It is extensively assumed that Canada is one of the top 10 easiest countries to start a business in. This is due to the country being enormously rich in natural resources, having a vastly skilled labour force, and a stable government. Canada is on the lookout for newcomers who have the entrepreneurial experience, the talent, and the innovation to start, manage, or buy a business in the country.
With new foreign investments, Canada can ensure the continued success of its economy through diversification and development. If you would like to invest in your future and immigrate to Canada with your business venture, you have several Entrepreneur and Investor Visa options available to you, including the general Start-up Visa Program and the provincial-specific Nominee Program. If you are successful with your business immigration application, you and your family can move to Canada together
The objective of the Business Immigration Program is to encourage investment and employment in Canada through the migration of people who have the ability to successfully establish or invest in a business in Canada.
Basic Requirement to get PR:
To remain a Canadian permanent resident, you will need to meet a residency obligation, which means that you need to physically be in Canada for a specified amount of time. The current residency obligation is for a permanent resident to be in Canada for at least 730 days within a five-year period with some exceptions.
The country has a long tradition of immigration and an elaborate system to evaluate and admit new residents. Citizenship is available after three years of residence (and 183 days’ minimum physical presence during each of the three calendar years). The Canadian passport is one of the best travel documents in the world.
Various modes of getting Canadian PR:
You can establish residence by applying for Canadian permanent residence in one the following categories:
- Self-employed persons
- Skilled workers and professionals
Let’s have detail understanding on getting Permanent Residence by investing in Canada: –
Five selection criteria of government to get PR through investment: –
- You must demonstrate relevant business experience, as defined under the regulations. In essence, you must have previously managed or operated a qualified business for at least two out of five years preceding your application.
- You and your spouse must have legally obtained a personal net worth of a minimum of CAD 2 million.
- Your entire family must complete and pass Canada’s medical and security evaluations.
- You must invest CAD 1.2 million for a period of five years at no interest (0%) under one of the two available immigrant investor programs. The investment is government-guaranteed and will be repaid in full at the end of the investment period.
- You will also be assessed on age, language, education, experience, and time spent in Quebec on a points-based system.
Who is an Essential Person?
A person who is considered to be essential to the business and who has been identified as essential by the designated angel investor group, venture capital fund or business incubator on the commitment certificate and Letter of Support. If the application for an essential person is refused for any reason, all other applications related to that commitment will also be refused.
What is Letter of Support?
A letter given to the applicant by the designated angel investor group, venture capital fund or business incubator which the applicant must include with their application.
Qualifying Business to get PR in Canada:
A qualifying business meets the following requirements:
- A corporation that is incorporated in and carrying on business in Canada is a qualifying business if, both of the points are true:
- Each applicant holds 10% or more of the voting rights attached to all shares of the corporation outstanding at that time
- Applicants and the designated entity jointly hold more than 50% of the total voting rights attached to all shares of the corporation outstanding at that time
In order to qualify for the Start-up Business Class, a business should be incorporated and carrying on business in Canada at the time the commitment is made. However, consideration will be made for a qualifying business whose incorporation is conditional upon the attainment of permanent residence by the applicant(s).
Requirements to get PR under investment through Start-up Business: –
Your application to come to Canada under the Start-up Business Class will be assessed on a pass/fail basis against three requirements. The three requirements are:
- Requirement 1: Commitment from a Designated Entity
- Requirement 2: Ability in English, in French or both
- Requirement 3: Settlement Funds
If you meet all three requirements indicated above, then you may qualify to immigrate to Canada under the Start-up Business Class.
Requirement 1: Commitment from a Designated Entity: –
Private sector organizations demonstrate their support of your business idea by providing you with a Letter of Support which details the commitment they are willing to make towards your new business. They will send further details in the form of a Commitment Certificate directly to IRCC for assessment.
For your application to be eligible for processing, you must have received a Letter of Support from:
- a designated angel investor group confirming that it is investing at least $75,000 in a qualifying business or two or more designated angel investor groups confirming that they are together investing a total of at least $75,000 in such a business, or
- a designated venture capital fund confirming that it is investing at least $200,000 in a qualifying business or two or more designated venture capital funds confirming that they are together investing a total of at least $200,000 in such a business, or
- a designated business incubator which confirms that it accepting a qualifying business into its program.
Where to obtain a Letter of Support?
Consult the list of designated venture capital funds, angel investor groups and business incubators.
How long is the Letter of Support valid for?
Each Letter of Support is valid for a period of six months from the date it was issued. This means that we must receive your application for permanent residence under the Start-up Business Class within six months of the Letter of Support being issued.
Requirement 2: Ability in English, in French or both
The ability to communicate and work in one or both of Canada’s official languages is very important to you as a business immigrant. Proficiency in English, French or both will help you in the Canadian labour market.
You meet the language proficiency requirement for the Start-up Business Class if you have a level of proficiency of at least benchmark level 5 in either official language for all four language skill areas.
Four language skill areas:
- reading, and
You must provide proof of your language proficiency with your application.
Requirement 3: Settlement funds: –
The Government of Canada does not provide financial support to business immigrants. You must also show that you have enough money to support yourself and your family after you arrive in Canada.
The money must be available to support the costs of living for yourself and your family. The amount is an estimate of what you would require to support yourself and your family without employment or other income.
The funds must be:
- available and transferable
- free of debts or other obligations.
You cannot borrow this money from another person.
The amount of money you need to support your family is determined by the size of your family. These amounts are updated every year. Check the Proof of funds page to make sure you have the most recent information.
For proof of funds, you must get official letters from any banks or financial institutions where you are keeping money.
Letter must fulfil below criteria:
- be printed on the financial institution’s letterhead
- include their contact information (address, telephone number and email address)
- include your name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account:
- account numbers
- the date each account was opened
- the current balance of each account
- the average balance for the past six months
Sufficient funds are determined according to the applicant’s family size, including both accompanying and non-accompanying family members, using 50% of the current low income cut-off (LICO) for urban areas with populations of 500,000 or more.
Benefits of getting PR through investing:
- One of the highest standards of living in the world
- Affordable, high quality education
- Multicultural, tolerant, and vibrant cities
- Excellent place to do business, with access to the entire North American market
- Eligibility to apply for citizenship following three years of the five-year residence period
Procedure and Time frame of the Canada Investor Immigration Program: –
- In order to be considered for the residence programs, an application must be submitted to the relevant government office.
- At this point, a file reference number is issued, allowing applicants to check the status of their applications.
- Once approval has been given, if you are from a non-visa exempt country, you will be required to submit your passport to the local Canadian embassy or consulate, and the permanent resident visa will be issued.
- Once you arrive in Canada with the visa, you are granted permanent residence.
Application processing times differ depending on which category they fall under and where the application was submitted. The Immigration, Refugees and Citizenship Canada website gives a breakdown of estimated processing times. Note that in order to maintain permanent resident status, physical presence for two out of five years in Canada is required.
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