic Immigration Pilot, Quebec Skilled, and - most interestingly -the Federal Business route.
Economic immigration accounts for the bulk of newcomers, as
The Federal Business route includes the highly illustrious Start-Up Visa (SUV) and the Self-Employed Route, although the latter is not as popular and does not garner nearly as much demand as the SUV.
The previous plan was to keep the amount set at 1,000, but they have upped the intake plan by a staggering 250% to accommodate the rising demand for the SUV and because the Government has witnessed the growing effect of investment immigrants in the country, as immigrants now account for 33% of all business owners with paid staff, an astronomic figure for any economic structure.
From the immigrants' perspective, the SUV provides a simplified route at an affordable investment amount. Those who want to immigrate to
Requirements
The SUV requirements are simple; a person with a clean criminal background and an innovative business idea can apply to government-approved bodies to obtain an endorsement letter, and once they have it, they can apply for permanent residence in
There is no set investment amount for the SUV, but the best threshold that increases the chances of approval is
The SUV also allows for five investors to apply under one business idea, on the condition that they all make a qualified investment and meet the eligibility criteria, making the SUV much more streamlined for immigrants.
The SUV has lower human capital criteria requirements than the Self Employed or PNP business streams, as it only requires applicants to have experience or education relevant to their business idea and meet the English language requirement of CLB 5, which is lower than most other immigration channels.
Why SUV
However, what makes the SUV such a popular immigration route is that it grants its holders a direct permanent residence permit, which means their immigration status is not conditional on the success of their business, unlike the PNPs which give a work permit and need continuous follow-up on the company which may end with the investor's immigration status being revoked.
SUV holders become direct permanent residents, and the only condition they have on their status is that they must reside for two years out of five to renew their permit. Those who live for three years in the same period may apply for citizenship.
SUV applicants can also add their spouse and dependent children below 22 years of age to the application, providing them all with a permanent residence in the country at a very affordable cost.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered with coverage in over 20 jurisdictions including
For more information, please send an email to [email protected]. You can also call +971 04 430 1717 tel:+97144301717 or send a
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