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Canada; Cold Land of Opportunities
From its inception in July 2012 to now, the Canada Entrepreneur Visa program has been suspended, with no current intention of resuming operations. For foreign entrepreneurs who seek to create, buy, or invest in a company in Canada, however, provincial initiatives have been established to supplement or replace the federal program. Documents and requirements must be met in order to get a Canada PR (Permanent Residency) through entrepreneur immigration to this wonderful nation, which we will show you in this post.
It is possible to come to Canada as a start-up company owner with a novel business concept if you are an entrepreneur with a unique business idea. In order to improve the Canadian economy while also generating job possibilities for its citizens, the country is searching for creative entrepreneurs who are interested in founding firms in Canada.
Provincial Entrepreneur Visa Programs
To be eligible for these programs as an entrepreneur, you must have a net worth of at least $500,000 and be willing and able to start, invest in, or buy a firm in Canada that will generate or preserve jobs.
You must have at least three years of company management experience in the five years prior to the date you submit your application. This is described as the full-time adoption of responsibilities and obligations connected to the planning, management, and control of material, financial, and human resources, or a specialized process supported by a diploma.
If you and your immediate family meet the criteria for an Entrepreneurial Program, you and your family may apply for Canadian immigration (permanent residence) visas via the Provincial Nominee Program (PNP). Except for Quebec, this is for candidates who want to live in a particular province or territory in Canada.
In order to qualify for the PNP Canada Entrepreneur Visa Program, you must own or control at least 33.33 percent of a high-quality Canadian firm that you actively manage. In addition, your company must generate at least one, if not two, new jobs for Canadian citizens or permanent residents.
Canada Entrepreneur Visa requirements and Types
Canada Entrepreneur visa 2022 provides the following programs for anyone interested in immigrating to Canada:
Provincial Business Program (PNP)
Canadian Provincial Nominee Programs are unique to each province and territory in Canada, and they are funded by the federal government. They are intended to attract foreign businesses, investors, and graduates via the many PNPs they operate under.
Depending on the province or territory you choose, various net worth and investment criteria will apply when starting or expanding a company there.
Canada Federal Start-up Visa Program
For international entrepreneurs who wish to start a new firm in Canada, the Start-up Visa Program is designed just for them. There is no need for a minimum investment.
Owner Operator LMIA
Businesses seeking to hire foreign employees for legal employment in Canada are often required to complete a comprehensive LMIA (Labour Market Impact Assessment) before moving on to the next stage of the recruiting procedure. Businesses must go through the LMIA procedure in order to demonstrate that recruiting employees from outside of Canada would not have a detrimental effect on the Canadian economy.
This paper demonstrates that a legitimate need exists for a foreign recruit to fill a crucial role. The procedure is complicated and requires a great deal of attention to detail. Owner-operators LMIA are excluded from the LMIA procedure since the primary competency required is the establishment of a company in Canada.
Federal Self-Employed Program
The Federal Self-Employed Persons Program is for foreign citizens who desire to work in Canada as self-employed experts in the agricultural, artistic, or world-class sporting fields. Having the necessary capability and expertise to establish oneself in Canada are prerequisites for getting a Canada entrepreneur visa is a must.
Quebec Self-Employed Worker Program (QSWP)
Apply for the Quebec Self-Employed Worker Program if you want to start your own business while living in the province of Quebec and intend to work for yourself as a self-employed person.
In order to be qualified, you must have a minimum of $100,000 in net assets. In addition, you must earn a minimum of points on the self-employed evaluation grid to be eligible.
Quebec Immigrant Investor Program
As an entrepreneur, you may be eligible to participate in the Quebec Immigrant Investor Program and immigrate to Quebec. You do not need to be fluent in French in order to be eligible for this program. The Investissement Québec – Immigrants Investisseurs Inc. requires a minimum net worth of $2,000,000 as well as a 5-year investment of at least $1,200,000 in order to be eligible.
Quebec Entrepreneur Program
If you plan to start or purchase a company in Canada, you may be eligible to apply for permanent residence through the Quebec Entrepreneur Program. Depending on your situation, you may apply under one of two streams. In Quebec, Stream 1 is reserved for firms or start-ups that were formed with the assistance of a business incubator, accelerator, or a university.
You have the option of starting this firm by yourself or with partners who are either Canadian residents or international entrepreneurs. You will be needed to own and control at least 25 percent of the equity capital in order to be eligible for this position. Stream 2 is intended for people who are interested in purchasing an established company. You must own and control at least 51 percent of the company’s equity capital in order to be eligible.
Language Requirements
You must take a language test from a certified agency and demonstrate that you reach the minimal level of the Canadian Language Benchmark (CLB) 5 in either English or French in the areas of speaking, reading, listening, and writing in order to be eligible for an entrepreneur visa Canada (Federal Start-up Visa).
Canada Entrepreneur Visa Processing Time
Typically, it takes around four months from the date of assignment for a decision to be made in the case. Due to program capacity, this predicted timeline is based on the completion of 80 percent of cases and is subject to vary.
Business Immigration Canada; Are Work Experience Required?
Yes! You must have either Business Ownership Experience or Senior Management Experience. The applicant must have been actively involved in the ownership of a company that delivered products or services to consumers at the time of the application submission.
For consideration, the applicant’s experience in managing a company in at least two of the following business areas is required: sales and marketing; finance; purchasing; distribution; auditing; human resources/human resource management; research and development; information technology management; production and operations (project management); and quality control and assurance.
Last Word
We’ve covered all you need to know about the Canada Entrepreneur Visa in this post. One of the finest countries to start a company is Canada; it not only has a highly skilled workforce, but it also has worldwide market access via 14 trade agreements with 51 nations, as well as cheap expenses and minimal risk.
You’ll also have access to cutting-edge technology and innovation, as well as a high standard of living in Canada. When thinking about expanding your company to Canada, the best place to start is with market research. Immigrants will find excellent business prospects in agriculture, lodging and food services, wholesale and retail, construction, and professional, scientific, and technical services.