Canada’s Start-up Visa Program Gets an Upgrade with Increased Flexibility

Canada’s Start-up Visa (SUV) Program, designed to attract and retain innovative entrepreneurs from around the globe, is now becoming even more flexible and attractive. The program allows international startup entrepreneurs to establish their businesses in Canada and obtain permanent residency.

In recent updates announced by Immigration Minister Sean Fraser, there are significant expansions to the program’s capacity. Historically hovering around 3,500 spots, the program is set to accommodate 5,000 participants in 2024, followed by a further increase to 6,000 in 2025. These changes underscore the Canadian government’s commitment to bolstering its startup ecosystem and attracting global talent.

A highlight of the newly introduced modifications is the extension of the work permit duration. Applicants can now secure work permits for up to three years, a substantial increase from the previous one-year limit. Moreover, the revised program grants open work permits, freeing participants from the constraint of exclusively working for their startup. This enhanced flexibility stands to benefit every member of the entrepreneurial team.

The popularity of the SUV program, especially among Indian students, has been steadily growing. The streamlined process offers an enticing path to Canadian permanent residency without demanding a specified investment or minimum net worth from the entrepreneur. The only requirements are demonstrating enough funds to support oneself and family upon Canadian arrival and securing backing from one or more designated partners. These partners encompass angel investor groups and venture capital funds that commit to minimum investments of Canadian $200,000 and $75,000, respectively or confirmation from a business incubator.

The open work permit addition is a game-changer, providing entrepreneurs with a chance to collaborate with various businesses, delve deeper into the Canadian market, and expand their horizons.

For those keen on making Canada their entrepreneurial hub, FRR Immigration offers unparalleled guidance. With expertise in the Start-up Visa program, we ensure a smooth transition, assisting hopeful entrepreneurs in securing Canadian residency and establishing their startups.

*Source: Times of India