Canada is the second largest country in the world. Located next to the United States of America, Canada is a favorite holiday destination, as it is home to some of the most vibrant cities, splendid and diverse geographical locations, numerous amazing natural and manmade wonders, and interesting cultures as well. Moreover, Canada is also one of the topmost countries that is open for immigration. The strong economy of the country along with its culturally diverse population make it a favorite amongst immigrants. The fact that Canada promises a bright future to its population is one of the main reasons why people love to immigrate to this North American country. Apart from migrating to Canada for jobs or studies, many people migrate to the country to start or expand their business. Here you will find all the important information you need to know about business immigration to Canada.
Business Immigration to Canada
One of the main reasons that people love to move to Canada for business is its stable economy. Moreover, as many people from all over the world have been migrating to Canada from several decades, it is easy to find skilled professionals suitable for your business. Apart from all this, people who start a business also receive support from the Canadian government in the form of tax incentives. Canada offers business owners one of the world’s lowest corporate tax rates. Some of the business avenues that are doing well in Canada are as follows:
- Waste management and remediation
- Professional financial services
- Real estate
- Wireless telecommunication carriers
- Transportation and storage
- Fitness and recreational sports centers
- IT consulting
- Beer, wine, and liquor stores
- Petroleum refining
If you are interested in starting, expanding, or establishing your business in Canada, there are three programs that you can choose from. These are the Canadian Start-up Visa Program, Canadian Provincial Nominee Program Business Immigration, and Canadian Business Visitor Visa. Here you will get to know all the details about these visas.
Canadian Start-up Visa Program: The Canadian Start-up Visa Program is a type of business visa that makes you a permanent resident of Canada and also gives you the opportunity to set up your business in the country. Here are the things that you need to become a business person in Canada:
- To gain this visa, you first need to find a designated organization that is willing to support your business. This could be an angel investor, a venture capital fund, or a business incubator. You would need to submit your detailed business plan or discuss your proposal in person. This depends on the designated organization. The organization would decide to invest in your business after assessing or reviewing your proposal.
- It is important to ensure that you (i.e. the applicant or applicants) has 10% voting rights on the outstanding shares of the business. Moreover, you along with the other applicants and the designated organization should have more than 50% voting rights on the outstanding shares of the business.
- You need to possess a letter from the designated company that is ready to support or invest in your business.
- It is extremely important to have at least a minimum score of the Canadian Language Benchmark (CLB). You should achieve at least a Level 5 in reading, speaking, listening, and writing in English or French, two official languages of Canada.
- You need to have proof of settlement funds (somewhere between $75,000 and $200,000 as per the number of people in your family migrating with you. This is important because the Canadian government does not support the business immigrants financially until they make money from their business.
Canadian Business Visitor Visa
A Canadian business visitor visa is for someone who has an established business outside Canada but wants to be a part of international business activities in Canada without actually entering the labor market in the country. This visa would give you the chance to stay in Canada for not more than 6 months, during which you can invest, grown your business, or grow your business relationships. You also need to fulfill the basic entry requirements stated by the Canadian government and at the same time submit some supporting documents. Here are some of the documents that you need to submit while applying for a Canadian Business Visitor Visa:
- Your passport that stays valid till the end of your stay
- Supporting letters from parent company
- Letter of invitation from the Canadian host
- Letter of Recognition or business letter issued by the Canada Border Services Agency
- Business host’s contact details in Canada
- Proof of finances to ensure you have enough resources not only to stay in Canada but also to fly back home
Warranty or service agreements and visitor visa too (if applicable)
- Covid19 vaccination proof
Canadian Provincial Nominee Program Business Immigration for Investors
Another type of business visa available for foreigners is the Canadian Provincial Nominee Program Business Immigration or PNP for Investors. In this case, you can become a permanent resident of Canada while being a part of the entrepreneur or investor program of any of the provinces. There are around 11 such programs, which are as follows:
- British Columbia Provincial Nominee Program
- Alberta Provincial Nominee Program
- Manitoba Provincial Nominee Program
- Northwest Territories Provincial Nominee Program
- Nova Scotia Provincial Nominee Program
- New Brunswick Provincial Nominee Program
- Ontario Provincial Nominee Program
- Newfoundland & Labrador Provincial Nominee Program
- Prince Edward Island Provincial Nominee Program
- Yukon Provincial Nominee Program
- Saskatchewan provincial Nominee Program
Each province has its own set of business requirements along with investment and net worth. If you are interested in a particular provincial program, you can apply for the same. The selection would be made ensuring that you or your business ideas fulfills the long-term as well as immediate requirements of that particular province. People who qualify can apply for a Canadian Permanent Residence.
Business immigration to Canada can be a profitable step towards your business goals, especially if you have a worthwhile idea. So, do read more about the Canadian business visa programs and apply for one that suits your interests and goals.
[Also Read : Process of Appointment for Canada Biometrics]