How can Entrepreneurs & business owners get a PR in Canada

Toronto: The provinces of Canada are a fertile ground to do business. The World Bank says Canada is one of the top 25 countries that encourages foreign nationals to engage in business. Canada’s corporate tax rates are low and also the country holds a highly educated workforce in the world. All these put together draws business owners towards Canada.

First, you should acquire a PR from a business owner’s work permit & then you can apply for your citizenship. The requirements you need to become a PR as a business owner include:

  1. You should have stayed 3 years out of 5 years in Canada
  2. You should have filed an annual tax return statement to the Canadian government for all these years (CRA)
  3. Pass the test on rights, responsibility and knowledge of Canada
  4. Should have passed the proficiency test for either English or French

Let us tell you the options for how a business owner can get his entry into Canada with a Work Permit.

The 3 options are:

  1. Executive Express Entry
  2. Provincial Nominee Programs
  3. Start-up Company

Option1: Executive Express Entry

How Executive Express Entry works, unlike the normal Express Entry program that only encourages highly educated people below 35 years with either Canadian education or study permit and excellent language proficiency, this ‘Executive’ express entry program is open to business owners and senior managers above 35. It offers additional 200 Points CRS to migrate. However, this program demands the following things to be done:

  1. Establish a company or buy an existing company in Canada
  2. Then apply for a work permit;
  3. Operating the business for a considerable time until it becomes fully operational

It generally takes around 12-18 months to go through these steps, but the final reward is worth it as you acquire permanent resident status in Canada for yourself & your entire family. 

Nextly, you might ask me how to buy a company in Canada? Just follow one of these 4 steps:

  1. Start a business from the beginning
  2. Buy an operational business
  3. Buy 33% or more shares in an operational business 
  4. Get a franchise from an already existing business

After you’ve bought a business you should apply for a work permit through one of the below categories listed: 

  1. LMIA-based work permits, including Owner-Operator
  2. Intra-company transferees 
  3. Work permits for entrepreneurs and self-employed candidates

Kindly go to the IRCC portal & read about them, it is subject to a lot of amendments.

It is also required to keep your business operational for a period of time depending on your business. You also need the following:

  1. Keep your Canadian registered company operational in your home country with buying and selling services
  2. Get all licences and permits to be operational in Canada
  3. Have a Canadian address
  4. Have at least one Canadian employee

Once your Canadian registered business is operational as mentioned above, you can apply for PR and call yourself as the manager of your business. However, you need to fulfil the following Criteria:

  1. Score well in your language test, at least band 6 in IELTS
  2. Have a minimum school completion certificate
  3. Get your police clearance & have no medical issues
  4. Set aside CAD 100,000 for 12-18 months of operational cost of your business

Option 2: Provincial Nominee Programs

You start registering for your Provincial Nominee Program (PNP) in your desired province. Once you get an invite, they might call you for an interview, once the interview is cleared, you can apply for a Work Permit. The flexibility of this is, once you arrive in Canada, you can register and start your business. This doesn’t require high language proficiency but it takes a bit long up to 24-36 months for the process to complete and acquire your PR. You also need a startup capital of CAD 150,000 for your business.

Option 3: Start-up Company

Startup Visa for Entrepreneurs, this visa welcomes people of novel ideas to step into Canada as a business person. Best part about this visa is you don’t need to be successful in Canada, that is your success does not affect your PR status, but your plan or business proposal should be acknowledged by IRCC under the startup entrepreneur category. You need the following as well:

  1. Obtain Letter of Support from at least one Canadian-designated organisations
  2. Meet the minimum language requirement in either English or French
  3. Show sufficient funds of USD 10,000 & $2500 for each family member
  4. Clear your medicals, security and police certificate

Your business plan or proposal should have the following details:

  1. A strong business pitch & business plan
  2. How you plan to establish your company in Canada
  3. Going to market
  4. A pitch to designated organizations approved by IRCC

For further details on this type of visa, consult our immigration consultant Registered Liz Mathews from Yoke Immigration

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