Business Immigration
Unique business immigration programmes in Canada allow international business owners to obtain permanent residence. The Canadian corporate immigration programmes are comparable to golden visas and citizenship by investment schemes, but they demand active investment before you can eventually obtain citizenship in return for investment. By making investments in Canadian companies, business owners, entrepreneurs, and investors can get citizenship through business immigration.
About Business Immigration
In the Canadian context, business immigration is an area of immigration law that caters to foreign business owners, investors, entrepreneurs, start-ups, and high-net-worth individuals. By expanding foreign business to Canada, investing in an existing one, or starting a new one, foreign individuals and their families can receive permanent residency in Canada.
To become Canadian citizens, foreign entrepreneurs and investors must first obtain Permanent Resident status in Canada. Only permanent residents of Canada can become citizens after they have physically spent 3 years in Canada.
Depending on your personal and financial goals, the initial investment required to buy or start a business in Canada can often range from $100,000 to $350,000 CAD. For instance, a company that makes net profits of $100,000 for the owner each year would cost about $500,000 to start (net revenue x 5).
You can apply for a work permit as a business immigrant after starting or buying a business in Canada. Depending on your past and immigration objectives, a variety of work permits are available. These are a few of them:
You must run your firm for a certain amount after arriving in Canada as a foreign worker before becoming a permanent resident. The duration of the operation depends on the kind of business you have (i.e., whether it is new or existing) and the type of work permit you have.
Remember that your company does not have to make a certain amount of money or be successful. The Federal Court defined viability as “having adequate revenue to cover the operational costs and pay employee wages”; yet, your firm must be viable.
In general, your business must be active before you can apply for permanent residence, which means that:
- Your business sells goods or services to actual and existing customers in Canada or globally.
- You have all licenses and permits necessary to operate in Canada.
- Your business has a physical location within Canada, and,
- Canadian employees are working for your company.
- You are making progress toward the execution of your business plan.
- You are currently performing (or intend to perform) executive or senior managerial duties in your business (you should not act as an owner-operator of your business, but instead manage your company through managers)
Once your Canadian business is active, you can apply for permanent residency as your business manager. You have to meet additional criteria to become eligible for permanent residence, which often includes the following:
- A score of at least CLB 7 for your language skills
- Having post-secondary education
- Having no criminal record or ongoing severe medical issues
FAQ for Business Immigration
The New Brunswick Provincial Nominee Program (NBPNP) is a program that allows New Brunswick to nominate immigrants to fill the economic and labour market needs of the province.
Yes, New Brunswick has an immigration stream aligned with the federal Express Entry immigration selection system, also referred to as an enhanced Express Entry stream. This stream is called New Brunswick Express Entry Stream. By receiving an enhanced provincial nomination from this stream, candidates receive an extra 600 Comprehensive Ranking System (CRS) points, resulting in an Invitation To Apply (ITA) for permanent residence being issued at a subsequent draw from the Express Entry pool.
Applying to the NBPNP is a two-step process. Candidates interested in living and working permanently in New Brunswick should first review the different NBPNP streams to determine if they are eligible.
Step 1: Once a complete application is submitted along with all supporting documentation, the processing time for eligible applications can be up to three months or more.
Step 2: Apply to Immigration, Refugees and Citizenship Canada (IRCC) for a permanent resident visa.
Within six months of receiving the nominee certificate, applicants are required to apply to IRCC in order to receive a permanent resident visa. Applicants, along with their spouse/common-law partner and dependents, if applicable, must meet all requirements for medical, security and criminal admissibility. IRCC has the final authority to issue a permanent resident visa.
As part of any PNP application, applicants are required to submit a Settlement Plan indicating why they wish to live in the province and how they intend to settle. Applicants are also required to sign an ‘intention to reside’ document with their application. That being said, the Canadian Charter of Rights and Freedoms ensures that all Canadian citizens and permanent residents are allowed to work and reside in any location across Canada. Once an individual obtains Canadian permanent residence, he or she has the right to work and reside in any Canadian province or territory.