Immigration policy is ever-changing, and every shift could impact your life planning. Do not wait until policies change to express regret, as by then, you may have already missed the best window for application. Preparing early and applying early is the only way to ensure a smoother immigration journey. We sincerely advise everyone to seize the current favorable policies; taking immediate action is the best choice.
On April 29, local time in Canada, to reduce case backlogs and shorten processing times, Immigration, Refugees and Citizenship Canada (IRCC) implemented reforms to the Start-up Visa (SUV) Program and the Self-Employed Persons Program. These reforms took effect on April 30, 2024.
Start-up Visa (SUV) Program: Caps
To improve the Start-up Visa (SUV) Program, IRCC will encourage the three types of designated organizations—venture capital firms, angel investor groups, and business incubators—to focus on the most promising proposals through the following measures:
◆ IRCC will limit the number of permanent residence applications, with each designated organization allowed to issue only 10 letters of support per year.
◆ Priority will be given to start-ups supported by business incubators that are members of Canada's Tech Network or have received Canadian capital, including both backlogged applications and new submissions.
Self-Employed Persons Program: Closure
The Self-Employed Persons Program has been closed to new applications as of April 30, 2024, until the end of 2026. During this closure, the immigration department will continue to process the backlog while evaluating options to reform the program to ensure its integrity.
Since the beginning of this year, Canadian immigration policies have been adjusted successively, with the general trend moving toward stricter and tighter requirements. Friends planning to immigrate should act quickly! Please understand that time waits for no one; understanding the trend is paramount. Do not waste your energy on hesitation and anxiety. The reform of the Start-up Visa (SUV) Program means that each designated organization has a maximum of only 10 spots, and with the intense competition for merit-based selection, it will inevitably become more difficult to obtain a letter of support. We remind interested applicants to make decisions early, select the right project, and get on board as soon as possible.
The Canadian Start-up Visa (SUV) program has simple application requirements: no asset requirements, no need to prove the source of funds, and no management experience requirements. Applicants only need to reach CLB 5 in language proficiency and, upon meeting the relevant conditions, can submit their application to obtain a Maple Leaf Card in one step. Furthermore, looking at the SUV application data, the federal approval rate is high.
In addition, the Canadian Start-up Visa (SUV) program is the only "group" immigration program, where one start-up project can support the immigration of up to five applicants. Moreover, this program is managed by the Canadian federal government, receives strong support from the federal government, and is processed directly at the federal level. Successful SUV applicants can bring their spouse and dependent children under the age of 22 to directly apply for permanent resident status, allowing them to live, work, and study anywhere in Canada except Quebec. More importantly, the permanent resident status obtained by entrepreneurs will not be revoked if the business fails! Now is the golden period to immigrate to Canada through the Start-up Visa (SUV) program; act early to benefit early.
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