Arisnel Mesidor, M.A., RCIC
Immigrant-based start-up businesses are more successful than other Canadian businesses
According to the "In Relocation Nation: How Immigrant Tech Founders Boost Canadian Innovation" report by the Innovation Economy Council, start-ups founded by immigrants or their children constitute 34.7% of all new companies in Canada.
These businesses develop and grow faster as a result, creating more jobs in Canada. The Council advises the government of Canada to admit more entrepreneurs through this program.
Immigration, Refugees and Citizenship Canada’s (IRCC) report shows that, in 2021, 455 new permanent residents came to Canada via Entrepreneur or Start-Up Visa (SUV) programs.
The eligibility requirements for the Start-up Visa Program include:
have a qualifying business
have a letter of support from a designated organization
meet the language requirements, and
have enough money to settle and live in Canada before you make money from your business
With the SUV program, Ottawa allows foreign nationals to start a wide variety of businesses and to gain permanent residence in Canada. Candidates who are successful for the Canadian Start-Up Visa Program receive a letter of support from an entity designated by the government (angel investor group, venture capital fund, or business incubator).
Specifically, the government-designated entity is primarily responsible for determining the viability of the applicant's intended business and presenting it to immigration authorities with a Commitment Certificate. However, applications are evaluated on a pass-fail basis.