Canada pauses Self-Employed Persons Program, caps PR applications via Start-up Visa
Canada (IRCC) has announced that from April 30, it will cap the number of permanent residence applications accepted each year to those associated with no more than 10 start-ups per designated organization.
“Fast processing is critical to the success of entrepreneurs who come to Canada through our federal business programs. These necessary changes will set the Startup Visa Program and Self-Employed Persons Program on the path to faster processing times while we look ahead to further reforms to make these programs more sustainable and effective over the long term,” Marc Miller, Minister of Immigration, Refugees and Citizenship, said.
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This move is aimed at reducing the backlog and improving processing times for applications, which have grown significantly. With approximately 82 designated organizations comprising venture capital funds (VCFs), angel investors, and business incubators, the new cap translates to a maximum of 820 applications per year, assuming the number of designated organizations remains unchanged.
The SUV program has been attractive because it offers a clear path to permanent residence without requiring entrepreneurs to invest their own funds or meet a minimum net worth. However, they must show they have adequate funds to support themselves and their families upon arrival in Canada. Support from a designated partner, whether a VCF, angel investor group, or business incubator, is mandatory for eligibility.
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