How to Immigrate to Canada as a Business Owner

If you have been wondering how to Immigrate to Canada as a business owner, then here is the proper guidance you need. Most businesses thrive in a capitalist system like that of Canada because it is based on private ownership as well as capitalism. It is widely known that in this present age, for an economy to boast of innovations and growth, capitalism must come into play.

Therefore, since Canada’s economy grows through the investments of private companies, it is a choice destination for foreign business owners, who wish to immigrate. In this article, we will explore the Canadian economy and the step-by-step way of immigrating to Canada as a business owner.         

Canada’s Economy

Every business owner must be knowledgeable of the economy their company will be established because this will have a great impact on their growth. Although Canada operates a mixed market economy, it is a capitalist country. This type of system encourages private businesses and investors in the economy, to enjoy business freedom and innumerable growth opportunities. This system which is also tagged free market is one of the top choices for business owners because they can conveniently make free choices that will be beneficial to the growth of their businesses. It is no surprise that capitalist countries like the USA, Singapore, the United Kingdom, and Canada attract lots of business owners.

Business owners are drawn to Canada because of the innumerable opportunities it presents for foreigners who desire to take their business to a stable economy abroad, and at the same time give them and their loved ones the chance of a better life. This is simply immigrating through entrepreneurship. So, this opportunity is available for experienced business owners as well as aspiring entrepreneurs. Operating your business in Canada gives you the benefits of reduced corporate tax rates, low cost of energy, a stable economy, a developed infrastructural system, and various government incentives among others.

Step-by-step on how to Immigrate to Canada as a Business Owner

Immigrating to Canada as a business owner is one of the relocation pathways under the name, Business Immigration Program – Start-up Business Class (IMM 5759). This program was established to cater to successful foreign business owners by both the federal and provincial/territorial Canadian governments. It was established to help immigrants establish a business and settle in Canada.

If the business owners are up to 5 entrepreneurial teams, all of them can apply for the Start-up Visa Program stating they are owners of a single business. However, when the designated organization reviews the submitted proposal, they will decide the individual who is essential or non-essential to the business. The fate of the other co-owners depends on the essential person because, without this person, the designated organization would withhold their investment. Also, if the application of the essential person is refused by the Canadian government, the other applicants are automatically refused.

Requirements for application under the Start-up Business Class

Immigrating to Canada as a business owner depends on qualifying for these four requirements. You must pass all and submit it with your application or your application will be rejected. The requirements are:

Requirement 1: The first step to be fulfilled is to have a qualifying business. This means for the business you want to operate in Canada, the applicants, which may be up to 5 people if it is joint ownership, must individually hold 10% or more voting rights shares, or together, the owners must hold 50% of the total voting rights. Also, if in the end, your application is successful, it is expected that the business is actively managed by you within Canada, and the business must have a major operational center in the country after being incorporated.

Requirement 2: The next step is for you to get a commitment from a Designated Entity. Designated entities or organizations refers to those that have been approved to invest in Start-up businesses through the Start-up Visa Program. This is a very crucial step in your application because if you do not get a commitment from any Designated Entity, then there is no way forward. The Designated Entities are divided into three, namely;

• Angel investor groups: Expected to invest at least $75,000. This fund can be invested by two or more Angel investor groups. Some of them are Canadian International Angel Investors, Ekagrata Inc., Golden Triangle Angel Network, Keiretsu Forum Canada, and Oak Mason Investments Inc. among others.
• Venture capital funds: Expected to invest at least $200,000. Some of them are 7 Gate Ventures, Alt Ventures, Apex Innovative Investments Ventures, Arete Pacific Tech Ventures (VCC) Corp, BCF Ventures, BDC Venture Capital, Celtic House Venture Partners, Extreme Venture Partners LLP, and First Fund among others.
• Business incubators: This designated entity is not one for securing financial investment, instead it is a Canadian program that accepts qualifying businesses. Therefore, you must be accepted into one of these programs: Alacrity Foundation, Alberta Agriculture and Forestry, Alberta IoT Association, Altitude Accelerator, Bhive, Biomedical Commercialization Canada Inc., and Brilliant Catalyst among others.

Kindly note, that the reason why the minimum investment of angel investor groups is lower than that of venture capital funds is because angel investors make use of their money to invest in companies that are just developing, while venture capital funds invest funds from investment capital.

Requirement 3: Next, you must prove that you are fluent in at least one of the two Canadian official languages- English and French. This is to ensure that you can communicate fluently in the Canadian labor market or business settings. To qualify, you must be proficient with at least a benchmark of level 5. The assessment will cover the language skill areas: listening, speaking, reading, and writing. The proof of the test must be presented with your application as with all the other requirements, and the test is valid for just two years at the time you submit your application. The test must be done at any of these approved agencies: IELTS, CELPIP, TEF, and TCF.

Requirement 4: Finally, we have the settlement funds. After meeting all other requirements, you must prove that you are financially capable of immigrating to Canada alone or with family, and other dependents you may have. The funds will support your costs of living without being employed or having other income. To prove that the funds are yours, they should be transferable and cannot be borrowed from someone else. Therefore, you must submit the required proof of settlement funds for you and your entire family size. This will be received as an official letter from the banks or financial institutions where your money is kept. No proof of funds, no application processing.

After ensuring all these requirements are met, proceed with the application process as detailed on the Canadian immigration website, and submit. Your application for the Business Immigration Program will be reviewed by Immigration, Refugees and Citizenship Canada (IRCC). Once it is confirmed that you meet all the requirements which includes having received support from s Designated Entity and confirming that you are not a fraudster, your application will be approved and you will be given the visa. However, before you can become a Canadian citizen, you must be a permanent resident who has lived in Canada for 3 years.

Conclusion

In conclusion, immigrating to Canada as a business owner is an advantageous move for every business owner, both in terms of entrepreneurship and living conditions. Therefore, carefully lay out your plan, research your business industry to know the specific requirements that must be fulfilled, meet every migration criteria, and watch your dream of becoming a Canadian business owner become a reality. Remember, establishing a business is not a walk through the park, so be prepared for every challenge that may come your way, uphold a strong work ethic, pay your taxes, and obey the rules at all times. Good luck on your journey!