Do you want to expand your current business to Canada? Have you ever thought of starting a business or purchasing an existing business in Canada?
Did you know that Canada is the best economy in the G20 for expats?
Business immigrants become permanent residents on the basis of their ability to become economically established in Canada. As a business immigrant, your dependent children and spouse or common-law partner, can come to Canada with you and be included in your business class application.
There are two pathways for business immigration:
- Self-Employed Program
- Start-Up Visa Program
Applicants are selected for this program on the condition that they can and intend to create their own employment in Canada and they will contribute significantly to the Canadian economy or to the cultural or athletic life of Canada. Applicants must have relevant experience within the five-year period immediately preceding the date of application. If your intention is to purchase a farm in Canada, you must have at minimum 2 years of farm management experience.
Federal Start-Up Visa:
Applicants will be assessed on several criteria, including language skills (in English or French), age, education, experience and their ability to adapt with ease to the Canadian way of living.
Part of the process of obtaining a start-up visa is that you must obtain financial support from a designated angel investor or a venture capital fund to invest in your business idea. If you are admitted to a business incubator there is no financial requirement for an investor to promise to pledge funds for your business idea. If the investor organization (angel investor and/or venture capital fund) decides to fund your business idea, they will give you a letter of support. Your letter of support must be included with your application as proof that an angel investor group and/or venture capital fund supports your business idea. Each organization has different requirements in terms of what documents (for example, a business plan) they require in order to consider investing in a business idea. You must secure a minimum investment of $200,000 if the investment comes from a designated Canadian venture capital fund, or a minimum investment of $75,000 if the investment comes from a designated Canadian angel investor group.
You must meet minimum language requirements of CLB (Canadian Language Benchmark) 5 in either French or English for all 4 language abilities, to illustrate that you can communicate and work in either language, which will help your business in Canada. If minimum language skills are not met, your application will be refused.
As an applicant for the Federal Start-Up Visa you must also prove to the Government of Canada that you have enough settlement money to support yourself and your dependents after you arrive in Canada, which cannot be borrowed funds from another person. The amount of settlement funds you are required to prove will depend on your family size, and is updated by the Government of Canada on an annual basis.
The benefits of the Start-Up Visa Program, is that it enables immigrant entrepreneurs to create jobs in Canada, and maybe eventually compete globally, by launching innovative companies. This program provides entrepreneurs with valuable assistance in navigating the sometimes complex and highly regulated Canadian business environment. Private investors also will have access to a larger pool of entrepreneurs, which will include some of the best innovative minds from around the world. So not only does the newcomer benefit from the program, but investors and Canada benefit from the innovative collaboration this program creates.