Canada’s exuberant target to welcome nearly 1.2 million new immigrants over the span of the next three years is overwhelming. The immediate target to welcome upto 401,000 new immigrants in 2021 under economic-class, family-class programs seem realistic.
In this blog, let’s give you an overview of business immigration programs in Canada. However, eligibility for each and every program will be dependent on the case profile.
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Federal Business Immigration Programs
Foreign business individuals, entrepreneurs, investors, senior managerial individuals may qualify for various business immigration programs in Canada.
Those who wish to settle anywhere with their families in Canada but Quebec choose to qualify themselves under the federal business immigration programs. In other words, if you immigrate federally, you may pick Vancouver, Calgary, Toronto, Halifax, Saskatoon, etc., as your destination.
As a business immigration applicant in 2021, you are assessed and evaluated for immigration by the Immigration, Refugees, and Citizenship Canada (IRCC) from the beginning to the end.
|IRCC intends to accept between 153,600 to 208,500 applications under economic-class immigration programs in 2021. However, the expected target for Business immigration will be around 1,000 eligible applicants.
Canada’s economic immigration includes programs for eligible skilled workers, international graduates, and business applicants, ie. those with a personal net worth & willing to run a business in Canada.
Federal business immigration options fall under Economic Immigration and there are two major options available in 2021:
- Self-employed: This option is available to self-employed or world-class professionals in athletics or cultural activities. Your language proficiency in English or French, current personal net worth, and future income expectations are factored in deciding to issue you a visa.
- Start-up visa: Foreign entrepreneurs with an innovative business plan and backed by any designated organization can quickly immigrate to Canada. After less than one year in Canada, candidates and their families can transition to permanent residence.
Such individuals may seek temporary residence or eventual permanent residence in Canada. They must demonstrate that their business will bring significant economic, social, or cultural benefits to Canadians.
Provincial Business Immigration Programs
Immigration opportunities for eligible business individuals to settle in a specific Canadian province may be classified into the following categories:
- Direct permanent residence
- Work-permit first
- Quebec immigration options
- Provinces that do not support business immigration
Further, let’s briefly discuss the individual provincial business immigration provinces:
British Columbia: It operates three business streams:
- Entrepreneur Immigration
- Entrepreneur Immigration – Regional Pilot
- Entrepreneur Immigration – Strategic Projects
General eligibility requirements include:
- Investment of a minimum of $200,000 in the new or existing business.
- Create at least one new full-time job for a Canadian citizen or permanent resident.
- The net worth of a minimum of $600,000.
- Canadian Language Benchmark Level 4 In English or French.
- Prior business and/or management experience.
Ontario: It operates two streams namely:
- Ontario Corporate Stream: The Ontario Corporate Stream is aimed at established international corporations that want to expand into Ontario or buy an existing Ontario business. Once nominated, an applicant qualifies to apply for Canadian permanent residence.
- Ontario Entrepreneur Stream: The Ontario Entrepreneur Stream is aimed at individuals from outside Canada who want to start a business or buy an already existing business in Ontario. Those who are approved for the program will be nominated for Canadian Permanent Residence.
Alberta: It operates two business streams namely:
- Alberta International Graduate Entrepreneur Immigration Stream: The Alberta International Graduate Entrepreneur Stream is aimed at international graduates from Alberta post-secondary institutions who want to establish or operate a business in the province.
- Alberta Self-Employed Farmer Stream: The Alberta Self-Employed Farmer Stream is managed by the AINP in close collaboration with the Alberta Agriculture and Forestry, and targets applicants with farm management skills and sufficient financial resources to invest in a farming business in Alberta.
Saskatchewan: It operates the following business immigration streams:
- International Graduate Entrepreneur
- Farm Owners/Operators
General eligibility requirements include:
- Investment of a minimum of $500,000 in the new or existing business.
- Investment of at least $300,000 in Regina or Saskatoon, or $200,000 is any other Saskatchewan area.
- Minimum of three years of entrepreneurial or relevant management experience. For international graduates, a degree from any institution in Saskatchewan is necessary.
- Canadian Language Benchmark Level 4 in English or French. CLB 7 in English or French for international graduates.
There are similar business immigration programs offered by other provinces such as Manitoba, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland & Labrador, Yukon.
Contact our expert overseas business formation consultants to get more information and know your chances of qualification for Canada PR for self & family.