When it comes to business immigration in Canada, there are many options. Here are 7 questions that will help you better understand which option is best suited for you, and why.
The 7 questions to help select a Canadian business Immigration program:
1. Is fast PR processing time a top priority?
If you must obtain your PR as quickly as possible, the Start-Up Visa is the quickest way to achieve it. This program is known for its quick IRCC processing times which is one of the main reasons for its success among entrepreneurial-minded immigrants. With the Start-Up Visa, the average processing time is 12 to 16 months, as opposed to other business immigration programs go as long as 28 to 36 months.
This considerably shorter PR approval process allows individuals and their families to live and work in Canada much sooner and allows them to obtain PR directly. Unlike conventional programs, Start-Up Visa applicants need not obtain a temporary work permit prior to applying for PR.
2. What kind of business are you planning to operate?
If you have a Start-up business idea that is innovative, we recommend the Start-Up Visa Program. This program is designed to help innovative entrepreneurs establish their business in Canada as quickly as possible. The Federal Government geared this program towards non-traditional business owners, individuals who have an ingenious idea that can be leveraged into a full-fledged company capable of competing on a global level in a highly ambitious field.
If you plan to purchase an existing business or run a new company which is outside the scope of an innovative start-up, then Provincial Nominee programs (PNPs) would be more suitable. PNPs are best for individuals interested in owning or running a conventional business or for those who want to take a more passive role in its day-to-day operations.
3. Do you need business support to launch your business?
Starting a business in a foreign country can be daunting. Fortunately, there is help for individuals who qualify for the SUV program. Multiple types of support are readily available, most importantly funding and administrative assistance via Venture Capitalists, Angel Investors, and Business Incubators. The Federal Government requires SUV applicants to work with these agencies in order to facilitate the growth of their business and provide them with the tools and resources they need to succeed quickly.
4. Do you want to apply for the Express Entry program?
Many businesspeople would like to immigrate to Canada through the Express Entry Program. However, a great number of them do not qualify due to a low CRS score which tends to be a major obstacle. Consequently, applying for the Intra-Company Transferees (ICT) or the Labour Market Impact Assessment (LMIA) could be an appropriate next step to increase this score.
These 2 programs can provide individuals the opportunity to work in Canada. The CRS score could rise by up to 250 points after only 1 year. This is a terrific way to live and work in Canada quickly while getting closer to obtaining PR via the Express Entry system.
For their part, business immigration candidates qualifying for Start-Up Visa are strongly encouraged to apply for this Program, as they need not worry about a CRS score or applying for a work permit before obtaining PR. The Federal Government makes exceptions for SUV applicants in this regard.
5. Where do you want to live in Canada?
Suppose you want the freedom to live wherever you want in Canada. In that case, you should apply for one of the federal business immigration programs, which are the Start-Up Visa, ICT, and LMIA. Provincial Nominee programs are specific to each province based on demand and thus prevent individuals from living anywhere they choose.
PNP applicants are typically bound to live and work in the province in which they are applying, which is a hindrance for business immigrants who want more living options for their business and families.
6. Do you have supporting documents to prove that you have at least CAN $300,000?
All Provincial Nominee Programs require proof of minimum assets. This is to ensure that you have sufficient funds to purchase or start a business in Canada. For federal programs such as the Start-Up Visa, ICT, and LMIA, there are no minimum assets required. However, you do need to invest a significant amount to show your dedication to your business’ growth. Fortunately, SUV candidates can obtain this funding via a local venture capitalist, angel investor, or business incubator.
7. Do you have business management experience?
All business immigration programs require you to prove that you have at least 2 to 3 years of managerial business experience. The only one without this requirement is the Start-Up Visa Program. SUV is ideal for individuals who have an innovative idea and the passion to turn it into a profitable business, but who may lack the formal experience required by Canada’s conventional business immigration programs.