Canadian Businesses See Prosperous Year Ahead

Canadian Businesses See Prosperous Year Ahead
Canada immigration free assessment

As the rate of inflation slows and many of them are looking to hire more staff, business owners in Canada are bullish about their prospects over the coming year.

“When asked about their firm’s current state, eight in ten, 80 per cent, of business leaders describe their business as being in growth mode,” reports Kyle Braid, an Ipsos senior vice president.

“Looking to the future, three-quarters, 76 per cent, of business leaders are optimistic about their business performance in the next five years. Two thirds, 67 per cent, of Canadian business leaders also believe that their business is doing better compared to other businesses in their industry.”

That optimism from business leaders comes despite a slowdown in job growth, the housing crisis, and the GDP’s rate of growth falling flat.

According to Statistics Canada, 65.9 per cent of businesses reported being either very optimistic or somewhat optimistic about their future outlook over the next 12 months, virtually unchanged from the third quarter and 15.7 per cent of businesses expected their sales of goods and services offered to increase over the next three months.

Read More Canada Immigration News

Immigration Through Start-Up Visa Poised To End Year Up Nearly 80%
IRCC Data Reveals Number Of New Immigrants Through Start-Up Visa Rose Again In August
Canada Start-Up Visa Program Drawing US Immigrant Entrepreneurs

Foreign investors who share that business optimism can  apply for permanent residence in Canada through the country’s Start-Up Visa (SUV) program.

The SUV, which began as a five-year pilot program in 2013, was made permanent in 2018 and has launched some 200 start-ups, including edtech unicorn ApplyBoard, founded by brothers Martin, Massi and Meti Basiri, who moved from Iran to Canada for school, and who now employ more than 500 people.

Under the SUV, entrepreneurs who want to benefit by starting businesses in Canada can get their Canadian permanent residence.

Three types of private-sector investors are considered under the program: angel investorsventure capital funds, and business incubators.

Watch Video

A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totaling $75,000.

A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totaling $200,000.

A designated business incubator must accept the applicant into its business incubator program.

It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.

SUV Applicants Must Have A Qualifying Business

That’s usually done with the help of business consultants in Canada’s start-up ecosystem and experienced corporate business immigration lawyers who can ensure a start-up’s business plan meets all industry-required terms and conditions.

Candidates to the SUV program can initially come to Canada on a work permit supported by their designated Canadian investor before qualifying for permanent residence once their business is up and running.

Investing and the development of the business is usually done with the help of business consultants in Canada’s start-up ecosystem with oversight from experienced corporate business immigration lawyers who can ensure a start-up’s business concept meets all industry-required terms and conditions.

The basic government-imposed candidate eligibility requirements for the SUV are:

Ottawa does not give financial support to new SUV immigrants.

When candidates apply, they need to give a proof they have the money to support themselves and their dependents in Canada. This money cannot be borrowed.

The amount needed depends on the size of the candidate’s family.

Settlement Funds Needed Under Start-Up Visa Program

Number of family members Funds required
1 $13,757
2 $17,127
3 $21,055
4 $25,564
5 $28,994
6 $32,700
7 $36,407
Each additional family member $3,706

In the past few years, the SUV’s rapid access to permanent residency has made it surge in popularity.

By the end of September, Canada had welcomed 800 new permanent residents through the SUV this year, putting the country on track – if the current levels of SUV immigration continue through to the end of the year – for up to 1,067 new permanent residents to settle in the country under the SUV by the end of 2023.

That level of SUV immigration would be 78.6 per cent higher than the 575 new permanent residents who immigrated to Canada under that program in 2022.

Canada immigration free assessment
Previous articleBritish Columbia PNP Draw: Province Issues 185 Invitations
Next articleRise In Enrolment To Schools In Ontario’s North-East Thanks To Immigration
Colin Singer
Colin Singer is an international acclaimed Canadian immigration lawyer and founder of featured on Wikipedia. Colin Singer is also founding director of the Canadian Citizenship & Immigration Resource Center (CCIRC) Inc. He served as an Associate Editor of ‘Immigration Law Reporter’, the pre-eminent immigration law publication in Canada. He previously served as an executive member of the Canadian Bar Association’s Quebec and National Immigration Law Sections and is currently a member of the Canadian Chapter of the American Immigration Lawyers Association. Colin has twice appeared as an expert witness before Canada’s House of Commons Standing Committee on Citizenship and Immigration. He is frequently recognized as a recommended authority at national conferences sponsored by government and non-government organizations on matters affecting Canada’s immigration and human resource industries. Since 2009, Colin has been a Governor of the Quebec Bar Foundation a non-profit organization committed to the advancement of the profession, and became a lifetime member in 2018.