Updated: Jul 24, 2021
The Government of Canada welcomes immigrants who can invest or actively start business in Canada and can support the economy. These immigrants are elected based on their ability to become economically established and support the development of the Canadian economy.
Canada immigration for business establishment or acquiring an existing business might be a complicated and lengthy process. However, with proper guidance by a regulated immigration consultant, the business immigration to Canada can be simplified and done accurately for greater chances of success. It can also open doors to a whole new market and make your existing business reach new heights on an international platform. Here are few pointers that can help you better understand the aspects related to business immigration to Canada:
· Immigration programs for business: There are three popular classes of business immigrant programs which include provincial entrepreneur programs, start-up program and the self-employed program. There are various provincial programs under which one can pursue Canada immigration for business. Each province manages its own entrepreneur programs with its pre-defined selection criteria. For instance, British Columbia has two entrepreneur immigration streams under Provincial Entrepreneur Programs: Entrepreneur Immigration- Base and Entrepreneur Immigration – Regional Pilot Program. Each stream has different requirement criteria. Similarly in start-up program, entrepreneurs with skills and potential to build businesses are the target audience. They must have a qualifying business, obtain a letter of support from a designated organization, bring adequate amount of money to move to Canada, etc., to become eligible under start-up visa program. They must have innovative ideas, create employment for locals and must compete on a global level. Self-employed Program deals with business immigration to Canada as a self-employed person. However, they must have appropriate experience in athletics and cultural activities, meet the program’s criteria and be able to make a significant contribution to the cultural life of Canada.
· A Gateway to Permanent Residence for Canada: The objective of Canada immigration for business can be fulfilled through the numerous programs which are a great pathway to apply for Permanent Residency. However, you need to follow certain process before you apply for PR. For instance, under a self-employed program one needs to have relevant experience as a self-employed person whereas under a provincial nominee entrepreneur program, one can get a temporary work permit for a specified time-period and later acquire a provincial nomination to become eligible to submit an application for permanent residence. The IRCC allocates a limited number of nominations every year to the Provincial Entrepreneur Programs. In a start-up program, you can apply for a short-term work permit under the international mobility program before submitting an application for permanent residence through start-up visa program. An entrepreneur needs to meet certain conditions of performance and experience before they can qualify for a PR.
· Investment Requirements: When it comes to investment for business immigration to Canada, each province has different programs with different eligibility criteria. For instance, the Entrepreneur Immigration – Base Category stream under British Columbia Provincial Nominee program is suitable for those experienced businessmen who want to either establish new business or take over and grow an already existing business in the province. However, to apply through this stream, you need minimum $200,000 investment with net-worth of at least $600,000. The source of funds must be legit and should be certified by authorized third party. Similarly, there are different requirements to apply under Entrepreneur Immigration programs of various provinces for business immigration to Canada.
· Performance agreement with the province: In case of provincial entrepreneur programs, once the eligibility requirements are met, the applicant is required to produce all source of funds and supporting documents. At the end of this process, most provinces will enter into a performance agreement with the applicants. This agreement is to ensure that the applicants follow the business plan as per the terms and conditions agreed upon. Applicants who meet the terms of their performance agreement with the province are provided a nomination to apply for Canadian permanent residence.
This is a basic overview of some of the immigration options for entrepreneurs. The entire process can be made easy with the right guidance from a knowledgeable and licensed immigration consultant. On the other hand, it can be extremely difficult for a non RCIC person to be aware of all the requisites of the several business immigration programs and to cull out the best fit for you. If you are considering Canada immigration for business purpose or want to submit a permanent resident application through one of the business programs, then do take a consultation with our RCIC before you start with your business immigration to Canada.