Canadian immigration, Canada via the Business Immigration Program

Canadians from all walks of life and backgrounds dream of owning their own businesses and being self-employed. Being an immigrant to the country should not stop you from sharing the same dream and vision for the future; entrepreneurs and small business owners are highly valued in Canada.

Being self-employed is not a walk in the park, as there is more risk involved that when standard employment. Knowing the pitfalls will help you properly assess if self-employment is for you.

Bear in mind that there is a waiting list for business immigrants hoping to move to Canada and it may take years for your application to be processed.

Can I be a business migrant to Canada?

This is where business visas come in to play. Canada encourages entrepreneurs and will gladly consider your visa application. You must first demonstrate that you have the funds ready to start your business and provide for yourself and your family while the business is in its early stages, and are expected to make a CAD $300,000 to $400,000 investment to own or manage a business in Canada.

Investors, entrepreneurs and self-employed people all may qualify to enter Canada via the Business Immigration Program.

What is required of investors?

To qualify as an investor applicant, you must show proof of at least two years’ business experience, have a minimum, legally obtained net worth of CAD $800,000, and make a $400,000 investment. The investment fee is managed by Citizenship and Immigration Canada and guaranteed to be used to create jobs and economic growth in the Canadian provinces.

Your $400,000 investment will be returned to you after approximately five years and two months, without interest. Additionally, you must possess enough money to support yourself and all dependants upon arrival in Canada, meet all medical and security requirements.

There are two application streams. If you have been selected by Québec or have been lawfully admitted to Canada or the United States for a period of at least one year, you will need to apply through the regular application process. All other applicants should be able to apply through the simplified application process.

What is required of entrepreneurs?

Experienced business owners and managers may be candidates for the Entrepreneur Program. To qualify, you must show proof of at least two years’ business experience, have a minimum, legally obtained net worth of CAD $300,000, and respect Canada’s conditions for entrepreneurs. Additionally, you must meet the selection criteria for entrepreneurs and pass all medical and security requirements.

There are two application streams. If you have been selected by Québec or have been lawfully admitted to Canada or the United States for a period of at least one year, you will need to apply through the regular application process. All other applicants should apply through the simplified application process.

What is required of self-employed people?

To qualify as a self-employed business migrant, you must show relevant experience that will make a significant contribution to the cultural or athletic life in Canada or experience in farm management, with the intention and ability to purchase and manage a farm in Canada. Additionally, you must meet the selection criteria for self-employed migrants and pass all medical and security requirements.

There are two application streams. If you have been selected by Québec or have been lawfully admitted to Canada or the United States for a period of at least one year, you will need to apply through the regular application process. All other applicants should apply through the simplified application process.

The key to becoming self-employed or being a business owner is research. Researching your market and the actual profitability is important. There is no need to spend money on a business start-up if there are no customers. Location is key. Human Resources and Skills Development Canada (HRSDC) produces a list of businesses expected to be in demand in the future.

Québec Immigrant Investor Program

Under the Canada-Québec Accord, the province of Québec operates its own business immigrant program. All investors in the program must be selected by Québec and must plan to settle in Québec. Visit the website of the Québec ministry that handles immigration for more information about investing and living in Québec.

Consider obtaining a specialist business immigration lawyer to help your transition and application process. Always check the credentials and get an estimate of fees in writing.

Canada embraces the self-employed and entrepreneurial business owner. It can be a great place to take hold of your future and control of your financial outlook. With a little hard work and a lot of research you can ensure that self-employment or being a business owner is the right choice for you.