Saturday, November 18, 2017
 
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Business Immigration

 

Canada welcomes successful business people who are seeking new opportunities and challenges. The Business Immigration program is designed to encourage and facilitate the admission of these individuals. Both the Federal and Provincial/Territorial governments welcome business immigrants and offer services to help immigrants start a business and settle in Canada.

Canada has three classes of business immigrants:

  • Investors;
  • Entrepreneurs and;
  • Self Employed persons.

A person can apply under only one of these classes and cannot change the class after the application has been submitted. Briefly speaking, in accordance with Immigration and Refugee Protection Act and the Regulations there-under, following parameters are required to be satisfied by business class persons desirous of immigrating to Canada as investors or entrepreneurs or self employed persons.

INVESTORS:

a) Net worth: Legally obtained net worth of at least CAD$ 1.6 million by the applicant and the spouse. It could be owned by both the spouses.

b) Deposit amount: Should be in a position to make an investment of CAD$ 800,000 in the Federal Fund by making payment through the Receiver General of Canada. The full amount of investment (without interest) is repaid to the investor after 5 years & three months after the date of payment. Alternatively, the applicant could pay CAD$ 220,000 to a finance company in Canada who in turn will be depositing CAD$ 800,000 in a Federal Fund. However, the amount given to a finance company is non-refundable.

c) Business experience: The definition of business experience provides two options for investor class.

(i) A minimum of two years of experience consisting of two 'one-year periods' of experience in the management and control of a qualifying business wherein any two factors namely employment, sales, net income, equity out of 5 years on the date of application and the period when determination is made by Visa authority in which the applicant had carried on business in home country are satisfied. The following chart lays down minimum requirement for a qualifying business at various percentage of ownership.

Or

(ii) Two 'one-year periods' of experience in the management of a business or a portion of business at senior level without need to own it with at least five employees directly under the applicant.

In Brief:

  1. Investors are not required to start a business in Canada;
  2. Investments are fully guaranteed by provinces and territories that participate in the program;
  3. The provinces and territories control the investment during the five year lock-in period; and
  4. No immigration conditions are imposed upon admission to Canada.

Note: Under the Canada–Quebec Accord, the province of Quebec operates its own immigrant investor program. All investors in the Quebec program must intend to live in Quebec and must be selected by Quebec. In common with the federal program, investors in the Quebec program must invest CDN$ 800,000 and have a net worth of CDN$ 1,600,000.

ENTREPRENEUR:

  1. Legally acquired net worth of CAD$ 300,000. It could be owned by both the spouses.
  2. Management and Control of a qualifying business of sufficient size as mentioned in Investor class at S.no. c (i)
  3. Having capacity to establish a qualifying Canadian business in Canada in three years period after landing in Canada. The Following chart lays down minimum requirement for qualifying Canadian business at various percentages of ownership. Out of four economic parameters, two are required to be satisfied.
  4. The applicant must have the intention and ability to:

(i) Control a percentage of equity of a qualifying Canadian business equal to or greater than 33.33%;

(ii) Provide active and ongoing management of the qualifying Canadian business; and

(iii) Create at least one incremental full-time job equivalent for one or more Canadian citizens or permanent residents other than the entrepreneur applicant and their family members.

Note: Entrepreneurs are required to sign a declaration stating they intend and will be able to meet the conditions of permanent residence.

In Brief:

  1. A minimum net worth requirement of $300,000;
  2. A requirement that within three years of becoming a permanent resident, the entrepreneur must have controlled and have actively managed a qualifying Canadian business for a period of at least one year, and that the business must have created employment opportunities for other; and
  3. All family members are admitted under the same conditions as the principal applicant; the conditions are removed once the entrepreneur satisfies the conditions.

Under the Canada-Quebec Accord, the province of Quebec operates its own immigrant entrepreneur program, and Quebec-selected entrepreneurs are subject to Quebec's own conditions rather than federal conditions. All entrepreneurs in the Quebec program must intend to live in Quebec and must be selected by Quebec. In common with the federal programs, entrepreneurs in the Quebec program must have a net worth of CDN$ 300,000.

SELF EMPLOYED PERSONS:

(a) Must possess a minimum of two years of experience of one of the following types in the period beginning five years before the date of application:

(i) Self employment in cultural activities or athletics; or

(ii) Participation, at the world class level, in cultural activities or athletics; or

(iii) Farm management experience.

In Brief:

  1. No immigration conditions are imposed on this class.
  2. Self – employed immigrants must have the experience, intention and ability to:

(i) establish a business that will, at a minimum, create an employment opportunity for themselves and that will make a significant contribution to cultural activities or athletics in Canada; or

(ii) Purchase and manage a farm in Canada.

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