Monday, April 22

Immigrate to Canada as an Entrepreneur – 2021 Guide & Tips

Are you an entrepreneur? Do you want to move to Canada and start your own business?

Then the Startup Visa program may be right for you.

The government started the program to attract entrepreneurs worldwide and provide them with the funding and support they need for their businesses to succeed.

In return, Canada takes responsibility for growing these businesses, adding value to the overall economy, and creating more jobs for Canadians.

The start-up visa process should be expedited. The aim is to approve successful applicants within a few weeks—the Canadian Entrepreneur Visa grants permanent residency status, leading to citizenship.

With strict deadlines, procedures, and requirements, it is possible to make a mistake that can cost you your only chance to become a permanent resident of Canada.

However, with the guidance and assistance of a knowledgeable Canadian immigration consultant, the process should be stress-free.

How The Start-Up Visa Works In a Few Short Steps

Get Supported By A Designated Investor

You should get a letter of support from one of the designated investor organizations. The letter should state that they are going to fund your idea.

Meet The Language Requirements

You should be able to communicate and work in English, French, or both. You must prove your language skills to Immigration, Refugees, and Citizenship Canada (IRCC). 

It means you must pass a language test with an agency authorized by the IRCC and meet minimum language requirements.

Prove Your Business Meets Ownership Requirements

One business can have a maximum of five owners when you apply for the program. Each applicant must have at least 10% voting rights in that business. 

The designated investment organization and the applicant should together own more than 50% of the voting rights in the business.

Have Enough Funds To Settle In Canada

You should prove to the Canadian government that you have enough money to support yourself and your family after you settle in Canada. The government does not give financial support to business immigrants.

What Is Business Immigration To Canada?

Business immigration to Canada can take many forms. Depending on the business you have experience in, there are several programs under which you may qualify for permanent residency. Some of the most popular options for entrepreneurs in Canada are:  

Buying An Existing Business 

You can buy a business already operating in Canada put on the market by the owners. There are different rules and procedures when it comes to becoming a permanent resident in other provinces.

The most vital one is that you should retain the employees who work for the company when the transition takes place.

Starting A New Business 

More often than not, foreign entrepreneurs choose to start their own business in Canada. Again, the provinces have different rules regarding minimum investment amounts, etc. 

However, most importantly, you should remember that you will be required to create a permanent job for at least one permanent resident of Canada or a citizen who is not your immediate family.

Finding An Investor 

This option is for immigrant entrepreneurs who have the idea of starting an innovative business in Canada, creating jobs for Canadians, and planning for your business to be globally competitive. 

The idea is to get funding from a designated organization in Canada and become a permanent resident.

Buying An Existing Farm 

Running a profitable farm in Canada is possible. You should show that you have the experience to qualify. However, the local communities are very supportive, and the markets are stable. Ranchers and farmers usually live happy lives in Canada. 

They work quite hard in the summer months and enjoy a sufficient amount of free time when the snow arrives and the ground freezes.

Tips When Buying A Business In Canada

Purchase An Active Business That Has Been Operational For At Least 12 Months

According to Sobirovs Law Firm, you may want to buy an established company with years of experience and loyal employees behind its name. Not only is there less risk, but Canadian immigration authorities usually prefer job offers made by reputable Express Entry companies.

If the company you plan to purchase has been in business for less than 12 months, be prepared to provide sufficient documentation to show that your newly acquired business is actively doing business and has sufficient income to justify your application for permanent residency. 

Purchase A Business With Good Gross Sales For The Past 2-3 Years

It is imperative to request fundamental documents related to the company you want to buy. These documents include articles of incorporation and shareholder agreements, official corporate tax documents for the last three years, T4 summaries of compensation paid for the last year, GST/HST documents for the current year, lease agreement, and all other related documents to the business. 

Purchase A Business That Is Relevant To Your Background

It is important to show that you have a good understanding of your company’s products/services and can effectively manage your newly acquired business. It will raise questions if you are buying a business in which you have no previous experience.

For instance, buying a restaurant when you have no experience in the food industry or hospitality business.

On the other hand, if you have an innovative business idea and want to start your own business in Canada, you can use the Start-Up Visa program. The process is a little longer and more detailed.

As already mentioned, you need to send a Business Proposal to designated organizations in Canada to review and approve your business idea. If they do, you will receive the letter of support you need to apply for permanent resident status.

Consider Your Health Needs

New permanent residents of Canada may need an insurance policy to cover the period immediately after obtaining permanent status before their public insurance coverage is available.

Some temporary programs, such as the IEC program and the study permit program, require applicants to obtain an insurance policy.

Expatriate health insurance provides access to the best medical care while living and working abroad. Cigna Global is a leader in these policies and provides 12 months of coverage for those who move to Canada, regardless of nationality or age.

To Sum Up

If you want to do business in Canada, you must apply for permanent resident status.

Therefore, business immigration is the process of moving to Canada and opening, buying, and starting a business to support you and your family.

If you are considering owning and running a business in Canada, you also need to think about the immigration process. 

Applying for permanent residency and going through starting a business in your new country can be time-consuming and difficult.

However, a life in one of the most comfortable countries could be totally worth it!

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