People who wish to move to Canada frequently prefer to establish their own business there and obtain permanent residency status through it rather than using other immigration options like employment sponsorship or family sponsorship.
You can do this in Canada through two federal programs for corporate immigration with assistance from Citizenship and Immigration Canada (CIC), the administrative body in charge of immigration issues.
These are the Start-Up Visa Program (SVOP) and the Federal Business Immigrant Program (FBIPP), respectively. When it comes to immigration to Canada, many businesspeople are familiar with the Federal Skilled Worker Program and the Quebec Skilled Worker Program, for example. However, business owners can immigrate to Canada and launch enterprises using a variety of alternative immigration procedures. The top five federal business immigration initiatives for Canadian entrepreneurs are examined in this article.
There are several Federal Business Immigration Programs created to fit the skills and experience of successful business people who want to settle in any province aside from Quebec. These programs are available to you whether you are self-employed, looking to grow or start a business in Canada, or would like to use your net worth to help drive the Canadian economy.
Describe a visa
A visa is a document that a nation issues to a person allowing them to enter the nation for a certain reason.
Only a few of the numerous visa options that Canada gives to those seeking employment are the same. Depending on your requirements and circumstances, there are a number of federal business immigration programs in Canada from which to pick.
Consider submitting an application for one of these Federal Business Immigration Programs in Canada if you’re searching for a long-term fix in that country. Start-Up Visa Initiative The newest and most generous business immigration program in Canada is the Start-Up Visa Program. It is intended for business owners who have been accepted into a Canadian incubator or accelerator program.
A temporary resident can apply to the program if they:
1. have a signed commitment from a designated organization;
2. are seeking to develop new products and services within one of the following fields: ICT, clean technology, health/biosciences, creative industries;
3. they must enter the country as a full-time participant in one of these programs. They will be permitted a maximum stay of three years with the potential of extension. Entrepreneurs must possess at least CDN $200,000 in investment funds obtained legally.
Permanent residency may also be granted after two years in this category under certain conditions. Self-Employed Program If you want to open a business in Canada, you’ll need to apply for the Self-Employed Program, which will allow you to immigrate and work in Canada.
To be eligible for this program, you must: – Demonstrate a minimum net worth of C$300,000 – Have at least two years experience in owning and operating your own business (or equivalent) – Demonstrate that you have enough money to support yourself and any dependents after one year in Canada – Have an intermediate level of proficiency in English or French, depending on the province where you plan to live Some people who come to Canada through self-employment programs find it difficult because they don’t speak the language of their new country, but there are plenty of opportunities for classes, including government programs designed specifically for newcomers.
This is just one choice from the federal government’s immigration programs – spend some time to study what suits you best!
Skilled Worker Program in Quebec When you apply for the Quebec Skilled Worker Program, your points are awarded for several different things, including:
- Age at the time of application
- Language proficiency (English or French)
- Education level and field of study
- Work experience in the last ten years.
- The more points you have, the better chance you have to qualify.
- You’ll get an Invitation To Apply (ITA) to submit your application and any supporting materials if you have enough points.
Successful applicants will be issued a Certificat de Selection du Québec (CSQ). In this case, all immigration steps can be done through Quebec immigration authorities.
Quebec calls on all business immigrants to take advantage of its Self-Employed, Investor, and Entrepreneur Immigration Programs.
Devised to foster economic growth and create job opportunities on a provincial level, Quebec’s unique Business Immigration Programs are an excellent option for potential newcomers searching for entrepreneurial diversity.
Provincial Nominee Programs Provincial Nominee Program (PNP) is a program for provinces and territories to nominate individuals who want to immigrate to Canada through a straightforward application process. Provinces and territories may nominate individuals according to the criteria of the immigration programs they wish to offer. The nominee will then be matched with one or more nominating provinces or territories for final approval by IRCC.
These nominations are in addition to the regular federal economic immigration programs processed at IRCC, CIC, headquarters in Ottawa, Ontario. There are currently ten provinces and territories operating PNPs:
British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Yukon Territory, Northwest Territories, Nova Scotia, Prince Edward Island, and Newfoundland & Labrador. Every province and territory has its own Provincial Nominee Program (PNP), and many of them provide a stream for applicants with managerial or business expertise.
Each PNP stream has its qualifying requirements and application process, but successful candidates always obtain a provincial nomination.
Following this provincial nomination, the applicant can usually apply for permanent residency at the federal level. Our Business Immigration Team’s Background Our team of professionals is prepared to assist you in taking the next step in your business immigration efforts.
Several possibilities are waiting for knowledgeable, business-savvy individuals to help drive the expanding Canadian economy.
Our corporate immigration team offers first-rate help as it guides you step-by-step through the immigration process, from qualifying to permanent residency, so you can return to concentrating on your business.
Entrepreneur Work Permit
An Entrepreneur Work Permit is a temporary residence permit for an individual with a qualifying business in Canada.
The qualifying business must be: -At least 51% owned by the applicant and their spouse or common-law partner and, if applicable, any children under age 18; and Registered as an active business entity if Nova Scotia, New Brunswick, Newfoundland, and Labrador.
An Entrepreneur Work Permit holder may work without obtaining a Labour Market Impact Assessment (LMIA) from Service Canada. A new application must be submitted each time the employment authorization expires.
Business Immigration FAQ Suppose you have a net worth of CAD 10 million acquired through legal business investment activities such as commercial, for-profit, or private sector activities. In that case, you could be eligible for the Investor Venture Capital Pilot Program. Yes. Most streams of Canadian business immigration will require a capital investment from your net worth.
The Federal Startup Visa and Self-Employed programs are the only streams that do not need some upfront investment. No. Unfortunately, your permanent residence won’t be jeopardized if your business fails. Entrepreneurs wishing to immigrate to Canada with a startup visa must secure a minimum investment of $200,000 from an approved organization or at least $75,000 from a designated angel investor.
If your business is accepted into a business incubator program, you are not required to secure an investment. Yes. If you have at least two years of relevant experience as an artisan, professional athlete, or farmer, you could be eligible to come to Canada with a self-employed visa. Final Thought There are many different types of Canadian business immigration programs, making it difficult to know where to start. A great place to start is by checking out the Express Entry Program. This program offers a fast, straightforward way for skilled workers and international students in Canada to apply for permanent residence.
The other option is the Entrepreneur
Category of the Start-up Visa Program, which lets you apply for permanent residence as an entrepreneur who wants to create a new business in Canada.
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