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Get Canadian Permanent Residence As a Business Owner
Canada opens it's doors to immigrants from all walks of life and ages, including those above 40, 50 and 60, albeit with certain specific requirements and stipulation.
If you're over 40 years of age and want to move to Canada with your family,
think about business immigration. It's a great way for business people to move to Canada and eventually become citizens. This plan is special because it helps you and your family settle in Canada permanently, not just for a short time.
Canada is a good place for business because it has a strong economy, it's safe, and it has good schools and hospitals. It's also a friendly place for business owners. You can start a business, create jobs, and help Canada's economy grow. Plus, Canada likes new ideas and technology, which is great for business.
What is Canadian Business Immigration?
Canadian business immigration refers to the set of immigration programs and pathways that allow individuals with entrepreneurial skills, business experience, and financial resources to move to Canada for the purpose of starting, acquiring, or managing a business. The Canadian government encourages the entry of foreign entrepreneurs to contribute to the country's economic growth, create jobs, and enhance its business landscape.
There are various programs under Canadian business immigration designed to cater to different types of businesspeople, including investors, entrepreneurs, and self-employed individuals. These programs often have specific requirements and criteria that applicants must meet to qualify.
Move to Canada with your Business and Family!
Canada invites Nigerian business people like you who are looking for a great life. Create your own business in Canada, get your Canadian Business Visa, become a permanent resident [PR] and then a Citizen.
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Why Should You Work with Loft Immigration?
At Loft, we prioritize your well-being, your family's, and your success in Canada. Our ultimate goal is to help you accomplish your dreams because we believe that Canada would greatly benefit from your presence. We aim to make the immigration process as easy and stress-free as possible for you by streamlining the process and eliminating any unnecessary hassle. Our success rates speak for themselves, and we are committed to delivering top-notch immigration services.
We are here to support you every step of the way, taking care of all the intricacies and complexities of the business immigration process, allowing you to solely focus on running your business and achieving success in Canada. Our team constantly invests in our knowledge of business and entrepreneurship so that we can offer valuable insights, suggest ideas, and help you realize your full potential.
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What does the process of getting PR through Business Immigration In Canada Look Like?
There are four steps that will lead you to gaining permanent residence in Canada if you choose to immigrate through the business programs.
The steps include:
Step 1 - Invest in Buying or Setting up a Business in Canada
Foreign investors can invest in Businesses in Canada if they;
start a business,
buy an operational business,
buy shares in an active business,
buy a franchise.
Typically, the amount you'll need to invest to set up or buy a business in Canada ranges from CAD $100,000 to $350,000. However, the actual amount may vary based on your individual financial and personal objectives. For instance, if your goal is to purchase a business that generates $100,000 in net profits annually, you may need to invest around $500,000
Step 2 - Apply for a Work Permit
Foreign investors can then apply for one of several work permits available, including
LMIA-based Column work permits: Despite the fact that advertising requirements are now mandatory for Owner-Operator LMIAs, business owners can still apply and obtain LMIA under the regular stream to work in Canada as managers of their businesses.
Intra-company transferees: This is for entrepreneurs who already have businesses in their home countries and have set up a new venture in Canada.
Investors under free-trade agreements:This program is geared towards individuals from a small number of countries that are eligible for this program. Countries include Mexico, Chile, Colombia, the USA, the EU, South Korea, Panama, Peru, Vietnam, Australia, New Zealand, Japan, and Singapore.
Entrepreneur work permits: For foreign nationals who aim to operate a business that will bring substantial economic, social, or cultural benefits to Canada, the C11 program could be a viable option.
Start-up visa work permits: For entrepreneurs wishing to establish innovative or highly scalable businesses in Canada.
PNP Canada programs: While the process may appear complex for certain foreign investors, it still provides a feasible option for obtaining work permits.
Step 3 - Come to Canada to Operate Your Business
After the work permit is approved, then foreign investors must operate their business for a specific period, which depends on the type of business and work permit issued.
The duration of your operation in Canada will vary based on the type of business you have and the work permit you hold. It is worth noting that your business does not necessarily need to meet specific revenue or profitability benchmarks. However, it must be considered viable, which means that it generates enough revenue to cover operational expenses and pay employee wages, as defined by the Federal Court. Although it may be complex for some foreign investors, this option still provides a viable pathway to obtain a work permit.
Step 4 - Apply for Permanent Residence in Canada
After meeting the specific requirements outlined by your immigration program, foreign investors can now make progress to applying for Permanent residency. The business must be active before applying for PR and might have to meet specific criteria such as actively selling goods or services, having necessary licenses and permits, etc.
Additional eligibility criteria include language skills, post-secondary education, and no criminal record or serious ongoing medical issues.
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FREQUENTLY ASKED QUESTIONS
We've got A's for your Q's
Can I purchase Canadian citizenship?
No, Canada does not have any immigration programs that allow individuals to buy citizenship or offer citizenship by investment. However, foreign investors can become Canadian citizens through investment. To do so, they must first invest in a business in Canada (either by buying or creating their own), obtain permanent resident status, and live in Canada for at least three years as a permanent resident. Therefore, if individuals wish to obtain Canadian citizenship, they should first focus on becoming permanent residents.
What is the minimum investment required for permanent residency in Canada?
There is no minimum investment amount required to apply for permanent residency in Canada. The investment amount varies depending on the type of business the individual intends to establish in Canada. For instance, starting a consulting business may require less than $100,000 in initial operational costs, while starting a restaurant could require over $350,000. Thus, the investment amount depends on the business plan and market entry strategy. Typically, our clients allocate around CAD $250,000 to invest and have access to an additional $100,000 to cover operational costs in the first year.
How long does it take to obtain an investor visa in Canada?
It usually takes around two to four months to obtain a work permit as an investor/entrepreneur in Canada and another one to two years to obtain permanent residency. However, these timeframes are estimates based on experience and can vary depending on geographical location, application type, business performance, and document availability.
What is Startup Visa Canada?
Startup Visa Canada is an immigration program that enables founders of start-ups worldwide to obtain permanent residency (and subsequently citizenship) in Canada by moving their companies or projects to Canada. This program targets highly scalable and innovative companies that have the potential to compete on a global scale. If individuals have an innovative idea or tech company in their home country, this program can be an excellent option for them and their team to relocate to Canada. They will need to secure funding from a designated organization and obtain a letter of support for their project.
Can I start a business in Canada without permanent residency?
Individuals do not have to be Canadian permanent residents or citizens to register their company in Canada. However, they are not allowed to work in their business without a valid work permit. Therefore, they need to rely on Canadians to operate their business until they secure authorization to work in Canada.
Is obtaining an investor visa in Canada easy?
Obtaining an investor visa in Canada is not easy. These applications are complex and require professional help with the immigration aspect of the application and the business case presentation for the planned investment. However, when done correctly, business immigration applications usually have a 90%+ approval rate. They could be a viable pathway for immigrant entrepreneurs to relocate to Canada through investment.
What type of business should I invest in for Canadian immigration?
We recommend investing in a business that individuals understand, have experience in, and can commit to long-term. We do not support individuals who intend to purchase a business solely for immigration purposes. We encourage our clients to invest in a business "for profit" and use their time and energy doing business rather than worrying about immigration. Immigration becomes easy when business is thriving.
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LOFT IMMIGRATION SERVICES INC.
515 Consumers Road, North York, ON M2J 4Z2, Canada
