Canada indeed welcomes successful business people who are in search of new opportunities and challenges. In a bid to encourage such persons, the Business Immigration Program was designed to facilitate the admission of these individuals and grant them permanent residence.
Luckily for these set of persons, both the federal and provincial/territorial governments welcome business immigrants and offer services to help immigrants start a business and settle in Canada. To be eligible under this class, you must have received a letter of support from a designated entity, meet the language requirements and have sufficient settlement funds.
A start-up business for this purpose must be a new business intended to be operated in Canada which meets the criteria of a qualifying business. The new start-up business must have received a commitment from one of three groups:
- A designated angel investor group confirming that it is investing at least $75,000 in a qualifying business;
- A designated venture capital fund confirming that it is investing at least $200,000 in a qualifying business; or
- A designated business incubator confirming that it is accepting the applicant into its business incubator program.
An investment means “buying shares or other forms of equity in the applicant’s business”. Convertible debt or convertible debenture is not permitted.
An angel investor group/venture capital fund/business incubator must be designated by the Minister and eligible to issue commitments under the Start-up Business program.
In order to qualify for the Start-up Business Class, a business should be incorporated and carrying on business in Canada at the time the commitment is made.
Selection criteria, requirements and other information for applicants can sometimes change. Applications are processed according to the rules and regulations in effect at the time of the application. You are advised to consult a legal professional to guide you through this pathway.
Law Office of David Ibeawuchi is a Toronto based law firm with a trained immigration attorney, excited to take you through the immigration documentation process to ensure it is as seamless as possible. Get it right this time!
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Note: The content only provides a general guide to the subject matter. Legal advice should be sought for better guidance, relative to your circumstance.
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