The Canadian Startup Visa Program (SUV) has long been a
favorite among global entrepreneurs looking to establish themselves in Canada.
However, with recent regulatory changes announced in 2024, applicants need to
be more strategic to increase their chances of success. In this updated guide,
we’ll explore how these changes affect the process and what steps startups can
take to stand out in a more competitive environment.

Key Changes in the Startup Visa Program

In April 2024, Immigration, Refugees and Citizenship Canada
(IRCC) introduced significant updates aimed at improving the processing of the
Startup Visa Program and the Self-Employed Persons Program. These changes were
necessary to reduce the backlog of applications and enhance processing times.
Some of the notable updates include:

• Reduced Backlogs: As of April 2024, IRCC has implemented new measures to
  reduce the number of pending applications. This includes the deployment of
  additional resources and the use of technology to streamline application
  processing.
• Faster Processing Times: With new efficiencies in place, the goal is to bring
  processing times closer to 12-16 months, as opposed to the multi-year wait
  times that many applicants have faced in the past. For businesses, this
  means you need to have all your documentation and business plans in place
  early to avoid delays.
• More Rigid Designated Entity Criteria: The most impactful change is the
  stricter regulation of designated entities (venture capital funds, angel
  investors, and business incubators) that are allowed to support your
  application. As the number of designated entities remains limited and
  their scrutiny increases, it is more crucial than ever to choose the right
  partner for your business.

Current Trends in Startup Visa Applications

Up until July 2024, IRCC approved 3,440 permanent residencies through the Startup Visa Program. This is a notable increase compared to previous years, demonstrating the success of efforts to address the backlog. However, the growing number of applications also means heightened competition for applicants seeking PR through this route.

How to Strengthen Your Application in 2024

With these changes in mind, here are several strategies to
enhance your application and give your startup the best chance of success:

1. Choose
   the Right Designated Entity
   Given the stricter regulatory framework for designated entities, startups
   should carefully select their supporting organization. Work with entities
   that have a strong track record and expertise in your specific industry. A
   reputable and experienced partner can make or break your application.
2. Develop
   a Robust Business Plan
   A clear, detailed, and realistic business plan is essential. This should
   include solid financial projections, a defined market strategy, and a
   clear path to scaling your business. In 2024, with reduced wait times, you
   have less time to refine your plan once you apply—so be prepared early.
3. Engage
   Local Advisors
   Collaborate with Canadian advisors or firms that understand the local
   startup ecosystem. Their knowledge can help tailor your pitch to Canadian
   investors, regulatory authorities, and government bodies.
4. Meet
   the Updated Application Requirements
   Ensure you meet the new application criteria, including language
   proficiency and proof of sufficient funds. The updated processing rules
   mean that incomplete or weak applications could face rejections faster
   than before.
5. Leverage
   Recent PR Approval Data
   With 3,440 approved PRs by mid-2024, it’s clear the program remains
   a viable pathway for innovative entrepreneurs. However, this figure also
   highlights the increasing competition. Use this data to your advantage by
   ensuring your startup is as innovative and market-ready as possible.