Business immigration to Canada is a complicated process, with several types of visa categories. The federal government has recently reformed the programs, mainly for entrepreneurs with a lot of financial resources.
The most common federal business immigration programs to Canada are Start-up Visa Program and Self-employed Persons Program (SEPP).
The Start-up Visa Program
The Start-up Visa Program is meant for foreign entrepreneurs who want to set up their own company in Canada. When applying for this program, it’s key to demonstrate that the business will make a significant contribution to the economy of Canada. The key factor in this program is that your business must have an innovative idea.
To apply for the Start-up Visa Program, you must have a letter of support from a designated business incubator, venture capital fund, or angel investors. The designated supporting organizations must endorse your application. This means they will assess your business idea and confirm it’s innovative and will make a significant contribution to the economy.
Depending on the stream, each designated organization will have its own detailed requirements. The most general requirements are that you have a good business plan, have the financial ability to immigrate and settle in Canada, and will be an active investor of your company.
The Self-employed Persons Program
In the SEPP program, applicants must be able to show sufficient funds so they can support themselves and their family members in Canada. Applicants must also show that they intend to settle in the country and become self-sufficient.
The Self-employed Persons Program is currently aimed at only two categories of applicants: professional sportsmen and artists. To immigrate to Canada as a professional sportsman (e.g., hockey player, soccer player, etc.) you must have the necessary athletics ability and skills to work in Canada. You must also receive a letter of support from your Canadian employer or agent if you’re an independent contractor.
As an artist, you’ll need to prove that you’ve been awarded or nominated for a significant achievement in the field of art. You must also have proofs that you can support yourself and your family members as self-employed.
Provincial Business Programs
There are other business immigration programs at the provincial level. If you have a business idea, it’s best to check with your province if they have an entrepreneur program that may meet your requirements.
All provincial business programs have their requirements for net worth, minimal investments and the number of created jobs. Under all programs, the foreign entrepreneur may obtain a work permit to operate the business while the application is being processed. Once all business requirements are met, the provincial government can issue a certificate of nomination. With the nomination of the province, entrepreneurs can apply for permanent residence in Canada.
Contact MyOwn Visas to get professional advise about business immigration to Canada
Business immigration programs to Canada are complicated and involve several organizations and factors that must be taken into consideration when applying. MyOwnVisas can help with a free assessment of your eligibility for one of the business immigration programs.