The Business Immigration Program
There are different Business Immigration Programs developed to encourage successful business people who are seeking new opportunities and challenges to start a business and settle in Canada. These programs are designed to help develop Canada’s economy by attracting entrepreneurs, self-employed individuals, businesspersons and investors.
Applicants to Business Immigration Programs can be individuals with mid-range personal net worth who intend to establish and operate a business in Canada. Also, wealthy business immigrants can buy or establish a new business in Canada and qualify for a temporary work visa, which may lead to their permanent residence under a suitable immigration program. Currently, there are both federal and provincial Business Immigration Programs.
Federal Business Immigration Programs
There are two federal business immigration programs:
The Self-Employed Person Program
This program aims at self-employed persons who have relevant experience in cultural activities or athletics and can make a significant contribution to the cultural or athletic life in Canada.
Start-Up Visa Program
The Start-Up Visa program encourages immigrant entrepreneurs to establish their businesses in Canada. The program innovative entrepreneurs to connect with certain designated organizations (angel investor groups, venture capital funds or business incubators) in order to get help by receiving funds, mentorship and expertise in opening and operating their businesses in Canada.
Provincial Business Immigration Programs
Investors and entrepreneurs who want to start or invest in a Canadian business venture have a variety of options in Provincial Nominee Programs (PNP). PNP business immigration programs have different eligibility requirements that best suit those provinces.
Regardless of the particular type of PNP program, almost all of them require the applicant to present a detailed business plan. The business plan must outline the type of business which the applicant intends to purchase or establish, as well as detailed financial projections.
Provincial business immigration programs also require the applicant to have business management experience. In addition, they require that the applicant be actively involved in the day-to-day management of the business. Most PNP business immigration programs have an optional or required government deposit in order to make sure that applicants will make the investment that they are committed to in their application. Here are some popular programs.
Provincial Entrepreneurial Programs
Individuals with entrepreneurial experience and a mid-range net worth may be eligible to apply under one of many Provincial Entrepreneur programs. Provinces have their own entrepreneur programs and usually follow a multi-step process to permanent residence. After applicants submit an expression of interest, they may get an invitation to submit an application.
When approved, usually they must sign a Performance Agreement and apply for a work permit. Candidates can receive the provincial nomination if they meet the requirements in the Performance Agreement.
Farm Investor Pathway
In certain provinces such as Manitoba, individuals who have extensive farm business experience and enough funds to invest can apply under the farm investor stream. Applicants are required to establish a farm business and produce primary products consistent with the province’s farm industry.
International Graduate Entrepreneurial Stream
The International Graduate Entrepreneurial Stream aims at recent foreign graduates from recognized universities in certain provinces. Applicants must remain in the province as an entrepreneur and actively operate and manage a business. Provinces have different requirements in terms of language proficiency, age, minimum funds or work experience.
