An increasing number of countries offer attractive options for long-term residence to business people worldwide. Despite this, Canada does not have a government policy on business immigration; Canada is a great place for entrepreneurs to establish a business, but the process of obtaining permanent residency for you and your family requires careful planning.
Examining Canada’s Options for Corporate Immigration
Canada’s corporate immigration is now dominated by the Federal Start-Up Visa (SUV) program. IRCC-approved Angel Investors, Venture Capitalists, and Business Incubators are required to secure money for their ventures (DOs).
As part of the drive to jump-start the economy, new businesses with “creative” concepts are being sought.
For the time being, those who participate in cultural and sporting activities can be classed as self-employed (SE). Permanent residence applications are available for both the SUV and SE categories.
As of this, around 6700 applications are outstanding for the SUV program. Each year an influx of 1200 applications is expected for the Start-Up Visa program. Processing times for SUVs might take years if current trends continue. It typically takes 2-3 years for self-employed applications to be handled.
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Provincial Nominee Programs
Provincial Nominee Programs can be found in not all but a few of Canada’s territories and provinces. Investment and net worth, physical presence in Canada, day-to-day administration of the firm, and minimum job creation for Canadian citizens and permanent residents are often specified as financial benchmarks for businesses.
All applicants must sign a contract pledging their support for their business strategy and investment proposal in order to be considered for most programs. Entrepreneurs come to Canada for a short time, but they may decide to stay permanently if they succeed in their ventures.
In certain cases, prospective residents are required to pay a substantial upfront payment before submitting an application for residency. If the company is not established in accordance with the contract, the deposit is void.
Intra-Company Transferee (ICT)
The Intra-Company Transferee (ICT) work visa may be an excellent choice for entrepreneurs with established firms outside of Canada who want to establish a presence in Canada. Executives, managers, and specialized knowledge workers might be transferred under the ICT category (SKUs).
An individual must have worked for the foreign entity, associate, or subordinate corporate entity for at least one full year during the preceding three years in order to be eligible. The company must maintain activities outside of Canada while also establishing a physical presence in the country.
Executives and Managers can keep their work permits for up to seven years, while SKWs can keep them for up to five. This is a great way to get a foothold in Canada and eventually get a work visa for ICT so you can stay permanently.
Because of their potential contribution to the Canadian economy, Service Canada believes that a company owner deserves a work permit. An LMIA acquired 600 CRS points on January 1, 2015, which nearly guarantees a successful application for permanent residence under Express Entry.
CRS points for LMIA work permit holders dropped from 600 to 200 or 50 in November 2016, according to a November 2016 report. O/O work visas were a popular option for business people who could not meet the Express Entry requirements for permanent immigration.
Although Service Canada removed several of the O/O advantages on April 1, 2021, new start-up businesses will no longer be eligible to apply.
They will be required to advertise on part with all LMIA applicants. O/O-based work permits are no longer relevant, and entrepreneurs are best served by applying through the ICT process instead.
Canada has many FTAs that require investors and professionals to get work permits. Comparable clauses can be found in the following agreements: Foreign Trade Agreements (FTAs) with countries such as
- Korea and Colombia,
- Chile and Peru,
- CETA (EU-UK) and
- CUKTA (EU-Canada) (UK post-Brexit).
Traders, experts, and investors must all agree on the terms of a trade agreement before it can be signed. This is a terrific way to work or invest in Canada for those who meet the eligibility requirements. Working in Canada as a professional or business person might lead to permanent residence.
Immigrants with substantial financial means may be eligible for a temporary work visa if they purchase an existing business in Canada or start a new one. An appropriate immigration scheme may allow candidates to become permanent residents when a certain amount of time has passed.
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Contact total.law Canadian lawyers to consult about your best business immigration options.