According to the old investor program, entrepreneurs were allowed to invest $3 million into Canadian projects thereby getting permanent residency. However, to make room for some more progressive entrepreneurial programs for foreign entrepreneurs, the old program has been stopped.
During this piece of article, we will have a look at some amazing facts about the Canadian investor visa and take an overview of how you can start your own business thereby settling in Canada permanently.
Canada welcomes successful entrepreneurs who are seeking new opportunities and challenges. There are various business immigration programs depending upon the type of business you have expertise in. These programs are designed to encourage and facilitate the admission of these individuals. Let’s have a look at various alternatives for the entrepreneurs:
To qualify for the Start-up Visa, the first step is to bring in enough money for your business. You will have to meet certain requirements for your application to be successful and get the assistance of one or more of the designated organizations in Canada and being able to compete internationally that have been approved to invest in the businesses.
Requirements for the Start-Up Visa
A qualifying business means you started a business that meets the following conditions:
You must get a letter of support from a designated organization
The Government of Canada does not provide any financial support to new start-up visa immigrants. You will need to show that you have the money to support yourself and your family members once you arrive in Canada
Most provinces have their own business immigration streams known as Canada PNP Entrepreneur Immigration Streams. It’s very important for you do basic research on the various provinces and their locations. If you choose the right province for setting up your business, you can end up in profitable returns in future otherwise you will have to bear the losses. Once you are done with the research, it’s time you look at the options available for you.
Let’s take a look at various PNPs and streams associated with them along with their respective requirements:
PNP Entrepreneur Visa | (webdesignburnaby.ca)
It may be easier but more expensive to buy or invest in an existing business in Canada than to start a new one. There is also less risk as the business is already known and you can calculate the profit margin of last 2 years before investing. When you buy a business, you can make a valid job offer for yourself as a company executive and apply for permanent residency immediately under the Express Entry system or you can operate your business in Canada for 12-months which will count towards Canadian work experience gained and allow you to immigrate to Canada through the Express Entry System’s Canadian Experience Class (CEC) Skilled Worker Immigration Program.
Buying a business:
| Cost | Operation time before PR application | Requirements for permanent residence |
|---|---|---|
| High ($150,000 + canadian dollars) | No minimum requirements | Ownership of 51% of the shares Active company Employ at least 1 Canadian |
Buying shares in a business:
| Cost | Operation Time Before PR Application | Requirements for Permanent Residence |
|---|---|---|
| Moderate (100,000 + Canadian dollars) | No minimum requirements | Company existed for at least 12-months Ownership of 51% of shares Currently Active The company has sufficient fund |
Buying a franchise:
| Cost | Operation Time Before PR Application | Requirements for Permanent Residence |
|---|---|---|
| Moderate (100,000 + Canadian dollars) | No minimum requirements | Active company Employ at least 1 Canadian |
Things to keep in mind while buying a business:
You must buy an established company that has many years of operating experience and has loyal employees. In this, with low risk, Canadian immigration officials prefer job offers made by companies established under the express entry system. If the company you are preparing to buy has been in business for less than 12 months, you will need to provide sufficient documents to show that your newly acquired business is actively in business and that your permanent residency application will be filed and there is enough revenue to support that.
It is mandatory to request the original documents related to the company you want to buy. You need to request Articles of Incorporation and Shareholder Agreements, Official Corporate Tax Filing for the last 3 years, T4 Summary of Remuneration Paid for the most recent year, GST/HST Filing for the current year, Lease Agreement for Premises, and all other business-related documents.
It is essential that you must be accomplished enough to show that you have a good understanding of your company’s products/services and will be capable to manage your newly acquired business effectively.
The fastest way to earn PR status in Canada is the Express Entry system because applications are processed in less than 6 months compared to start-up visa programs or provincial immigration streams which have processing times of 20 months or more. Under the express entry system, potential applicants are ranked against each other using a points-based system. The highest-ranking candidates are given Invitations to Apply for Permanent Residence (ITA) in Canada.
These are the basic requirements needed to apply for permanent residency as a new business owner in Canada:
An Education Credential Assessment is used to verify that your foreign degree, diploma, or certificate (or other proof of your credential) is valid and equal to a Canadian one. You need to get an ECA for immigration purposes from any of the issuing organization mentioned below:
All immigration candidates must show their level of proficiency in English or French or both (if applicable). For this candidate must take an approved language test and use the test scores when submitting their application. A language test assesses candidates’ speaking, listening, reading, and writing abilities and minimum score for each category varies according to immigration programs.
| Approved English Tests | |
| Test | Instructions |
|---|---|
| Canadian English Language Proficiency Index Program | You must take the CELPIP-General test |
| International English Testing System | You must take the General Training option |
| Approved French Tests | |
| Test | Instructions |
|---|---|
| TEF Canada: Test d’évaluation de français, | Your test must include writing, speaking, listening, and reading comprehension. |
| TCF Canada: Test de connaissance du français | Your test must include writing, speaking, listening, and reading comprehension. |
It is important to demonstrate that that you are in good health before you can initiate your business immigration to Canada. A medical exam must be done by an approved panel physician in your country.
You must include police certificates when you apply for permanent residence. You and all your family members will need police clearance certificates from every country you or they have resided in for six months or more since the age of 18.
A job offer is only required if you buy a business in Canada and intend to take the Express Entry route to Canada. You need a valid job offer to increase your permanent residency points. A valid job offer should be of a job which is full-time and non-seasonal; for a minimum of at least one year; for a job offer at Skill Level 0, A, or B, according to the National Occupational Classification (NOC) system; and supported by a positive Labour Market Impact Assessment (LMIA), or be exempt from needing one.
Proof of funds is how you show us that you have enough money for yourself and your family members to settle in Canada. Family members include both accompanying and non-accompanying dependents.
Our highly intellectual RCICs can guide you through the immigration process by using investment as option. So, what are you waiting for? Come and enjoy the great lifestyle and business opportunities here.
