February 16, 2021
If you are invited to apply for Canadian permanent residence through Canada’s Express Entry system, you will need to prove that you have enough funds to settle in Canada.
Proof of funds is required for two out of three immigration programs managed by the Express Entry system. Candidates who apply through the Canadian Experience Class (CEC) are exempt from demonstrating proof of funds as they already have Canadian work experience and are more likely to be able to support themselves through gainful employment.
Express Entry Proof of Funds Exemption
As a business person, you may be able to gain work experience in Canada before applying for permanent residence. Having Canadian work experience may make you eligible to apply through the CEC stream, without showing proof of funds.
In order to be eligible for the CEC stream, you must have at least one year of full-time work experience in Canada. By gaining an employment in Canada you demonstrate to the Canadian government that you are capable of maintaining employment and supporting yourself in the country.
Advantages for business people applying through CEC
As a business person, you are at an advantage when applying for permanent residence through the CEC stream.
Most foreign nationals are forced to undergo the lengthy job-hunting process, hoping to secure an offer of employment from the Canadian company. As a business person planning to establish your own enterprise, you can effectively create your own job without the need to compete with other foreign nationals applying for a position with a Canadian employer.
By starting your own business, you will also avoid having to obtain a Labour Market Impact Assessment (LMIA) to determine whether this position could be filled by a Canadian citizen or permanent resident. Under normal circumstances, Canadian employers would have to obtain an LMIA before they could hire you. This process requires the government to assess the Canadian labour market, determining whether this position could be filled by a Canadian citizen or permanent resident.
Canadian business immigration programs to qualify for CEC
Although there are many business immigration programs in Canada, there are two specific programs that we recommend for starting a business in Canada to obtain work experience and apply for the Express Entry through the CEC:
Both of these business immigration programs will grant you a Canadian work permit and enable you and your family to move to Canada to open your own business.
Canada’s Express Entry system is highly competitive. Candidates are ranked against one another based on their CRS score, and only the top tier are invited to apply for Canadian permanent residency. One way to boost your CRS score, and your chances of receiving an invitation to apply for Canadian permanent residence is by gaining valuable Canadian work experience by establishing your own business, which can help to set you apart from other foreign nationals, adding up to 250 points to your score.
With the minimum cut-off scores for Express Entry typically vary between 440 and 480, that additional 250 points would position you at the top of the Express Entry pool, dramatically increasing your odds of receiving an invitation to apply for Canadian permanent residence.
