Canada pins the position of being the tenth largest economy in the world, so it is no wonder that people from all over the world are either relocating their businesses to Canada or investing in the Canadian economy. The country was also bracketed third in the Business Category, on the basis of factors such as low-level corruption and inexpensive manufacturing costs. This makes one of the hotspots for Business Immigration to Canada, catering to small business owners to expand their ventures.
You are suitable to immigrate to Canada by starting a business anywhere in the country. Let us now talk about everything that needs to be noted while initiating business immigration to Canada. This would ensure a better business format and filter the optimistic factors for you and your venture.
How to start a business in Canada?
Canada has multiple Canadian business immigration sections, the best of which is the Start-up Visa Program.
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Everything you should know about the Start-up Visa Program of Canada
Also known as the Investor Visa Program, the Canadian Start-up Visa Program paves your way to Canadian Immigration as a permanent resident. All you need to do is initiate a venture in the country. Initially, after arriving in Canada, you would be needing a temporary work permit, which would allow you to get to Canada and stand by while your application is being processed.
This can be an optimistic step for your business because the approval process can take up to six to twelve months. You can use this time to explore.
Your temporary work permit must be backed up by a designated organization. They are basically business groups that are verified to support and invest in the potential start-up programs via the Start-up Visa Program. The organizations are eligible to ask and review the business proposals. The methodology of the assessment is entirely in their hands.
Example: There might be certain organizations that would like to assess the proposal made by you in person. There might be firms asking for a detailed plan as well.
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Start-up Visa Program requirements for Business Immigration
- You would be needing a letter of recommendation or support that verifies the willingness of the investor in your business. There are basically three types of private sector investors:
– Business Incubator
– Venture Capital Fund
– Angel Investor
- After you have a designated organization supporting you, the following are the needs that you should be cleaving to:
– With the designated organization, they must clasp more than 50% of the voting rights together. This must include all the outstanding shares of the business.
– All the applicants must adhere to their 10% of the voting rights, which will be attached to all the outstanding shares of the business. It is also important to note that only up to five people can apply as possessors.
- You would be requiring settlement funds in order to support you or your family. These funds are one of the most mandatory pointers to keep in mind because the government doesn’t offer any financial assistance with this type of visa.
- You must meet the language requirements, which require the minimum score of CLB (Canadian Language Benchmark)- level 5 in reading, listening, speaking, and writing in either French or English.
Here is a table that outlines the settlement funds for a particular number of family members.
| Settlement Funds while Business Immigration to Canada | |
| Number of Family members | Required Funds in CAD |
| 1 | $13,213 |
| 2 | $16,449 |
| 3 | $20,222 |
| 4 | $24,553 |
| 5 | $27,847 |
| 6 | $31,407 |
| 7 | $34,967 |
| Each Additional Family Member | $3,560 |
Note: IRCC (Immigration, Refugees and Canadian Citizenship) makes sure that these accounts are updated annually.
Now that we are aware of the basic program that can help you with immigration and the growth of your small business, let’s dive into the list of the industries that come bearing profits:
- Transportation and Storage
- Real Estate
- IT consulting
- Waste Management and Remediation
- Fitness and Recreational sports centres
- Beer, Wines and Liquor Stores
- Wireless Telecommunications Carrier firms
- Petroleum
- Professional Financing Services
Why Should Someone Start a Business in Canada?
While you are about to go through the process of Business Immigration to Canada, you should be aiming to fixate on a location that benefits you and plays a highlighting role in optimizing your success. Location plays a prominent role in your business and with a bad location, you can suffer losses in your business as well. So, here are a few pointers that will justify Canada as the superlative place for your business venture.
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Supportive Government
As a foreign small business owner, you would be receiving some tax incentives from the government of Canada. This incentive includes the cost of materials, contracts and overhead disbursements. Hence, making the entire cost management of your business take a relaxing gear.
It is also interesting to note that Canada has one of the most affordable corporate tax rates in the world.
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A Bunch of Skilled Workers
Canada is the best place to be if you are willing to seek employment as a skilled worker. Canada has over 100 visa and immigration programs, allowing foreign nationals from across the globe to relocate to Canada and use their skills efficiently.
It is interesting to note that sixty-one per cent of people in Canada, lying in the age bracket of 25 and 34 had exposure to education. This also makes Canada one of the most skilled countries in the world.
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Substantial Economy
Canada comes in with one of the most secure economies in the world. Ranked amongst the top ten “Forbes Best Countries for Business” list, Canada would only help you uplift your business.
During the Covid-19 pandemic, when the economies of most countries were hit, Canada managed to sustain its growth. As a matter of fact, the country grew by 5.4% in the third quarter on a yearly basis. This outshone the anticipated growth of the country, which was 3.0%.
Canadian Provincial Nominee Program Business Immigration for Investors
PNP (Provincial Nominee Program) is something that permits immigrants to migrate to Canada as permanent residents after being nominated by a province on the basis of various factors. There are eleven PNP streams in total and almost all of them include an investor or an entrepreneur program.
Every province has a subjective net worth, business requirements and investment. Provinces will go for applicants and a suitor who fits their immediate and long term requirements.
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Listed below are the available investor streams
– Ontario Corporate Stream
– Alberta Self Employed Farmers Stream
– British Columbia Entrepreneur Stream
– New Brunswick Post-Graduate Entrepreneur Stream
– British Columbia Entrepreneur Stream
– Northwest Territories Business Stream
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Criteria for Business Visitor
Canada has the visa that will help you expand your business via investing and building new relationships. Wondering what makes you a business visitor? Listed below are the points that make you a business visitor in Canada:
Canada has the visa that will help you expand your business via investing and building new relationships. Wondering what makes you a business visitor? Listed below are the points that make you a business visitor in Canada:
– If you are visiting Canada on a temporary basis and your motive is to grow business relationships, invest or are finding ways to grow your business.
– If you are an active participant in international business activities outside the circle of the Canadian labour market.
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Listed below are the types of activities you are eligible to do as a Canadian Business visitor
– You are aligning with all the Canadian basic entry requirements
– You are planning to stay for less than six months
– You have all the documents that justify your application
– You are not planning to enter the Canadian Labour market
– Your source of income and profits is outside Canada
– Your main place of business is outside Canada
Conclusion
Canada is one of the countries with an optimistic economy, which invites people from all over the world to gauge their options in the business. There are many ways for Business Immigrants to Canada. There are certain programs that also assist you with getting a permanent residency while opting for a Canada Business Immigration.
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FAQs
Entrepreneurs are eligible to apply for a permanent LMIA when an existing business is being purchased. After purchasing an LMIA as an owner-operator or a senior manager, the entitled business owners would be able to gain 200 points, directed towards the Express Entry Permanent Residency applications.
Express Entry is one of the fastest and most popular method of immigration. However, Sponsorship is the cheapest method to immigrate to Canada.
While applying through legal business investment activities including commercial, for-profit business, private sector activities etc., if you have a net worth of at least $10 million CAD, you might be eligible for the Investor Venture Capital Pilot Program.
In order to get Canada PR, you would need an investment of around $150,000-$800,000 CAD. This would lead to you gaining permanent residency from the government after some time.
The main process to get your business PR is a laid out methodology which includes Research, Planning, Implementation and Evaluation (RPIE). Can I get PR if I open a business in Canada?
What is the easiest way to immigrate to Canada?
What type of business I should have for Business immigration?
How much do I need to invest in Canada to get PR?
What is the main process to get your business PR?
