Numerous foreign business people prefer to immigrate to Canada over other countries in North America. With almost 39 million inhabitants, the nation offers company owners a talented labor force, a gateway to the US and Mexican marketplaces, an affordable cost of living, a friendly corporate atmosphere, advanced infrastructure, and a transportation system. All this makes Canada a favorable nation for immigrants.
In order to set up a business in Canada, work there, or for any other purpose, you must nevertheless be aware of the programs that will permit you to migrate to the nation. For international corporate owners who want to set up an enterprise in Canada, there are a number of immigration initiatives available. These initiatives aim to entice creative and skilled people who can boost the country’s economy and provide employment for Canadian individuals. The start-up visa program and owner-operator program are a few of the ways for foreign entrepreneurs to immigrate to Canada.
In this article, we are going to cover the ways for foreign entrepreneurs to immigrate to Canada. We will also discuss the requirements and documentation needed for such programs.
Why should foreign entrepreneurs immigrate to Canada?
Canada’s high level of life, appreciated multiculturalism and stunning natural surroundings have earned it a spot among the world’s top countries.
Here are a few explanations for why foreign businesspeople ought to immigrate to Canada:
High standard of living
Canada is one of the countries that has been rated as being on the top for its excellent standard of living due to its great social, medical services, and educational systems.
Canada is a cosmopolitan nation that cherishes diversity, which may foster an inviting and open corporate atmosphere. Because Canada is a multicultural nation that encourages immigrants from all over the globe, business owners have the opportunity to explore a wide range of concepts, cultures, and viewpoints. Businesses might discover that the people who work for them, including their clients, vendors, and workers represent a variety of ethnic and cultural backgrounds.
Canada is one of the nations that have the most prosperous economies worldwide and has always been in strong condition. The rate of unemployed people in Canada is only 6.5%, significantly lower than the 10.31% global average unemployed level that applies to all nations. Businesspeople have plenty of chances to start and grow their businesses in Canada because of the country’s supportive entrepreneurial atmosphere and a strong economy.
Access to international markets
Canada has easy connectivity to markets in North America, Europe, as well as Asia, making it the ideal place for firms looking to develop internationally. Canada’s advantageous geographic position, trade agreements, and Asia-Pacific Gateway facilitate corporates to conduct commercial operations in the nation.
Different ways for foreign entrepreneurs to immigrate to Canada
Here are some of the easiest ways for foreign entrepreneurs to immigrate to Canada:
Set up a business in Canada
One of the easiest ways for foreign entrepreneurs to immigrate to Canada is by setting up a business in the nation. Investors from all around the globe immigrate to Canada in order to launch a firm. With a booming economy, access to international markets, rising business sectors, and a developing employment market, Canada has emerged as a desirable location for immigrant business owners from other countries.
Another one of the simplest ways for foreign entrepreneurs to immigrate to Canada is through the several programs that are available in the country. The government of Canada welcomes international entrepreneurs and offers a number of initiatives that let them settle here and launch their own businesses. Startup visas, intra-company transfer programs, and other such initiatives assist international businesspeople in immigrating to Canada.
We’ll go through a few of the ways for foreign entrepreneurs to immigrate to Canada in the section that follows.
1. Intra-Company Transfer Program
The Intra company transfer program in Canada is one of the essential ways for foreign entrepreneurs to immigrate to Canada. The ICT immigration program, which is a component of the International Mobility Scheme, enables eligible international proprietors of businesses to move their operations to Canada and obtain a work permit. The goal of this program is to make it easier for important personnel with specialized expertise, abilities, and training to move across various subsidiaries of international organizations. The ICT scheme is a crucial initiative that promotes the expansion and international viability of Canadian companies.
Here are some of the basic ICT conditions for international businesses:
- The link between the foreign company, as well as the domestic company, needs to be either a parent, subsidiary, branch, or affiliate.
- The two businesses should be conducting trade. This indicates that they are consistently and regularly providing products and services.
At ODINT Consulting, our business professionals have more than 15 years of expertise and have assisted several clients with their immigration to Canada via the ICT program. Our business professionals will assist you throughout the process of obtaining a work permit under the Intra-company transfer program. Additionally, our professionals will help you with the application process for an open work permit for your spouse and children. Reach out to us and get started.
2. Start-up Visa Program
The Start-up Visa Program is another one of the ways for foreign entrepreneurs to immigrate to Canada. Company owners have the possibility to move to Canada through the start-up visa program for the purpose of launching a new company. Immigrant owners of enterprises have to show that their venture is unique, will generate fresh employment for Canadians, and is capable of competing worldwide. In order to meet the qualifying standards you must demonstrate that an approved organization is actually supporting your company.
To qualify for a Canadian start-up visa, you must meet the requirements listed below:
- You must possess an innovative, globally qualified enterprise that is capable of employing Canadians.
- It is necessary to possess a letter of support from a specific institution.
- The language criterion has to be satisfied. By passing a language examination from a recognized organization, you have to demonstrate that you satisfy the necessary standard of the Canadian Language Benchmark (CLB) 5 in either English or French.
- You must have an adequate amount of cash to relocate to Canada and maintain the enterprise. The Canadian government doesn’t offer monetary assistance for fresh immigrants on start-up visas. You must demonstrate in your application that you will be able to provide for yourself and any dependents following your arrival in Canada.
3. Quebec Entrepreneur Program
The Quebec Entrepreneur Programme is another one of the ways for foreign entrepreneurs to immigrate to Canada. This initiative is implemented for immigrant company owners who want to start a new company in Quebec or buy an established company and manage it there. Qualified candidates may immigrate to Quebec, where they may work on their commercial venture.
There are two main streams within the Quebec Entrepreneur Programme, and each has its own unique qualification criteria:
To be qualified for this, candidates should relocate to Quebec to start and sustain a firm with assistance from a company accelerator, incubator, as well as a university entrepreneurship unit. The company’s operations could be carried out individually or in collaboration with a maximum of three international individuals who are submitting applications to a similar immigration category.
- Business accelerator: An organization with a presence in Quebec that particularly assists proprietors of companies to acquire funding for their endeavors to build creative projects.
- University entrepreneurship unit: An enterprise that offers mentoring services to business owners and is run by an educational organization.
- Business incubator: A company with a presence in Quebec that provides assistance for company owners looking to launch inventive ventures.
To qualify for this stream, candidates must establish themselves in Quebec to start their own company, buy an established one, or both, and handle the company’s activities. Candidates who are chosen are needed to present 2 monetary deposits with their application. One is a $200,000 Canadian security payment that serves as a guarantee that the company will be established, which will be reimbursed if the company plan is properly implemented. The other is the initial deposit needed to launch the company.
Eligibility requirements that must be fulfilled for Stream 2 of the Quebec Entrepreneur Program are:
- Candidates are required to have legitimately acquired net assets totaling not less than CAD 900,000.
- The purchased firm should have been successfully in existence over the period of 5 years prior to the application.
- The candidate should possess and oversee a minimum of 25% of the company’s equity capital whenever they are starting a fresh firm. The candidate should hold or manage a minimum of 51% of the equity capital of the company that they are purchasing.
- A business strategy is required to be employed when presenting the application.
4. Significant Benefit Program
With the Significant Benefit Program (SBP), a component of the International Mobility Program, foreign businesspeople can temporarily relocate to Canada to launch or grow a company. As per this program, you have to start an enterprise in Canada and show how it will assist Canadian citizens and permanent residents economically, socially, or culturally. This can entail giving Canadians work, bringing new goods or innovations to the domestic market, or supporting local arts and culture.
The following paperwork must be presented in order to apply for this program:
- Documentation demonstrating international firms’ ownership and incorporation.
- An outline of the organization’s business strategy.
- Personal records of the candidate, such as a passport and bank records.
- A demonstration of the company’s success or the expertise’s originality.
If the entrepreneur’s request for this program is approved, the businessman and their relatives may enter Canada on a temporary work permit. Normally, the work permit is granted for a period of 2 years after which it can be extended. Candidates as well as their relatives are entitled to discounted medical services while their permits are still effective.
5. Owner-Operator Program
Another one of the crucial ways for foreign entrepreneurs to immigrate to Canada is with the help of the owner-operator program. The owner-operator initiative provides the possibility for international investors wishing to operate their firm in Canada on a work permit with a good probability of becoming permanent residents of Canada. This federal initiative is accessible across the entire country of Canada. For international investors who want to start a fresh company or buy one that already exists in Canada, the owner-operator plan offers a work visa.
The most important criterion is that the international entrepreneur has a company in Canada that they manage with a stake greater than 50%.
The following documents are needed for this program:
- An outline of the enterprise’s business strategy.
- Evidence that the Canadian business is legitimate.
- Evidence of adequate cash in the business bank account of the Canadian firm.
- Evidence of ownership of the firm in Canada.
- Candidate’s personal identification documentation.
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Many people want to relocate to Canada due to its welcoming business environment, easy access to the US and Mexican economy, skilled workers, etc. However, it is essential for you to understand the many programs offered in Canada before moving there. There are a variety of choices accessible to business owners, each with its own eligibility requirements and conditions, such as the Start-up Visa Programme, the Significant Benefit Programme, and the Inter Company Transfer Programme.
If you would like to immigrate to Canada or have any additional queries, you can contact our professionals at Odint Consulting. Your queries will be answered by our professionals.
The program and the region or province in which you wish to operate will determine the kind of company you can launch in Canada as an entrepreneur.
- One of the nations that have been ranked as having the highest standard of living is Canada.
- Since Canada is a multicultural country that welcomes immigrants from all over the world, company owners have the chance to learn about a variety of ideas, cultures, and perspectives.
- Canadians have many opportunities to launch and expand their businesses due to the nation’s encouraging entrepreneurial environment and robust economy.
- Canada’s favorable geographic location, trade agreements, and Asia-Pacific Gateway make it easier for businesses to operate activities there.
The Quebec Entrepreneur Programme is designed for immigrant business owners who desire to launch a new business in Quebec or purchase an existing business and run it there. Candidates who meet the requirements may immigrate to Quebec and work on their business projects there.
Certain programs in Canada such as Significant Benefit Program, the ICT program may allow you to take your family with you if you immigrate to Canada.
The linguistic requirements that must be met in order to be eligible for the Start-up Visa scheme are that you must prove that you meet the requirements of the Canadian Language Benchmark (CLB) 5 in either English or French by passing a language assessment given by an established organization.
Sandeepan has great experience in business consulting and management, Sandeepan provides insightful resources in Company Formation, Business Expansion, and related areas.