Tag:

canadian investment visa

CANADA BREAKING ALL RECORDS IN PROCESSING VISA APPLICATIONS!!

by Harleen Kaur December 21, 2022

Sean Fraser, Canada’s immigration minister addressed the progress Canada has made this year in reducing the backlogs of applications that were there in the inventories of IRCC caused by travel restrictions and office closures due to COVID-19 pandemic.

Immigration, Refugees and Citizenship Canada (IRCC) has implemented diverse measures to improve the system of immigration in Canada to ensure that it helps sustain the country’s economic system and the communities. Canada has offered more efficient processing services, such as the reduction of wait times and upgrading services to ensure better functioning.

December 21, 2022 0 comment

Canada Immigration

Strategic Business Plan for Canada Business Immigration

by Harleen Kaur December 8, 2022

written by Harleen Kaur

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.

December 8, 2022 3 comments

Entrepreneur

Federal or Provincial Incorporation

by Harleen Kaur December 6, 2022

written by Harleen Kaur

Once you’ve decided to incorporate your business in Canada, and are now considering about whether you should incorporate provincially or federally. Being an entrepreneur, it is crucial to choose the jurisdiction where your business will be operating when incorporated in Canada. You most likely have a lot of questions, and a common one we hear is how to choose between federal vs. provincial incorporation.

In this Blog we will discuss what factors impact your decision whether you should incorporate your business federally or provincially.

What does it mean to incorporate your Business in Canada?

By incorporating a business, you legally separate the business from its owners (aka you). Your business’s income is your income, so it is subject to tax at your personal income rate. It makes perfect sense that if your company earns a lot of profits, your personal income tax bracket will also rise. Incorporating your business will allow you to separate your income from the business and thus allow you to draw a salary.

Advantages of Incorporating a Business:

Defined Liabilities: Sole proprietors have unlimited liability and are always at risk. Incorporating a business limits your liability. It is important to ensure that your credit and personal assets are sound. An Incorporated Business is a separate legal entity from its owners. Therefore, a creditor cannot claim your personal property to repay any debt without a personal guarantee.
Lower Tax Rates: Incorporating a business provides tax benefits. Corporations in Canada are subject to a lower tax rate than individuals. This can help your business grow more quickly. Being a director, you can withdraw a salary from your company, which will then be taxed as your personal income. It may be advantageous to accept a lower salary and leave the money in the company. This will allow you to pay a lower income tax. Your business’s incorporations can give instant credibility and attracts potential investors, suppliers, customers and lenders.
Raising Capital: Expanding a business is expensive. You will likely need credit or loans at some point. Or you can seek out investors or grants. Solo proprietors may have difficulty raising capital because lenders might not be willing to lend to an unincorporated company neither Investors will be willing to invest in businesses that cannot sell shares.

The next step in incorporating your business is to decide whether you want to do so federally or provincially.

December 6, 2022 1 comment

ICT

Taxation for Entrepreneurs (Intra-Company Transfer) Canada

by Harleen Kaur December 6, 2022

written by Harleen Kaur

This blog focuses on taxation imposed on foreign workers or non-residents of Canada who are willing to establish or buy a business in Canada or migrated through Intra-Company Transfer program. Both Federal and Provincial government will levy taxes in Canada including variety of other taxes.

You may not be familiar with Canadian tax laws if you are new to the Canadian business world. This article will provide a basic overview of taxes in Canada for small-business owners or an intra-company transferee.

December 6, 2022 1 comment

Canada

Canada Visa Rejected ? There is Still a Second Chance for You

by Harleen Kaur December 2, 2022

written by Harleen Kaur

Getting a refusal from IRCC for Canadian visa can be disappointing, It seems that your dreams has been shattered, But wait there are Some measures you can take after a refusal. These steps vary from type of Visa you have applied for.
Canadian Embassy provides a letter with reasons as to why your application has been rejected!
Although most of the reasons are generic except some exceptions !!

Lets Discuss what can be done after refusal from Canadian Authorities !!

December 2, 2022 1 comment

Ontario Saw The Biggest Gain In Immigration,2022

Ontario attracts the most Immigrants in 2022! Know why?

by Harleen Kaur November 29, 2022

written by Harleen Kaur

This year Canada picked up many immigrants in each province & territories in September. However the central Canada, especially Ontario province has shown the highest jump in inviting the most immigrants in 2022. According to Statistics Canada reports, Ontario welcomed 227,235 new immigrants, the highest in comparison to other provinces. There’s an almost 32.8% rise in immigration.

Source: Number of immigrants arriving in Canada in 2022, by province or territory of residence

As per IRCC data, Ontario’s immigration population was reduced to 50% in the year 2020, still stands in first in position inviting most immigrants every year.

November 29, 2022 1 comment

ICT

Expanding your existing business to Canada

by Harleen Kaur November 16, 2022

written by Harleen Kaur

Canada is often a destination of choice of entrepreneurs who are looking to expand their business in Canada. Due to its geographical location and easy access to the North American market, it makes it more attractive to the business owners.

If you’re planning to relocate your business to Canada, our team at Lebiz will assist you moving your business to Canada. Below are the steps to consider while moving your business to Canada.

November 16, 2022 0 comment

Buy business

Tricks of the trade: A complete guide to buy a franchise in Canada.

by Harleen Kaur November 12, 2022

written by Harleen Kaur

Buying a Franchise in Canada can be both attractive and risky option at the same time. For a foreign entrepreneur or business owners it seems an interesting pathway to immigrate to Canada and get a permanent residency (PR) status. Starting a whole new venture can be difficult and risky for a business immigrant due to lack of experience in the new market. Although, investing your funds in buying a franchise allows you to build on a brand that is already well-known and profit making business in the track records that gives you ultimate success in Canada.

In this blog let’s learn more about how to buy a profitable franchise and what are the pros and cons of buying a franchise. We will also be sharing some tips for choosing a right franchise option.

November 12, 2022 0 comment

Doctors & Nurses are demanded in Canada – 2023

by Harleen Kaur November 11, 2022

written by Harleen Kaur

Recent reports showed Canada is facing shortage of labour in healthcare sector due to extensive demand and less number of health care workers. With time it is now becoming a subject of public concern.

Recent data showed that there are 958,800 Job vacancies in Canada having 152,000 specifically in field of healthcare as of August 2022. This led some hospitals to close their emergencies room temporarily due to shortage of staff.

November 11, 2022 0 comment

FAQs

FAQ: BCPNP Entrepreneur Immigration Stream

by Harleen Kaur November 7, 2022

written by Harleen Kaur

Q1- Is living in BC mandatory while I wait for nomination?

Ans1- Yes. In order to be eligible to be considered for BC PNP nomination, you need to prove that you’ve lived within 50km from the company you run in BC. Additionally, you need to be able to prove that you have actively participated in day-today administration of your business and that you were actually present in BC. While being on work permit you should be available in BC for at-least 75% of the total times span.

Q2- what is considered as my net worth?

Ans2- Net worth includes all your financial assets, properties, company minus any liabilities or obligations or debts. It includes your spouse assets as well as your dependent children. For this program, you must have at least a net worth of CAD 600,000. You can provide following documents to evaluate your net worth:

funds and assets that are stored in bank accounts (e.g. savings and personal accounts)
Fixed (term) savings (redeemable/cashable in 12 month time)
Property ownership (e.g. real estate, personal or commercial property ownership)
Investments in stocks, bonds and mutual funds.
investment that are part of one or several business (current worth of share ownership in the business(es) not including shares in investment portfolios which are included in the these liquid assets above)
Pensions
Other assets include jewelry, collectables, and so on.

Q3- Do I need to provide the supporting documents for my wealth for net worth evaluation?

Ans3- Yes. Your net worth should be legally verified .You need to obtain the verification of net worth from a BC PNP-approved accounting firm. Failure to submit a satisfactory proof to verify your net worth and the source of your funds could result in the denial to your application.

Q4- After the final submission of my application on BC PNP, can I change my business model?

Ans4- No, you cannot change or modify your business concept after your registration on the BC PNP portal. You must keep your intend clear and defined before you file for your application.

Q5- Do I need to invest in an enterprise before I can submit my application to BC PNP Entrepreneur?

Ans5- No. If you plan to buy an established business it is necessary to mention the exact target business in your application and create an overall business plan for the business. Check that the current owner of the company has been in charge and is operating that business for at minimum 5 years.

Q6- Can I get cash from a lender/bank to invest in my company under BC PNP?

Ans6- It is a requirement of the BC PNP that you make the minimum personal investment with your own personal funds. You must provide documents that prove the source of the investment, and also show that this investment along with any future personal investment made within your business was made directly from personal savings. However, you can make use of financing provided by an associate or financial institution to invest above the minimum requirements.

Q7- Does buying a business before receiving an ITA increases my chance of approval under BC PNP?

Ans7- BC PNP strongly discourages applicants from taking any financial or investment commitment prior to signing a contract of performance with BC PNP and obtaining a valid work permit from the IRCC. Any investment that is made prior to obtaining approval and an approved work permit is entirely at risk.

Q8- can I have a partner in my business for this program?

Ans8- Yes. BC PNP allows immigrant entrepreneurs to be partners in their business idea. The general rule is that, in order to be eligible for the program, you have to show that you will be the owner of at minimum one-third (33.3%) of the company in BC. If your partner is not a Canadian permanent resident or citizen and plans to join you to join this program In this case, they must meet the conditions for the program, which includes the minimal requirements for investment.

Q9- I do not have a post-secondary education. Can I still apply for this program?

Ans9- If you don’t have an official post-secondary qualification (such as diploma, degree or certificate issued by a recognized post-secondary institution) You must prove that you’ve been an active business owner/manager and have full ownership of the company for at least 3 years over the past five years. The total ownership of the business could be divided among your spouse, you or your dependent children.

Q10- What should I do if I am not invited to apply for the BC PNP?

Ans10- Being a registered applicant who is qualified in the pool doesn’t mean that you’ll be accepted to apply. You may employ a variety of strategies to boost your score. You can do this by generating an innovative business idea and conducting further research on the business climate in BC or by enhancing your flexibility and then making a new application. You may also file an application under an entirely different category, but you have to cancel the current registration before taking the next step.

November 7, 2022 0 comment