On April 29, 2024, the Canadian government announced significant modifications to the immigration process for entrepreneurs seeking to enter through business programs such as the Start-up Visa Program (SUV).
These changes include:
Limitation on Startups: Effective April 30, the government has imposed a cap on the number of startups that each investment organization can support annually at ten. Previously, there were no such restrictions.
Stricter Selection Criteria: The new rules have tightened the selection process. Now, only owners of startups that have received investor backing will be eligible for Canadian permanent residency.
Potential Cost Increase: The changes are expected to lead to an increase in the cost of participating in the program, a move that could be a setback for many entrepreneurs.
Priority for Supported Startups: Applications from entrepreneurs backed by organizations within the Canadian Technology Network will now be processed on a priority basis.
The experts at BUSINESS VISION CENTER are ready to guide you through these new regulations and help you find the best pathway to Canada. If obtaining Canadian permanent residency is your goal, contact us for a free consultation!