Canada’s Business Immigration Class aims to attract individuals with capital and business experience. Within the Business Class are 3 categories:
- Self-Employed individuals
Each of the above categories has particular requirements that must be satisfied both before and after individuals qualify for the Class.
How Does the Business Immigration Class work?
The Business Immigration Program works through a point system. Successful applicants must achieve a minimum score by adding their points together. Some of the specific criteria looked at are as follows:
- Business experience for the 5 years prior to the individuals application
- Ability to speak the language(s)
This category aims to attract individuals who are experienced businessmen/businesswomen, and have the ability to both own and manage a business in Canada. This business will go on to contribute to the economy and create jobs for individuals.
Entrepreneurs must have a minimum net worth of $300,000 CAD to qualify. This amount must have been obtained legally — which includes gifts, inheritances, etc. Canada will also look into the individuals experience of activities, and factors revolving around his/her business in their home country.
Once in Canada, the individuals under this category must control and actively manage a Qualifying Canadian Business within a specified time frame. This business must also employ at least one Canadian (either a citizen or a permanent resident).
The investor category requires individuals to have a net worth of $800,000 CDN, and to have directed or controlled a Qualifying Business. The investor must invest $400,000 CDN, which will be used to advance and generate business within Canadian boarders. The amount is returned to the investor, without interest, after 5 years.
Careful note should be taken for individuals who wish to reside in Quebec, as Quebec has its own set of requirements under the Quebec Immigrant Investor Program.
Self Employed Category
The Self Employed Persons Program aims to attract applicants who wish and are able to become self employed within Canada. In order to qualify, Self Employed Persons must have either:
- relevant experience and the intention as well as the ability to make a significant contribution to the cultural or athletic life of Canada; or
- experience in farm management and the intention as well as the ability to purchase and manage a farm in Canada.
Reference to “relevant experience” is important. “Relevant experience” is:
- participation in cultural activities or athletics at a world-class level;
- self-employment in cultural activities or athletics; or
- farm management experience
Upon assessment, individuals must satisfy a minimum number of points, which are attributed according to:
- Language; and
The above information is not a substitute for legal advice. There certainly are other necessary steps individuals must take in order to satisfy the above categories. Contact our lawyers to discuss your particular situation, and what options are best for you.