The Canadian Start-Up Visa (SUV) Program plays a significant role in attracting foreign entrepreneurs to Canada, fostering innovation and boosting the economy. Launched in 2013, the program provides an opportunity for foreign business owners to immigrate to Canada if they meet certain criteria, including securing support from a designated entity like an angel investor group, venture capital fund, or business incubator. The program’s key goal is to encourage entrepreneurial talent and support the growth of start-ups that contribute to job creation and economic diversification in Canada.

The Economic Impact of the Start-Up Visa Program

In 2024, the SUV Program experienced significant growth, attracting over 3,000 entrepreneurs. These new immigrants established businesses across various sectors, including information technology, clean technology and artificial intelligence, contributing to Canada’s economic expansion.

While comprehensive statistics on the revenue generated by these Start-Up’s in 2024 are not always readily available, the influx of over 3,000 entrepreneurs has undoubtedly led to substantial economic contributions. Several indicators suggest that the program has a positive influence on Canada’s economy. The contributions are most noticeable in areas such as job creation, enhancing Canada’s innovation landscape and bolstering its position as a global leader in technology and entrepreneurship.

1. Job Creation and Business Formation

Start-Ups are essential to the Canadian economy and the SUV Program encourages many entrepreneurs to establish businesses that generate employment. According to reports, over 63% of SUV participants have actively engaged in a start-up venture, with some entrepreneurs involved in multiple start-ups. The entrepreneurial activities fostered by the SUV Program have led to the creation of new jobs, especially in high-growth sectors like technology and clean energy.

2. Capital Investment and Innovation

The SUV Program encourages foreign entrepreneurs to bring new ideas and innovations to Canada. Many start-ups funded by SUV participants attract investment from Canadian venture capitalists and angel investors boosting the innovation ecosystem. This, in turn, helps position Canada as a global leader in emerging industries. Entrepreneurs who have participated in the SUV Program have raised significant capital, demonstrating the growing confidence investors have in Canada’s potential as a hub for innovation.

3. Retention and Long-Term Economic Contributions

An important indicator of the program’s success is the high retention rate of participants. A 94% retention rate among SUV entrepreneurs highlights the program’s ability to attract individuals who remain committed to building and expanding their businesses in Canada. This long-term economic engagement ensures that foreign entrepreneurs contribute to the nation’s growth beyond just the initial start-up phase.

The SUV Program has proven to be a valuable tool for attracting innovative global entrepreneurs who play a crucial role in boosting Canada’s economy. Through job creation, capital investment and the fostering of global competitiveness, the program has contributed to Canada’s growth as a hub for innovation and Canadian business development.

Cristina Zohil-Morton and her firm, Zohil-Morton Law plays a pivotal role in supporting entrepreneurs through the complexities of the Start-Up Visa Program. As Canada continues to strengthen its immigration policies and prioritize high-potential start-ups, the ongoing support of experienced Canadian immigration lawyers like Cristina will ensure that international entrepreneurs are equipped to succeed in the Canadian market.

Contact Cristina today at cristina@zomolaw.ca.