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 Business Immigration Program: The Business Immigration Program seeks to attract experienced business people to Canada who will support the development of a strong and prosperous Canadian economy. Various provisions of Immigration Regulations are set to facilitate the uninterrupted development of the Canadian economy through encouraging investment by foreign individuals who also want to relocate to Canada on a temporary or permanent basis. The Business Immigration Program includes three classes of foreign nationals: Investors: The investor class applicant must have a net worth of at least $1.6 million. They are required to make an investment of $800,000, paid to the Receiver General of Canada. The investment is subsequently allocated to participating provinces and territories in Canada. These governments use the funds for job creation and economic development. The full amount of the investment (without interest) is repaid to the investor after five years. The exact date of repayment depends on when the $800,000 is received by Citizenship and Immigration Canada. At the latest, the amount would be returned five years and 3 months after the date of payment. The return of the investment is fully guaranteed by participating provinces and territories. Features of the Investor Program • Investors are not required to start a business in Canada; • Investments are fully guaranteed by provinces and territories that participate in the program; • The provinces and territories control the investment during the five year lock-in period; and • No immigration conditions are imposed upon admission to Canada. Entrepreneurs: This program provides permanent residence to those applicants who demonstrate an ability to become economically established in Canada on the basis of their business experience and significant personal net worth. Entrepreneurs must have business experience. They must have managed a qualifying business and controlled a percentage of equity of a qualifying business for at least two years in the period beginning five years before the date of application. The entrepreneur class applicant must have a net worth of at least $300,000. Additionally, they must have the intention and the ability to: 1. Control a percentage of equity of a qualifying Canadian business equal to or greater than 33 1/3%; 2. Provide active and ongoing management of the qualifying Canadian business; and 3. Create at least one incremental full-time job equivalent for one or more Canadian citizens or permanent residents other than the entrepreneur applicant and their family members. Features of the Entrepreneur Program • A minimum net worth requirement of $300,000; • A requirement that within three years of becoming a permanent resident, the entrepreneur must control at least 33% of the equity of a qualifying Canadian business. Furthermore, the applicant must provide active and ongoing management of the qualifying Canadian business that will create at least one incremental full-time job for a Canadian citizen or permanent resident. Self-employed persons: The Self-Employed Persons Program seeks to attract applicants who have the intention and ability to become self-employed in Canada. Self-employed persons are required to have either: • Relevant experience that will make a significant contribution to the cultural or athletic life of Canada or • Experience in farm management and the intention and ability to purchase and manage a farm in Canada. Points are awarded for relevant experience within the five-year period immediately preceding the date of application. Features of the Self-employed persons Program • No immigration conditions are imposed on this class. • Self-employed immigrants must have the experience, intention and ability to: * Establish a business that will, at a minimum, create an employment opportunity for themselves and that will make a significant contribution to cultural activities or athletics in Canada; or * Purchase and manage a farm in Canada. |
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