Entrepreneur Visa program allows candidates to get a permanent residency status in Canada by making a considerable amount of investment. It gives entrepreneurs and business owners the opportunity to settle in Canada and expand their business operations.
Entrepreneur Visa is a temporary to permanent immigration pathway. Canadian government prioritizes this program and encourages seasoned/budding entrepreneurs because it generates employment thus contributing to Canadian economy.
The country is the hotspot of opportunities for business because of stable government and policies at the federal level and other benefits. Canada provides benefits to the foreign nationals in ensuring that there are no pitfalls or roadblocks in setting up a new venture. This minimizes the chance of failure for investors and enables them to tap into the existing customer base.
WHO SHOULD APPLY FOR INVESTOR VISA?
- Having a net worth of capital and funds a minimum of CAD 300000 and maximum of CAD 800000.
- Have a capability to invest a minimum of CAD 1, 00,000 and a maximum of CAD 10, 00,000 in a Canadian business.
- Must atleast attain a score of CLB 5 in every section of English proficiency test.
- Have a strategic Business plan including business skill, market trend, Industry analysis, products, staffing plan, financial forecast, incorporation of Canadian company and job creation for local citizens.
- Must have an experience of 2-5 years in business management and ownership.
- Must demonstrate their active involvement in the day-to-day operations of their business.
There are 2 main categories under Canada Entrepreneur Program:
- Canada’s Federal Investor Programs
- Canada’s Provincial Investor Programs
CANADA FEDERAL INVESTOR PROGRAMS
This program has been TERMINATED by the Canadian government!
Before termination, the qualified investors having an experience of 2 years in business management and a net worth of CAD 16,00,000 were eligible to obtain permanent residency(PR) status in Canada by making insured investment of five-years of CAD 800,000 of their own funds through a government authorized agent .
On June 19, 2014, the program was officially terminated and undecided applications were cancelled.
CANADA PROVINCIAL INVESTOR PROGRAMS
Canadian Provinces offers various immigration programs that allow investors to invest and move permanently to different parts of Canada.
- ALBERTA: Alberta Advantage Immigration Program (AAIP) is one of the most admired program in western Canada due to its expanding economy. There are 3 streams for foreign workers who are looking to work or live in Canada and 4 streams for entrepreneurs who are intending to invest or start a business in Alberta. To know more about particular stream requirement and processing time, you can visit the official Alberta website.
- BRITISH COLUMBIA: Like Ontario, British Columbia is also the most prominent province of Canada contributing to the Canadian economy. It gives immigrant the pathway to settle through different Provincial Nomination Programs (PNP).
There are 3 main Streams under BC PNP:
- Entrepreneurship Program Base Category- is designed for experienced entrepreneurs with the intention of establishing new ventures or acquires and expands existing businesses to B.C. Guide available on B.C. PNP Website
- Investment – CAD 200,000
- Net Worth – CAD 600,000
- Entrepreneurship Program Regional Pilot – Requires functioning with regional communities, this program aims to attract entrepreneurs to work in close contact with the regional communities to start or establish new ventures that are aligned with Economic development prioritizing the community. Visit Website to get better understanding
- Investment – CAD 100,000 in B.C regional areas
- Net Worth – CAD 300,00
- Strategic Projects – Foreign Organization intending to set up their affiliate firm or branch office in B.C that calculatedly coordinates with their business crux. To know more about the eligibility criteria and processing time you can check the official website of B.C. PNP .
- MANITOBA: In 1998, Manitoba was the first Canadian province to launch Provincial Nomination Program (PNP). This played a critical role in boosting Manitoba’s economic growth. As an entrepreneur, for Manitoba PNP one should be eligible to invest minimum of :
- CAD 250,000 if a business is situated in the Capital region of Manitoba and
- CAD 150,000 if the business is situated outside the capital region.
Foreign investors having a minimum net worth of CAD 500,000 can take advantage through this program to settle in Canada. It also has other eligibility barrier which can be checked on Manitoba immigration official website.
- NEW BRUNSWICK: New Brunswick Business Immigration Streamallows business operators or investors to establish, operate or settle a business operation in New Brunswick and contribute in the province economy and generate employment. It also gives the applicant a easy pathway to obtain PR by getting nominated in NB PNP . To get better understanding and deep insights visit the website to know more.
- Investment: CAD 75,000
- Net Worth: CAD 300,000
- NEWFOUNDLAND-LABRADOR: It’s situated in the Atlantic region of Canada. NLNP invites foreign business operators with experience in finance and management to settle existing or new operations in Newfoundland.
- Investment: CAD 200,000
- Net Worth: CAD 600,00
- NOVA SCOTIA: The Nova Scotia Entrepreneur stream is one the most liked PNP category in Canada. It is for those entrepreneurs or business owners who are dedicated to invest their funds in Nova Scotia by intending to either Buy an existing business or setting up a new venture there and are planning to reside in Nova Scotia.
The applicant who is willing to apply for this category must have:
- net worth of atleast CAD600,000 and
- Is able to invest his own money nearly about CAD 150,000 to start a new business in Nova Scotia.
After one year of operating the business, the candidate is eligible to be nominated for permanent resident status. Learn more about it here.
- ONTARIO: Ontario is the highest populated province in Canada and Toronto being the financial Capital makes it more attractive to newcomer investors or business owners. OINP (Ontario Immigrant Nominee Program) is one of the prominent PNP programs to settle in Canada.
This Entrepreneur Stream has certain financial requirement:
Within Greater Toronto Area
- Investment – CAD 600,000
- Net Worth – CAD 800,000
Outside Greater Toronto Area
- Investment- CAD 200,000
- Net Worth – CAD 400,000
- PRINCE EDWARD ISLAND: Although being the smallest province of Canada, PEI PNP offer 3 streams under which an individual can apply for entrepreneur program. Living standards are comfortable and affordable, with housing cost being among the lowest in Canada making it more doable for foreign nationals.
- it requires the applicant to have a minimum personal net worth of
- Applicant must agree to open an escrow account which is the government account where all your funds are kept and make a deposit of CAD 200,000, which is refundable once the candidate meets the certain criteria.
- SASKATCHEWAN: This prairie has its own Saskatchewan Immigrant Nominee Program, Popularly known as SINP for entrepreneurs and farm owners/operators. This stream tends to target business operators who want to live and do business in Saskatchewan.Basic financial requirement includes:
- Investment: CAD 300,000 for Regina or Saskatoon and CAD 200,00 for going business in other communities.
- Net Worth: Cad 500,000
- QUEBEC: Quebec is the largest province by area and second largest by population in Canada. It is the only monolingual francophone province in Canada meaning French is the primary spoken language in this province.
Quebec province does not have any PNP programs. Although it has a similar investor program for foreign nationals who are looking to invest in Quebec and settle there.
There are 3 different pathways to do business in Quebec and one of them is immigrating as an investor which required you to invest CAD 1, 200,000. But on
Nov 1, 2019 this program was TEMPORARILY SUSPENDED and will remain suspended till Apr 1, 2023.