Important News Related to the Start-up Visa Program
Increased Quotas
The Start-up Visa (SUV) program has expanded its allocation of available spots according to the multi-year levels plan for 2023-2025. This increase effectively triples the number of anticipated permanent residents in the Federal Business category compared to the previous year, with further growth expected in 2024 and 2025. This expansion aims to reduce long waiting periods for applicants and decrease the backlog of applications.
Extended Work Permit Period to 3 Years
The revised program has modified the rules regarding temporary work permits for Start-up Visa applicants. Previously, they were only allowed to work for their start-ups for one (1) year; they can now apply for a work permit that is valid for up to three years. This change enables all applicants to relocate to Canada and develop their start-ups while waiting for their permanent residency applications to be approved.
Open Work Permit Access for Main Applicant
The updated program offers more flexibility to start-up applicants through open work permits. Recognizing that the applicants may not earn a full salary during the early stages of their start-ups, these permits allow them to generate additional income. This helps alleviate financial stress for both applicants and their families.
Work Permit Accessibility for All Team Members
Under the new program, every member of the SUV team is eligible for a work permit. This is a change from the previous requirement, which limited access to work permits to only those deemed essential and urgently needed by the start-up's supporting organization.
Expedited Application Processing
Applications that secure capital commitment from a Canadian Angel group will undergo faster processing.
Conclusion
The Canadian government's innovative overhaul of the Start-up Visa Program highlights its commitment to fostering a dynamic tech ecosystem. By expanding quotas, extending work permit durations, granting open work permit access ensuring permit accessibility for all team members, and expediting application processing, Canada is creating an environment conducive to the success of international tech entrepreneurs.
If you would like to take advantage of the Start-up VisaProgram, please do not hesitate to contact us.
