It is a common misconception that in order to immigrate to Canada on a business or entrepreneurial-related visa, one must either be of high net worth with substantial capital, operate a large organization or obtain an angel investor support letter for a startup visa.
With more than 100 different types of immigrant streams there are a vast number of options for business owners who are looking to move to Canada, whether it is to establish a new business or to expand their existing one.
Recently, business class immigrants have become exceedingly popular, owing mostly due to the Canadian government understanding the need of entrepreneurial experience, talent, skills and the innovation to set up and manage a business or buy a business in Canada’s fast-growing, diverse economy. Business immigrants are selected predominately on their capability to become economically established while supporting the development of the Canadian economy and are able to do so on either a temporary work visa or via permanent residency.
The following are some of the most popular ways for business owners, entrepreneurs and investors to enter Canada:
For temporary work visas:
To launch a new business in Canada or extend a current business from one’s country of origin, an applicant must first register a new Canadian business or purchase an already established local business.
Subsequently, one may apply to obtain a temporary work permit as a business immigrant from several work permits available including:
- LMIA (Labour Market Impact Assessment)-based work permits, including Owner-Operator
One must hold majority shareholder (i.e 50.01% plus ) in a Canadian company or register a sole proprietorship; submit a viable or solid business plan and demonstrate the applicant’s temporary entry will results in in the creation or retention of employment opportunities for Canadians and permanent residents and/or skills transfer to Canadians. With this stream there is no minimum net worth – one can either purchase an existing business or open a new one.
- Intra-company transferees (ICT)
If you currently work for a company that has a a parent company, branch, subsidiary, or affiliate in Canada, you may be able to apply for a Canadian work permit via ICT. This Canadian work experience can be used as a stepping stone to apply for permanent residence.
The following are some of the most popular ways for permanent residency:
- Federal Start-Up and Investor Program
The Start-Up visa program is designed for potential entrepreneur immigrants who have the skill and potential to build a business anywhere in the country who are innovative and can create jobs for Canadians and compete on a global scale.
There are four main eligibility requirements including:
- Receive a letter of support from a designated organization: You must get a letter of support from a designated organization (a business group that has been approved to invest in or support possible start-ups) by convincing the organization that you have a business idea that is worth supporting. Each organization has its own requirements and may require a detailed business plan or a in-person pitch. Sizeable investments can be sourced from either venture capital fun ; angel investor group or a business incubator.
- Have a qualifying business: At the time you get a commitment from a designated organization, each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time (up to 5 people can apply as owners) and applicants and the designated organization jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time. To apply for permanent residency the business must be incorporated in Canada, a large part of the business happens in the country and the applicant must provide active and ongoing management of the business within Canada.
- Meet the language requirements
- Have enough money to settle and live in Canada before you make money from your business
- Business Self-Employer
To qualify as a self-employed person, an applicant must demonstrate that they have the relevant artistic or athletic experience that has allowed them to be self-employed while living in their country of origin and be able to make a significant contribution to Canada based on their relevant skills and experience. Examples of such careers include: journalism; photographer; musician; sports; coach; etc. The National Occupation Classification (NOC) of Canada shows a more extensive list of all careers that fall under this program.
3. The Provincial Nominee Program (PNP)
PNP gives every province and territory of Canada the power to invite applicants to come and live within their borders if they have the right skills and work experience. Most of the PNPs have at least one entrepreneur or investor visa category dedicated to people who want to who would like to expand or start their business in Canada.
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