Canada Start-up Visa hit a new record in 2024, granting permanent residence to 5,595 entrepreneurs. This indicates higher immigration rates than in previous years — up from 1,105 in 2022 and 1,185 in 2023. That kind of jump is more than quadrupled, highlighting just how much Canada has become a prime destination for foreign investors.

However, when Canada reached its highest demand for a Start-up Visa (SUV Program), it also announced limited application slots, ten start-up applications per year. “In the next couple of years, the SUV program will become even more competitive,” said Jelena Sivcev, Strategy and Business Developer at Global Citizen Solutions.

The 2025–2027 Immigration Levels Plan is expected to reduce the number of available spots for SUV applicants, require longer processing times, and stricter due diligence. This article explores the SUV Program growth rate, regional trends, and potential challenges that lie ahead for aspiring entrepreneurs.

Start-Up Visa Program: Growth Rate

The Startup Visa (SUV) is the only program in Canada that offers Permanent Residency (PR). Introduced initially as a pilot in 2013 and made permanent five years later, the SUV attracts successful foreign entrepreneurs backed by approved Canadian investors.

According to our Global RCBI Report 2025 – the most comprehensive ranking of the best citizenship by investment and residency programs in the world – Canada ranks 12th in the RBI overall ranking. “States realize they need to attract foreign direct investment and talent to foster their economies. In the past, investment migration was linked to real estate development, but more and more, countries want long-term investment and contribution. That’s why we see this shift toward talent-driven migration through programs like Canada’s Startup Visa. These require applicants to actually fund a business, not just passively invest,” explains Laura Madrid, a Research Lead at Global Intelligence Unit with Global Citizen Solutions.

Since its launch, the SUV program has shown a steady growth rate. Although the number of applicants dropped significantly during 2020 and 2021, the post-pandemic rebound has been remarkable, placing the Start-up Visa as a conduit for foreign investment.

In 2024, the SUV program saw a considerable increase in immigration, providing PR status to 5,595 entrepreneurs, reaching an all-time high.

New Permanent Residents 

Year 

200 

2015

510 

2019

1,105

2022

1,185 

2023

5,595 

2024

The Start-up Visa doesn’t restrict entrepreneurs to a specific province, like other immigration programs. Instead, immigrants can choose where they want to settle in Canada. However, data shows that certain provinces attract more SUV applicants than others.

Province 

New permanent residents in 2024 

Growth rate (%) 

Regional trends 

Ontario 

2,800 

211% 

- Toronto Region generates 53% of Ontario's GDP and over 20% of Canada's GDP 

- Specialized sectors, like tech and innovation, provide opportunities for global amplification 

British Columbia 

2,150 

473% 

- The Metro Vancouver region creates 61% of British Columbia's GDP 

- The largest contributors are insurance, finance, and real estate sectors 

Manitoba 

460 

229% 

- Winnipeg makes up about 64.3% of Manitoba's economy, and 2.1% of the country's GDP 

- Key sectors include manufacturing, technology, aerospace, and creative industries 

Nova Scotia 

55

120% 

- Halifax accounts for around 57.9% of provincial GDP 

- Growing sectors for start-ups include IT, the ocean economy, transportation, and logistics 

What's Behind the Surge in Startup Visa Applications?

Canada has a reputation for being a liberal country with a multicultural society and a high quality of life. Migrants from all corners of the world, including the United States, Asia, and Africa, have relocated to Canada in pursuit of opportunity and safety.

The surge includes a notable rise in American entrepreneurs seeking to expand their business ventures and tap into a global market. Various factors have caused the SUV program to reach record-high numbers, explains Jelena Sivcev at GCS. These include:

  • Economic recovery after COVID: Canada’s economic-wide output increased by 2.7% in 2022 over pre-pandemic levels. Employment rates, investments, and business opportunities continue to stabilize, contributing to the start-up ecosystem.
  • Global market access: Migrant founders from unstable economies who immigrate to Canada get full access to a growing Canadian market.
  • No restrictions on nationality: Any foreigner can apply, regardless of their home country.
  • Growing tech sector: Technology and innovation industries provide a thriving market, especially in British Columbia and Ontario.
  • Access to funding and resources: Canada provides generous conditions for foreign entrepreneurs, such as grants, state funding, and permanent residence. Permanent residents get free healthcare and affordable education.
  • Path to citizenship: Foreign nationals with a PR status can apply for Canadian citizenship after meeting certain criteria.

Will Growth Rates Keep Increasing?

city landscape of Vancouver Canada during the dayThe Canadian government updated the SUV program to balance the country’s economic needs and strengthen the labor market. In October 2024, the 2025–2027 Immigration Levels Plan was implemented, creating new trajectories for applicants.

The updates introduced new measures for:

  • Open work permits – Entrepreneurs can apply for an open work permit, which lasts three years, instead of one year.
  • Limited application slots – Each designated organization can only support ten start-up visas annually.
  • Priority processing – The SUV program offers priority processing for global tech talent, reducing backlogs.

The announced updates are estimated to decrease immigration targets, reduce approval rates, and change processing times.

What Do the Changes Mean for Foreign Entrepreneurs?

At the same time that Canada reached the highest demand for SUVs in 2024, the government announced new plans to reduce the number of available spots. This move creates a more selective application process and stricter due diligence.

This means:

  • A more competitive environment and acceptance rate
  • Fewer admission rates
  • Improved quality control

How to Apply for the Start-up Visa?

To qualify, foreign nationals must:

  • Have at least 10% ownership of the qualifying business
  • Receive backing from designated organizations
  • Have enough money to settle and manage the business
  • Meet the language criteria (CLB 5 in French or English)

SUV Program: What to Expect in the Future?

The 2025–2027 Immigration Levels Plan is estimated to cause a 0.2% marginal population decrease in the first two years. However, in 2027, population rates are expected to increase by 0.8%. The recent changes aim to close housing supply gaps by around 670,000 units.

The Start-up Visa has tremendous potential to boost job opportunities and the country’s economy. The initiative is expected to make housing more affordable and reduce unemployment rates.