August 31, 2020
Many options are available for people thinking of immigrating to Canada, more than 75 to be precise. These various programs are designed to meet the diverse needs of the country’s growing immigrant population, each differing in scope and requirements for applicants.
Business immigration tends to be the most obvious and viable choice for business owners and entrepreneurs, as these programs are specifically geared towards helping such individuals start and run their companies in Canada.
The Canadian Federal Government understands the economic value these qualified foreign professionals offer, which is why business immigration programs exist specifically for them.
But what is business immigration to Canada? In order to answer this question, let’s look at what it entails.
1. It is for business people, entrepreneurs, and investors looking to start a business in Canada
Business immigration programs differ from conventional ones in that they are designed for people who already have an established business, or are interested in starting a new one in Canada.
Entrepreneurial minded professionals and investors who have an economically viable business idea are strongly encouraged and welcomed to apply through a business immigration program. The government considers these individuals major assets, as their businesses create jobs and strengthen the country’s local economies.
Each business immigration program has its specific requirements, so it comes down to select the most suitable one for you and your family. For instance, those who have an innovative business idea and want to quickly obtain PR the Canada Start-up Visa Program is one they must consider. Those looking to apply for the express entry but require a higher score should think about applying for the LMIA or ICT business immigration program.
2. It aims to grow the Canadian economy by attracting those who have skills and experience
By providing incentives for business immigration candidates, the government helps attract the types of individuals it desires to stimulate economic growth. A lack of skilled domestic professionals in key industries is one of Canada’s major reasons for launching business immigration initiatives. For example, back in 2013, the Start-up Visa was a pilot business immigration program for entrepreneurs and innovative investors who could start a new business in Canada. Fortunately, this program became permanent in 2017.
3. It’s for those who have money to invest into their business in Canada
These programs are not for everyone, as a majority of them require applicants to have a minimum amount of personal assets and investment funds that they intend to use towards launching their business idea or expanding their current business in Canada.
Our clients who immigrate through a business immigration program have no less than CAN$300,000 in total assets and invest between CAN$175,000 and CAN$600,000. The government’s goal with these programs is to attract individuals who are serious about starting a viable business in Canada, and who have the assets needed to develop it.
4. It’s meant to get you into Canada sooner rather than later
Unlike traditional immigration programs in Canada, those falling under the business immigration category usually allow for expedited entry. The benefits that qualified professionals bring to Canada means that the government wants to make the path to citizenship as quick and easy as possible. This is excellent news for entrepreneurs who want fast ICCRC processing times in order to obtain their PR faster.
Currently, the federal Start-up Visa Program is the fastest business immigration program to obtain PR (12 to 16 months) and allows business owners and their families to live in Canada without a temporary work permit.
