Friday, 18 March 2016

Start and Run a Start Up under the Canadian Entrepreneur Immigration Program

The Canadian Entrepreneur Immigration program offers individuals an opportunity to immigrate to Canada through business immigration. Canada is offering new start-up visa that is aiming at linking entrepreneurs with the private sector organizations that are working with start-ups.

However, while there are other immigration business programs, this one targets entrepreneurs. The key objective is to provide individuals who have some business experience as entrepreneurs to own and run a business in Canada, which aim at creating employment for Canadian residents. This is expected to contribute positively towards the Canadian economy. 

While it is seeking to boost the country’s economy, it stands to benefit the entrepreneurs, as their immediate families tend to gain citizenship in Canada as permanent resident. This program will settle you in any province in the country except Quebec.

While this program stands to benefit many, it comes with terms and conditions that must be met. Not just every individual in an entrepreneurial business can apply and receive citizenship.  

What do you require to apply for the program?
The following are requirements that qualify you for the program.
  • You must demonstrate your business experience showing that you have been able to successfully manage and run a business.
  • Already acquired a minimum of $300,000 CDN net worth (legally acquired).
  • You must create full time employment to at least one Canadian citizen.
  • Meet the selection factors points including education, work experience, age, as well as proficiency in the country’s official languages.

What is the process for application?
Applying for the Canadian entrepreneur immigration program is not a complicated process but it is recommended that you follow each step as required systematically. Before you can apply, you should secure a commitment from a venture capital fund or a Canadian angel investor group who will invest into your business concept. To complete the application:
  • Secure a commitment
  • Apply for a Start-up Visa
  • Apply for Citizenship and Immigration indicating your intention to immigrate through the program.
  • You will also have to indicate and prove your ability to communicate in English and/or French. In addition, you must have one-year study at a post-secondary institution.
  • Provide results for your medical exam and a police certificate

How long does the Entrepreneur Visa process take?
The time it will take to complete your process will differ depending on how long the verification process will take place.

How much does it cost?
There are different variable that will determine the cost such as number of family members that will be travelling in addition to the processing fee. In addition, you will have to demonstrate your ability to financially sustain yourself as you establish your business.

What do you stand to benefit from the program?
  • There are no conditions attached to how successful your business can be
  • You have the support of a strong economic growth in Canada. It is ranked one of the best countries in the G-20 to do business with.
  • Its tax rates are among some of the most competitive in the G-7 countries according to KPMG.

  • It is limiting, as it does not just accept every entrepreneur. You must meet the required selection points in the selection factors.