Business Immigration to Canada
Business people with experience and funds to invest have several pathways to choose from in order to immigrate to Canada. Some of them are the following: (1) Start-Up Visa program; (2) Intra-company Transfer (ICT); (3) PNP business streams and (4) Significant Benefit Work Permits.
Detailed below are the most popular types of business immigration programs available for foreign business people. They can be used by any business person, entrepreneur or investor who wants to relocate to Canada by owning and directly managing a business.
If you think one of these programs is a good fit for your particular situation, reach out to us to so we can get you into CANADA ASAP!!!.
The start-up visa program targets eligible immigrant entrepreneurs with the required skills to start-up and maintain their own businesses in Canada. The qualified businesses must have the potential to create jobs for Canadians, be competitive in nature on a global scale.
Eligibility
- Support from designated organizations: If you do have an innovative business idea, you might want to get a positive nod from one of the designated organizations in Canada which includes venture capitalists, angel investor groups and business incubators recognized by the government. If you can secure their support in the form of a letter, you may be eligible to immigrate to Canada on a start-up visa.
- Ownership requirements: As owners of a single business, up to five people can apply for the start-up visa program. To meet the ownership requirements, each applicant must hold at least 10 per cent of the voting rights and the designated organization and the applicants must jointly hold more than 50 per cent of the voting rights in the business.
- Language: Applicants must take language test (English or French) from an approved agency. And must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in speaking, listening, reading and writing. Convert your language scores to CLB using CWC’s language convertor tool.
- Funds: The Government of Canada does not give financial support to new Start-up Visa immigrants. You must show that you have enough money to support yourself and your dependents after you arrive in Canada. You cannot borrow this money from another person. You will need to give proof that you have the money when you apply.
The Intra-Company Transferee (ICT) Work Visa is one of the fastest ways an entrepreneur can get approved to work and eventually become a Permanent Resident. Processing time takes less than 6 months! This program works best for entrepreneurs who already have an existing business abroad and want to run an affiliate or new business in Canada. This visa allows business owners to relocate to Canada and establish a new business.
Entrepreneurs who would like to pursue the ICT work visa must incorporate their company in Canada. Their existing business also must have been in operation in another country for at least 12 months. If these conditions are fulfilled, a 1-year work permit may be granted to work in Canada. With this program, business owners will get a work permit first and can transition to permanent residency only after 1 year of employment in Canada. Family members can join the main applicant. The spouse may get an open work permit and children may get study permits. Children may attend a public school for free. The applicant and the family members can get access to free health care during the validity of their work permits.
Foreign entrepreneurs applying for this type of visa must meet the following conditions:
- Have an active business in their home country;
- Have an active business in Canada;
- Have a physical office in Canada;
- Have at least 1 Canadian employee
Who is eligible under the ICT Program:
- Business owners who have been working in a foreign company for at least 12 months in the past 3 years;
- Managers who have been working in a foreign company for at least 12 months in the past 3 years;
- Key workers who have been working in a foreign company for at least 12 months in the past 3 years.
Initial Investment for the ICT Program:
No minimum investment amount is required, but the foreign company (or the owner) must show sufficient funds in their bank account to start operations in Canada. We recommend that applicants show at a minimum of around CA$150,000.
After just one year of fulfilling the conditions of the ICT Work Visa, the applicant can apply for PR under the Express Entry system.
The Significant Benefit – C11 is one of the quickest ways for an Entrepreneur to become a Permanent Resident in Canada. Processing time takes less than 6 months – that’s a very conservative estimate, others take 3 months or less! This pathway works best for Entrepreneurs who have unique businesses or specialized business experience. The most important factor for the approval for this type of work visa is the ability to prove that your business will provide SIGNIFICANT CULTURAL, SOCIAL OR ECONOMIC BENEFIT to Canada. The business concept must be a unique and a viable business or project in Canada. This visa is also ideal for artists, sportspeople and investors.
Professionals must present evidence of past personal accomplishments in business, such as operating a unique business. This type of work visa has been used by professional athletes, actors, dancers, and scientists, but recently it has become a viable option for accomplished business people. This group of applicants should be able to provide evidence of public recognition, for example, international interest, media coverage or important clientele.
There is NO minimum investment amount, but the applicant must show sufficient funds in their bank account to start its operations in Canada (we recommend around CAD$150,000).
The initial work permit will be valid for 2 years and can be renewed as you wish. Within the first 2 years, the Canadian company must make progress towards its goals, and the business must be operational. Family members can join the main applicant. The spouse may get a work permit and children may get a study permit. Children may attend a public school for free. The applicant and the family members can get access to free health care during the validity of their visas.
Processing time:
Generally, 10 days – 3 months
Ability to stay permanently:
Applicants have solid chances of becoming permanent residents of Canada and subsequently Canadian citizens, provided that they meet the following conditions:
- Have operated their company in Canada for at least 1 year;
- Have at least 1-year college degree equivalency;
- English/French at CLB level 7.
Expenses:
Starting from $25,000 in legal fees (depending on the applicant’s background, experience, language skills and citizenship);
Around $50,000 – minimum set-up and operation costs of the business in the first year. We suggest investing at least $150,000 – $200,000 into the new Canadian corporation to increase the strength of your application.