Canada is a country where start-ups can thrive on a global scale. There are countless start-up success stories highlighting the potential that Canada offers to entrepreneurs. In today’s interconnected world, entrepreneurs need more than just a business-friendly environment to succeed; they require a launchpad that offers global access, innovation support, global mobility, and pathways for growth. Canada has emerged as a leading destination for entrepreneurs seeking to launch their start-ups, thanks to its diverse and skilled workforce, access to global markets, and a thriving innovation ecosystem. The Federal Start-Up Visa Program (the “SUV Program”) facilitates international entrepreneur’s ability to create innovative businesses in Canada and pursue their Canadian immigration goals.
What is the Canadian Start-Up Visa Program?
The SUV Visa Program is a business immigration program that allows foreign entrepreneurs with the skills and potential to build businesses to acquire permanent residence (“PR”) in any province in Canada outside of Quebec. The SUV Program encourages the establishment of businesses in Canada that are innovative, create jobs for Canadians and compete on a global scale. Entrepreneurs with promising business ideas can pitch their business to get the funding and/or support from a designated organization.
Up to five applicants can start a company under the SUV Program together and immigrate to Canada with their spouses and dependent children under the age of 22. Essential team members can also apply for 3-year open work permits, allowing them to work and live in Canada during the processing of their PR application. Once applicants receive PR status, they can also pursue Canadian citizenship after they meet the eligibility requirements. The SUV Program provides a platform for entrepreneurs to gain access to the global market while simultaneously enabling them to tap into the start-up ecosystem in Canada.
A Thriving Ecosystem for Start-ups
Canada offers an exceptional environment for entrepreneurs to launch their start-ups, boasting a robust ecosystem that ranks #4 globally according to the Global Startup Ecosystem Index 2024. The country’s market-oriented economic system, high standard of living, and proximity to the US market make it an attractive destination for entrepreneurs to build their businesses and settle with their families. Canada’s venture capital landscape has experienced significant growth in recent years, providing ample opportunities for start-ups to secure funding and scale their operations.
In 2023, Canadian venture capital investments reached an impressive CAD $6.9 billion across 660 deals, ranking Canada third globally for venture capital activity, according to the Organization for Economic Cooperation and Development (OECD). This momentum carried into 2024, with CAD $1.3 billion across 128 deals in the first quarter. These figures highlight the strong and growing investor confidence in Canada’s start-up ecosystem.
Canada also offers a range of government initiatives to support start-ups, including the Venture Capital Catalyst Initiative (VCCI) and the Business Development Bank of Canada (BDC), among many others. In addition, eligible companies conducting research and development (“R&D”) may also benefit from the Scientific Research and Experimental Development (SR&ED) program, which offers deductions and investment tax credits to offset R&D costs.
In addition, Canada’s skilled workforce further strengthens its appeal as a destination for start-ups, especially those that rely on expertise in technology and innovation. As of 2023, the tech sector employed over 1.4 million people, accounting for 7% of Canada’s workforce. Toronto ranks fourth in CBRE’s 2024 Scorching Tech Talent ranking, adding 95,900 tech jobs between 2018 and 2023, marking a 44% increase. Other regions are also seeing year over year rapid growth in tech talent, with Calgary up 78.1%, Ottawa 51.7%, and Waterloo 45.5%. Canada’s global mobility policies also enable employers to attract skilled talent from around the world, enhancing its appeal as a destination for start-ups across sectors.
Lastly, Canada’s free trade agreements with many countries around the world, provide start-ups with access to key markets, streamlining cross-border business and fostering global growth opportunities.
What you Need to Know
Canada offers a supportive environment for entrepreneurs, with a combination of business-friendly policies, access to international markets, and a thriving start-up ecosystem. The SUV program can give you the opportunity to build your business in a dynamic environment with access to valuable resources for success. By choosing Canada as the launchpad for your start-up, you can position your business for international success.
If you are ready to turn your vision for global growth into reality, Canada offers the perfect environment to make it happen. Contact us for more information on the Canadian Start-Up Visa program and take your first step toward building your business at its maximum potential.
