There are enormous opportunities for foreign business owners in Canada. A significant number of ambitious business owners grace the shores of Canada every single year, and you can also be one of them.
Through the Business Immigration Program, which encourages migrating people that can successfully invest or establish businesses in Canada, the Government of Canada hopes to attract investment and employment in the country.
This article provides an outline of the different visa programs open to business owners looking to immigrate to Canada. Read on to discover which one suits you.
Five types of business visas Canada offers
Businesses/managers with a comparatively high net worth and managerial experience may be able to move to Canada through any of the five Canada Business visa sub-categories:
- Self Employed Persons
- PNP Business Programs
- Corporate Immigration
1. The Startup Visa Investor Program
This is the best option for investors looking to immigrate to Canada. For a successful application, you’ll need to demonstrate that you are innovative, able to create jobs for citizens of Canada, and have a high level of competitiveness abroad.
Requirements for the Startup Visa Investor Program
A startup visa applicant must meet the following requirements:
- You must have an eligible business
- You need intermediate French and English proficiency (CBL5)
- Get a support letter from a specified organization (an investment commitment of at least $200,000 CDN from a Venture Capitalist, $75,000 from a Business Incubator or an Angel Investor)
- Prepare enough money to properly settle in Canada
2. Entrepreneur Program
This immigration stream is suggested to entrepreneurs as they contribute to the Canadian economy and create employment opportunities. Applicants who are successful receive permanent residency status in Canada and the ability to establish a business in the country.
Requirements for the Entrepreneur Program
Applicants for the Entrepreneur Program must meet the following requirements:
- Within two years of arriving in Canada, establish, invest or purchase a business that will be of significant economic benefit to Canada’s economy
- Manage the business activities and on an ongoing basis
- A minimum of one Canadian citizen or permanent resident must be among the staff besides the entrepreneur and their dependents.
- Within these two years, entrepreneurs must report their progress regularly to immigration officials to ensure these conditions are met.
3. Self-Employed Persons Program
Those who choose to enter this business immigration program do so to establish a new business in Canada or purchase a business that would have a “significant” impact on the economy and/or culture.
Applicants for the Self-employed Persons Program must meet the following requirements:
- Experience in the relevant field (minimum of two years in the last five years)
- Be able and willing to be your own boss in Canada
- The applicant must meet the selection criteria (a minimum of 35 points in the Canada CRS calculator) for the program
- Conditions regarding medical care, security, alongside other issues must be met.
Other selection criteria include:
- Language abilities
4. Business PNP Programs
Since this is based on provinces, the process and requirements vary slightly from province to province. Here is an example of how the British Columbia PNP works.
- Have a net worth of CAD 600,000
- A theee-year minimum experience in managing a business
- $200,000 in investment and at least one job for Canadians or Permanent Residents.
Entrepreneur Regional Pilot
- Investment of CAD 100,000
- CAD 300,000 personal net worth
- 51% ownership & creation of one local full-time job minimum
- You must locate the business in a BC community with a population of 75,000 or less
5. Corporate Immigration
For those who have established a business and wish to expand to Canada, corporate immigration is the ideal option. The purpose of this immigration program is to facilitate the smooth relocation of employees of small, large and medium companies to Canada.
When employees are transferred to Canada, essential legal procedures must be followed.
In some cases, border services officers may require proof of a business immigrant’s activities. Meanwhile, visa exemption may apply to some business visitors from visa-exempt countries. It is still possible for the individual to require an eTA (electronic travel authorization) if they arrived in Canada by air.
The family members of business immigrants are welcome to come to Canada with them. However, each of them must obtain a visa.