Canadian Business Immigration Programs for Foreigners
Foreigners who wish to conduct business in Canada have access to a wealth of opportunities. There is no reason why you cannot join the hundreds of aspiring businesses that immigrate to Canada each year. You may have imagined running your own business in Canada, but without the right assistance, the visa and permit procedures can be challenging and expensive. Fortunately, there are a number of alternative Canadian business immigration programs that can assist in turning this goal into a reality. We’ll go through the fundamentals of these programs and how they operate in this article.
Are you considering making the move to Canada as an entrepreneur? As you may know, Canada offers prospective immigrants a number of business immigration programs. But if you’re unsure which one is best for you, this guide compares and contrasts the several Canadian business immigration programs. Customers can submit an application through one of four different Canadian corporate immigration schemes if they want to immigrate to Canada.
Entrepreneurs are able to immigrate to Canada through programs for business immigration and establish or expand their companies there. The qualifying requirements for each of these schemes for Canadian business immigration vary, but all candidates must demonstrate that they have the resources to sustain themselves and that they have the skills and experience necessary to make a significant contribution to the Canadian economy. You can choose the best program for your specific scenario by using the information in this article to better understand your alternatives.
What are the Canadian Business Immigration Programs?
To apply to the several fast-tracked business immigration programs, the Canadian government is looking for investors, business managers, and entrepreneurs of all sizes who are interested in settling in Canada and looking for new chances. Canada always works to establish international business relationships and welcomes business people to move there and launch prosperous businesses. To keep up with global economic trends in light of the globalization of the economy, it is crucial to develop and strengthen international business ties.
Starting new enterprises, creating jobs, and developing new export and import linkages on a global scale, opens up new options for Canadians. The government has taken note of this, and as a result, the IRCC has given the Business Immigration Program extra focus and attention in an effort to streamline the procedure. Canada seeks to entice those with a strong capacity to contribute to the economy through its numerous business immigration schemes.
By bringing in individuals with the knowledge and experience to advance local markets, the Canadian Business Immigration Programs seek to generate new opportunities in those sectors. Through the immigration of people (investors, entrepreneurs, and self-employed) with readily available venture capital, significant business acumen, and entrepreneurial skills to successfully establish or invest in a business in Canada, the Business Immigration Program seeks to promote investment and employment in Canada.
Categories of Business Immigration Programs in Canada
Depending on where the interested party intends to settle and do business, the Business Immigration Program is available as both a federal immigration program and a provincial nominee program. The Canadian government welcomes business immigrants and provides resources to assist them in establishing a firm and settling in Canada.
There are 5 main categories of Business Immigration Programs in Canada. Although, there are 3 Business Immigration Programs streams that are currently available.
- Self-employed Program
- Start-up Visa
- Business Visitor Visa
- PNP Entrepreneur Visa Streams
- Investor Visa
Self-Employed Persons Program
The Self-employed Persons Program enables immigrants to come to Canada permanently and work for themselves. This program is for those who are able to support themselves financially by making an athletic, cultural, or artistic contribution to Canada’s job market. Those who meet the requirements and have relevant job experience are eligible to apply for the Self-employed Program. Self-employed individual, on the other hand, works for themselves. They don’t have a boss or are employed by a corporation, and nobody manages their day-to-day activities for them.
The self-employed labor sector is a rapidly growing segment of the Canadian labor market. As it provides some flexibility and contract prospects with several business partners and employers, enabling the self-employed workforce to regulate income and work time, it gains popularity.
The IRCC is aware of the significance of the self-employed sector for Canada’s labor market. The applicant must show they have the necessary skills and the means to support themselves and their dependents from their self-employment in order to be accepted as a self-employed person (farmer, athlete, artisan, graphic designer, IT specialist).
Eligibility under self-employed person program:
- have relevant experience (at least 2 years experience in the last 5 years)
- be willing and able to be self-employed in Canada
- meet the program’s selection criteria (minimum 35 points) and
- meet medical, security, and other conditions
Start-Up Visa Investor Program
For more than ten years, new firms have played a significant role in the Canadian economy. They are seen as crucial to the overall Canadian economic growth, helping to transform novel concepts and cutting-edge technologies into successful businesses and opening doors for fresh talent, whether they expand into global conglomerates or stay as regional mid-sized organizations.
The greatest option while trying to move to Canada as an investor is to apply for the general Start-up Visa Program. Candidates for a start-up visa may submit an application if they have a legally admissible innovative firm that would advance the Canadian economy and generate jobs there. Those who apply successfully will be given a place to live permanently for themselves and their families.
Requirements for Start-up Visa Investors Program
To qualify for the Start-up Visa, applicants must:
- Have a qualifying business
- Demonstrate intermediate knowledge in both English and French (CBL5)
- Get a letter of support from a designated institution (Receive a minimum funding commitment of $200,000 CDN from a designated Venture Capital Organization, $75,000 from an approved Angel Investor, or Business Incubator)
- Bring enough money to settle in Canada
Business Visitor Visa
A person temporarily visiting Canada for the purpose of conducting international business without first entering the Canadian labor force is referred to as a Canadian Business Visitor. A person who travels to Canada for business purposes, such as to meet Canadian clients with whom they are conducting business, is an example of a business visitor.
With a Canadian business visitor visa, a foreign national can go anywhere in Canada, seeing friends and family along the way and taking in the country’s top attractions. However, as a business visitor, who wants to apply for a Canadian Business Visitor Visa, you must show that:
- You plan to stay for less than six months;
- You do not plan to enter the Canadian labor market;
- Your main place of business, and source of income and profits, is outside of Canada;
- You have documents that support your application;
- You meet Canada’s basic entry requirements with a valid travel document, such as a passport:
- You have enough money for your stay and to return home;
- You plan to leave Canada at the end of your visit; and
- You are not a criminal, security, or health risk to Canadians
PNP Entrepreneur Visa Streams
This Entrepreneur Visa program is no longer running, as of July 2012, and there are currently no plans to resume the program. The program has been replaced by provincial programs for foreign entrepreneurs who want to start, acquire or invest in a business in Canada
This program is for workers who:
- have the skills, education, and work experience to contribute to the economy of a specific province or territory
- want to live in that province, and
- want to become permanent residents of Canada
Each province and territory has its own “streams” (immigration programs that target certain groups) and requirements. For example, in a program stream, provinces and territories may target students, business people, skilled workers, and semi-skilled workers.
Requirements for the PNP Entrepreneur Visa Streams
Requirements for this program vary depending on the province, standard requirements include:
Having at least three years of company management experience, obtained within the five years prior to the application deadline. This is defined as the actual and full-time assumption of duties and responsibilities connected to the planning, management, and control of material, financial, and human resources, or process of specialization attested to by a diploma.
The province and its available streams are as follows:
- International Graduate Entrepreneur Immigration Stream
- Self-Employed Farmer Stream
- British Columbia – Entrepreneur Immigration Stream (Regional Pilot)
- Entrepreneur Pathway
- Farm Investor Pathway
- New Brunswick – Business Immigration Stream
- Newfoundland and Labrador
- International Entrepreneur Stream
- International Graduate Entrepreneur Stream
- Northwest Territories – Business Stream
- Nova Scotia
- International Entrepreneur Stream
- International Graduate Entrepreneur Stream
- Ontario – Entrepreneur Stream
- Prince Edward Island – Entrepreneur Work Permit
- Entrepreneur Category
- International Graduate Entrepreneur Category
- Farm Owner and Operator Category
- Yukon – Business Nominee Program
Investor Visa (Terminated)
The Immigrant Investor Program seeks to attract seasoned business investors to relocate to Canada in order to foster the long-term potential for business development and job creation. Candidates for investor visas may be eligible to get permanent residency for themselves and their families by making investments in Canada’s economy, depending on the visa for which they apply.
To qualify for the program the potential candidates must prove that they:
- Have the required business experience
- Show a net worth of $1,600,000 CAD gained legally
- Invest $800,000 CAD
The full amount of the investment will be returned to you in full without interest, within the 5-year term. The funds will be used for 5 years by the IRCC to develop the local economy and create jobs both on the provincial and federal levels.
Frequently Asked Questions
Furthermore, here are some of the most commonly asked questions related to the Canadian Business Immigration Program Streams.
How much do I need to immigrate to Canada as an entrepreneur?
You will need a $75,000 – $200,000 investment from a designated organization when applying through programs such as the Start-up Visa program.
Who is eligible for the self-employed person program?
You will need to prove that you have the experience, cultural, artistic, or athletic, that allows you to be self-employed while living in your country of origin. The more experience you have the better your chances are of receiving the visa as you’ll get more points.
What qualifies a self-employed person in Canada?
A self-employed person is an individual that is hired by a company to perform specific duties. Other factors that make someone a self-employed person is:
- You have the right to work for other companies;
- You generally use your own equipment and space; and
- Your employment is not subject to the same employment legislation as those employees of the company you’re hired by.
That’s all we have on Canadian Business Immigration streams. On Canadian Business Immigration streams, that is all we have to say. Please get in touch with a member of a Canadian immigration law team for additional information on programs for corporate immigration to Canada. Finally, before coming up with an idea, be sure you have done your study. Nothing is worse than investing months in the creation of a new business only to discover that it lacks the necessary legal support.