BUSINESS MIGRATION TO CANADA
Canada is one of the most attractive destinations for business migration in the world. With its stable economy, high quality of life, multicultural society, and welcoming immigration policies, Canada offers many opportunities for entrepreneurs and investors who want to start or expand their businesses in a new market. In this post, we will introduce you to the main benefits of business migration to Canada, the different programs and pathways available, and the steps you need to take to make your dream a reality.
Canada is a land full of opportunities. The beautiful country has a plethora of opportunities which makes it a popular choice for migrant talents across the globe. The stunning nation offers high quality of life and a multicultural society filled with welcoming and friendly people. Canada offers a high salary to migrant talents alongside excellent facilities. Moving to Canada could be the best choice of your life.
Canada welcomes successful business people who are seeking new opportunities and challenges. This program aims to attract and admit individuals who can contribute to the Canadian economy through their business activities. The Business Immigration program uses active voice to describe its design and purpose. Both the Federal and Provincial/Territorial governments welcome business immigrants and offer services to help immigrants start a business and settle in Canada.
Canada has three classes of business immigrants:
Business-class persons who want to immigrate to Canada as investors, entrepreneurs, or self-employed persons must satisfy the following parameters by the Immigration and Refugee Protection Act and the Regulations there under. A person can apply under only one of these classes and cannot change the class after applying. This is a summary of the requirements.
a) Net worth: Legally obtained net worth of at least CAD$ 1.6 million by the applicant and the spouse. It could be owned by both spouses.
b) Deposit amount: Should be in a position to make an investment of CAD$ 800,000 in the Federal Fund by making payment through the Receiver General of Canada. The investor receives the full amount of investment (without interest) five years & three months after the date of payment. This text uses active voice only. Alternatively, the applicant could pay CAD$ 220,000 to a finance company in Canada which in turn will be depositing CAD$ 800,000 in a Federal Fund. However, the amount given to a finance company is non-refundable.
c) Business experience: The definition of business experience provides two options for the investor class.
(I) You must have at least two years of experience in managing and controlling a qualifying business. This means you must satisfy any two factors (employment, sales, net income, equity) for two ‘one-year periods’ out of five years. These periods are before the date of application and when the Visa authority decides. The following chart shows the minimum requirements for a qualifying business at various percentages of ownership.
(ii) Two ‘one-year periods’ of experience in the management of a business or a portion of the business at a senior level without the need to own it with at least five employees directly under the applicant.
- Investors are not required to start a business in Canada;
- Investments are fully guaranteed by provinces and territories that participate in the program;
- The provinces and territories control the investment during the five-year lock-in period; and
- No immigration conditions are imposed upon admission to Canada.
Note: Under the Canada–Quebec Accord, the province of Quebec operates its immigrant investor program. All investors in the Quebec program must intend to live in Quebec and must be selected by Quebec. In common with the federal program, investors in the Quebec program must invest CDN$ 800,000 and have a net worth of CDN$ 1,600,000.
- The legally acquired net worth of CAD$ 300,000. It could be owned by both spouses.
- Management and Control of a qualifying business of sufficient size as mentioned in Investor class at S.no. c (i)
- Having the capacity to establish a qualifying Canadian business in Canada in three years period after landing in Canada. The following chart lays down the minimum requirements for qualifying Canadian businesses at various percentages of ownership.
- The applicant must have the intention and ability to:
(i) Control a percentage of equity of a qualifying Canadian business equal to or greater than 33.33%;
(ii) Provide active and ongoing management of the qualifying Canadian business; and
(iii) Create at least one incremental full-time job equivalent for one or more Canadian citizens or permanent residents other than the entrepreneur applicant and their family members.
Note: To meet the conditions of permanent residence, entrepreneurs must sign a declaration that states their intention and ability.
- A minimum net worth requirement of $300,000;
- A requirement that within three years of becoming a permanent resident, the entrepreneur must have controlled and have actively managed a qualifying Canadian business for at least one year and that the business must have created employment opportunities for others;
Under the Canada-Quebec Accord, the province of Quebec operates its immigrant entrepreneur program, and Quebec-selected entrepreneurs are subject to Quebec’s conditions rather than federal conditions. Quebec selects all entrepreneurs in the Quebec program and they must intend to live in Quebec. In common with the federal programs, entrepreneurs in the Quebec program must have a net worth of CDN$ 300,000.
(a) Must possess a minimum of two years of experience in one of the following types in the period beginning five years before the date of application:
(i) Self-employment in cultural activities or athletics; or
(ii) Participation, at the world-class level, in cultural activities or athletics; or
(iii) Farm management experience.
- No immigration conditions in this class.
- Self–employed immigrants must have the experience, intention, and ability to:
(i) establish a business that will, at a minimum, create an employment opportunity for themselves and that will make a significant contribution to cultural activities or athletics in Canada; or
(ii) Purchase and manage a farm in Canada.