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Canada’s start-up visa to welcome record number of migrants in 2022

Posted on May 23, 2022
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Canada’s Start-Up Visa to welcome record number of migrants in 2022

The start-up visa for Canada will be used to invite more and more permanent residents to Canada. In the first quarter of 2022, the number of permanent residents invited through SUV is 160. If the same pace will continue, it is expected that Canada may invite 640 permanent residents through this visa.

*Check your eligibility to migrate to Canada through Y-Axis Canada Immigration Points Calculator.

The previous record of inviting permanent residents through visa was 515, which was made in 2019. The interest in the start-up visa is growing for the business immigration programs and there is no requirement of any management experience.

Highlights

  • 160 candidates invited in the first quarter
  • Expectation of 640 candidates for the remaining 3 quarters
  • No requirement of management experience

SUV was also affected by COVID-19 and the number of invitations dropped to 260. It made its recovery in 2021 and now it has got a good start in 2022.

Requirement of SUV settlement funds

Canada has made an announcement regarding the increase in the settlement funds under the SUV. Applicants need these funds to support their families in Canada. The funds are required even if the applicants are not carrying theirs families during the process to migrate to Canada.

Settlement funds

The table below will show the settlement funds according the number of family members.

Number of Family Members 2020 Funds Required 2021 Funds Required 2022 Funds Required
1 $12,960 $13,213 $13,310
2 $16,135 $16,449 $16,570
3 $19,836 $20,222 $20,371
4 $24,083 $24,553 $24,733
5 $27,315 $27,847 $28,052
6 $30,806 $31,407 $31,638
7 $34,299 $34,967 $35,224
Each additional family member $3,492 $3,560 $3,586

Qualification for permanent residence

In order to qualify for permanent residence through start-up visa, candidates have to qualify as immigrant entrepreneurs.  The private sector investors that are considered include:

  • Angel investors
  • Venture capital funds
  • Business incubators

Angel investors

An angel investor group has to make an investment of $75,000 into a qualifying business. Candidates will also have the opportunity to qualify with two or more angel investor groups, but the amount should be $75,000.

Venture capital funds

The amount of investment for the venture capital funds is $200,000 into the qualifying business.

Business Incubator

A business incubator has to accept an applicant into the business incubator program. The immigrant investor has to produce a business plan according to the requirements of the business incubator.

Business consultants will help in making investment and development of a business. Immigrants coming to Canada through start-up visa programs need a work permit which has to be supported by a Canadian investor. This has to be done before the finalization of permanent residence.

Are you willing to invest in Canada? Talk to Y-Axis, the world’s no. 1 overseas investment consultant.

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