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Strategic Business Plan for Canada Business Immigration

by Harleen Kaur
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Canada Business Plan

Your business plan is an important part of your journey to Canada via Business visa. Your chances of getting approved for immigration are considerably increased if you have a well-written business plan. The federal and provincial government of Canada has launched multiple business programs in order to uplift and create new opportunities in Canada and eventually support the economic growth.

In Canada, there are several programs that require you to submit a well explained business plan:

Any entrepreneur, investor or managers need to submit a business plan if they are willing to purchase or start a business in any of the province of Canada.

There is another program called Intra-Company-transfer (ICT) that needs you to submit a business plan. It allows foreign business owners or skilled workers to open an affiliate firm in Canada.

Start-up visa program also require you to submit a business plan as well.

IMPORTANCE OF BUSINESS PLAN:

Business plan for immigration are essential to business immigration applications. Your primary goal is to convince Canadian immigration officers that your investment in a Canadian company or business idea has high chances of success. Your business plan should explain how your venture will create jobs in Canada and help the economy. It must also consider the economic and financial environment of chosen sector in Canada and a financial forecast report of the same.

A business plan is a very critical document in your business immigration journey. Any misleading or incorrect information provided in the business plan can get u a refusal from IRCC. Thus initiating the process to restart, this can lead to loss of time, money, and opportunities.

A business plan is designed to show that you have plans and concrete actions to make your business venture a success. This is important because it proves that you have the ability to manage any investment or new business. Your future projections should be included in the plan.

BUSINESS IMMIGRATION PROGRAMS REQUIRING BUSINESS PLAN:

  • INTRA-COMPANY TRANSFER (ICT) VISA: The ICT program allows foreign-owned companies to expand their operations to Canada and to transfer their employees (executive management, managerial, or employees with knowledge) into Canada. The visa grants the applicant a temporary work permit. After one year, permanent residence is possible through multiple routes. An open work permit or study permit may be available to the spouse and children of the applicant.

A business plan is a crucial document in this program. It should describe every detailed information of your business proposal in Canada.

  • START-UP VISA (SUV): Start-up visa (SUV) is the most prominent business visa for Canada. It is facilitated by foreign entrepreneurs with unique business ideas and who are sponsored by venture capitalist, angle investors or business incubators. Entrepreneurs having innovative businesses as well as established start-ups might benefit from this program to obtain permanent residency (PR) in Canada. 

Summarized Business plan is the most important document in this program. It is usually provided to the potential designated investors to support that business in Canada.

  • C11 ENTREPRENEUR VISA: C11 Entrepreneur visa is for special skilled foreign applicants to set up a Canadian company or invest in one. They also get a permit to work as an independent contractor to manage the company. After one year of operation, this visa holder is usually eligible for permanent residence.

Yes, Business plan is crucial and mandatory part of the application process.

  • OWNER-OPERATOR: With this program, the applicant land on a work permit basis in Canada.it requires you to buy a new or an existing business or invest in an existing business (must hold 51% shares to qualify).  The owner must show that they are either a sole proprietor or that they hold at least 51% of the shares of the company. In April 2021, Canadian government abolished this program.

Yes, Business plan is crucial and mandatory part of the application process.

  • PROVINCIAL NOMINATION PROGRAMS: Various provinces requires  business plan under business immigration of Canada. These programs are often tailored to particular industries and used to encourage economic development in a specific Canadian province.

Yes, Business plan is crucial and mandatory part of the application process.

WHAT DOES A SUCCESSFUL BUSINESS PLAN INCLUDE?

The business plan is the most important component of your business immigration application. It must be thoroughly researched and written. Your application could be affected if there is not enough detail. You should also be aware that Canadian immigration programs have differing requirements for business plans. Understanding your specific situation is crucial.

  • Executive summary of Business
  • Business strategy
  • Detail description of services/products
  • Targeted customer base
  • Industry Analysis
  • Competitor’s analysis
  • Staffing plan for at-least 3 years
  • Profit/loss forecast
  • Funding requirements for Canadian company
  • Expenses forecast
  • Financial forecast(sales/profits/loss/balance sheet)
  • Long term vision

To be successful, the business should involve your active engagement. It should not be a passive investment.

HERE ARE THREE THINGS THAT YOU NEED TO KNOW IN ORDER TO BUILD A CANADIAN IMMIGRATION BUSINESS PLAN.

  • Use Simple and clear Language for authorities to understand

Your audience if you are writing a Canadian immigration plan will be either an immigration officer or an investor who is interested in immigration-focused investments. Your audience will want to assess your business’ viability and, perhaps, more importantly, whether it meets the requirements for the visa you are applying for. Avoid business jargon. Make sure that your business model, no matter how complicated in practice, is easy to understand.

  • Consider the requirements of Visa

You must prove that your Canadian immigration business plan meets the requirements for the specific path you are seeking.

For example, Intra-Company Transfer program you need to prove your company’s turnover is good and it is sufficiently enough to support it expansion in Canada. Also, you can only be considered eligible under ICT Visa if you’re owner director, sole proprietor or senior manager executive in that firm.

  • Highlighting specific sections in Business Plan based on Visa applications

Because every business plan is different, there are no two business plans alike. Focus on details of your business plan. This includes how you’ll prepare it, what details you’ll concentrate on, which sections you’ll cover extensively, and which sections you’ll go in depth.

Let’s take, for example, the Start-Up Visa program. The Canadian Start-up Visa program requires applicants to have a unique, innovative, scalable and global idea which is never be pitched by any other applicant.

BUSINESS CONSULTANT FOR CANADA

Lebiz Canada can help you find the right business visa plan for your organization. Our experts will make sure that your business visa paperwork is completed on time and effectively. We will also guide you the best suited business visa program for you.

‘Can I write my own business plan’ a commonly asked question by clients.  Immigration business plans are a special type of business plan that has many requirements. Applicants will need to seek specialist advice. Lebiz has in-house lawyers who can help you navigate your immigration journey. We also have dedicated writers who specialize in immigration business plans. For more personalized, detailed advice, speak with our business experts to discuss your options for business immigration and the associated business plans.

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