Canada is considered as one of the better places to start your own business or invest in a business because of its low taxes, strong economy, low business costs and high quality of life. There are options available for business owners and investors to get a permanent residency in Canada. They can do so by starting a business and creating jobs; or by investing in the Canadian economy; or by immigrating as a self-employed person in cultural or athletic activities, or as a farmer. There are three different categories of business immigration:
- Start-up Visa
- Self Employed
- Immigrant Investors
Start-up Visa: The start-up visa program targets eligible immigrant entrepreneurs with the required skills to start-up and maintain their own businesses in Canada. The qualified businesses must have the potential to create jobs for Canadians, be competitive in nature on a global scale.
- Support from designated organizations: If you do have an innovative business idea, you might want to get a positive nod from one of the designated organizations in Canada which includes venture capitalists, angel investor groups and business incubators recognized by the government. If you can secure their support in the form of a letter, you may be eligible to immigrate to Canada on a start-up visa.
- Ownership requirements: As owners of a single business, up to five people can apply for the start-up visa program. To meet the ownership requirements, each applicant must hold at least 10 per cent of the voting rights and the designated organization and the applicants must jointly hold more than 50 per cent of the voting rights in the business.
- Language: Applicants must take language test (English or French) from an approved agency. And must meet the minimum level of the Canadian Language Benchmark (CLB) 5 in speaking, listening, reading and writing. Convert your language scores to CLB using CWC’s language convertor tool.
- Funds: The Government of Canada does not give financial support to new Start-up Visa immigrants. You must show that you have enough money to support yourself and your dependants after you arrive in Canada. You cannot borrow this money from another person. You will need to give proof that you have the money when you apply.
Self-employed Program: Under this stream of immigration, the government of Canada may grant permanent residency to people who are willing to become self-employed in Canada. The applicants must have an intent to buy and manage a farm in Canada OR they must have experience in cultural activities and athletics which will enable them to make a significant contribution to the athletic or cultural life of Canada.