Canada’s Visa Program for Entrepreneur(s)
Why Entrepreneurs choose Canada to start their Business / startup?
In 2011, Canada Ranked #1 in Forbes list for - Best Country for Business. Canada earned it’s top spot due to multiple factors like:
- Trade freedom
- Investor Protection
- Low Corruption
- Minimal Red Tape
- Low Corporate Tax Rates
If you are considering starting a new business or expanding current business you might consider Canada for the following reasons that are mentioned above, which can be beneficial for you and your new venture abroad. Political environment in Canada is also favourable considering a report by Abacus Data - Canada’s current Prime Minister Justin Treudo is ranked as the country’s best loved leader, and the requirements to immigrate to Canada as a Business Entrepreneur is somewhat relaxed in favour for Business Immigrants.
How is Canada best and Favourable for Entrepreneurs?
There are various reasons why Canada is best for starting and building your business empire:
Strong Economic Growth
According to Forbes Magazine, Canada is rated Best among G20 nations to do business.
Low Taxes and Low Business Cost
Canada offers a low-cost and low-tax environment so your business can thrive.
Excellence in Research and Innovation
Canada offers a winning environment for research and innovation, including world-leading research and development (R & D) infrastructure, Federal and Provincial combined credits can provide return upto 30 percent to foreign investors in their Research and Development cost in Canada
Top Quality of lifestyle
According to the World Bank, in 2011 Canadians enjoyed nearly the highest standard of living in the G-20. Canada is home to a highly educated, flexible and multicultural workforce.
What Benefits Canadian Govt. give to new Entrepreneurs to commence their business?
The government of Canada supports new business in a couple of ways:
If you want to start your new business in Canada then the government can help you with various types of Grants and Loans offered every year to many applicants.
Government Grants to new businesses enables them to recover their cost in commencing new business, grants can be like: Federal Credits, Provincial Credits and many more.
There are various types of Loans offered by multiple banks to new businesses to cover up various costs like: Machinery Procurement, Purchasing Raw material, Hiring, Training Employees, Advertising, Renovations and more.
Type of visas that Come under - Canada’s Entrepreneur Visa Program
- Self-Employed Persons Program
- Start-up visa Program
According to Canada.ca (government official website), Self-Employed persons are defined as the individuals who are having Relevant Experience of at least 2 years.
Start-up visa Program:
The start-up visa program is for entrepreneurs who want to start a business in Canada. This immigration program applies to entrepreneurs who want to start a new business.
Both, (Self-Employed Person Program and Start-up visa Program) offers Candian Permanent Resident to qualified immigrant entrepreneurs, Candidates can initially come to Canada on work permit supported by their designated Canada best investor, once their business is up and running before qualifying for permanent residence.
Unfortunately, Quebec does not participate in the Federal visa program.
So, If you are planning to move to Quebec then you have to apply to Quebec Entrepreneur and Quebec Investor programs. Which is a specified province program different from the above mentioned programs.
What is the Eligibility Process / Requirements for Canadian Entrepreneur Visa Program?
To qualify for Canada’s Entrepreneur visa program you need to follow these steps:
- Get support for your Business Idea from a designated Investor company / Organisation and Prove it.
There are three types of Private sector investor, that can invest in your business idea and make you eligible for Canadain Permanent Resident, Those investors are:
- Angel Investor.
- Venture Capital Fund.
- Business Incubator.
You must get capital of at least $75,000 if you are getting the investment from one of the designated Canadian angel investor groups, and if you are securing the investment from designated Canadian venture capital investors then the minimum fund’s requirement scales up to $2,00,000.
Once you secure funds from any of the Canadian designated investors then you are required to procure a Letter of Support from your Canadian investor which states that they are going to support your Business Idea in terms of funding requirements, and later on your need to submit that Letter of Support to the concerned department.
Under Business Incubator Program you don’t need to procure any funding/investment for your new business and under this company get various support like mentorship, Investors, Networking, and many more, to help you get to establish your business that is in the early stage.
Note: You can also fulfill your funding requirements by clubbing more than one investor.
Fulfill Language Requirements
Canada’s main languages are English and French, So you need to prove your Proficiency in either these language / in both languages, To prove your Language Proficiency - you need to give a language test that is approved by IRCC( Immigration Refugees Citizenship Canada ) which can be IELTS, TOFEL, TEF, etc., and meet the minimum language requirement that is 5 bands in speaking, listening, reading and writing in either of the following English or French.
Meet Business Ownership Requirements
You must have at least 50% of business ownership that is shared among the applicant and the designated organization, no more than five people can be the owner of a business when you are applying, with a minimum ownership requirement of at least 10% per person.
Proof of Funds to Settle in Canada
The Government of Canada does not give financial support to Entrepreneurs coming on a Business Immigration visa, so you need to show proof of funds to the Canadian government that you have enough funds for you and your family to settle in Canada, and you can not borrow funds from any other person.
The requirement of funds depends on the size of the family that you are coming along with, the fund’s requirements are mentioned here on the government official website.
How do Entrepreneurs qualify for Canadian Work Permit / Permanent Resident?
When the applicant receives a Commitment Certificate from the investor / designated organization, then he gets a short-term work permit to commence his business and start working in Canada.
Later on, they must incorporate their business in Canada and take an active part in starting and running the business with actively involved in managerial part/management of the business, and then he will be eligible to get Canadian Permanent Resident title.
Note: The government of Canada appreciates that being an entrepreneur is a risky business - if your business fails, your permanent resident status will be indefinite.
How to get support from a designated entity as an Immigrant Entrepreneur?
The Aspiring Entrepreneur must develop a feasible business idea that meets all the requirements set by The Government of Canada and then they can approach designated Investor organizations. Generally, Experienced Business Consultants like Canada Startup Co. can help you to network and mediate among Canada’s top Business Investors.
How Much Time Required for Canada’s Entrepreneur visa Program Process?
Once you as an Entrepreneur got a feasible start-up business plan, it will take about 4-6 months to procure a letter of support from a designated entity. Once a letter of support is received, the application for permanent residence can be submitted, and the Permanent Resident process will take approximately 12-18 months.
To cut short the risk of error, you can Contact Experienced Business Visa Consultants
How Can Canada Startup Co. help aspiring Business Entrepreneurs?
Canada Startup Co. can help you in the following ways:
- Personalized Immigration plan
- In-Depth analysis and assessment
- Hand-holding support through every process
- Knowledgeable and Experienced Professionals are assigned.
- The government authorized RCICs (Regulated Canadian Immigration Consultants), advisors