The Business Class is divided into two broad categories:
- (a) Investors Class and
- (b) Entrepreneur Class
You should also be aware that various Provincial Nominee Programs (PNPs) – such as the Saskatchewan business program – are also being used to attract business people to Canada.
- (a) Federal Investor Program
Under the Federal Investor Program you must have owned or managed and controlled a "qualifying business" for at least two years in the last 5 years. You must also have a minimum net worth of $1.6 million and must make an economic contribution of $800,000.00 for a period of five years.
At the end of the five-year period, the contributed amount will be returned to you without interest.
The net worth of an Investor applicant can be made up of liquid funds and business or personal property owned by the Investor. Of significant importance is the ability to demonstrate that your assets have been obtained legally. Inheritance is accepted.
Some banks and financial institutions are prepared to finance the lending of $800,000.00 to the Canadian government provided that the Investor is ready to pay approximately $240,000.00 to the bank. This amount varies according to fluctuations in Canadian rates of interest.
Unlike the Entrepreneur program, the visas issued under the Investor Class are unconditional and you are under no obligation to start a business in Canada, although you may do so if you so wish.
- (b) Federal Entrepreneur Program
Under this program, you must be able to show a net worth of $300,000.00 as well as management experience.
The visas issued under this category are conditional and the Entrepreneur must satisfy these conditions within three years after their landing in Canada. Upon satisfying the entrepreneur conditions, the entrepreneur must make a further application to CIC in order to lift / remove the conditions from their visas. The removal of conditions must take place within 3 years from becoming landed immigrant.
Business Class applications are amongst the most complicated, in terms of regulatory requirements, and are rather paper intensive, procedurally speaking. We therefore encourage you to obtain professional legal advice from an experienced counsel.
To obtain further information or to take advantage of our free half hour initial consultation, please contact our office at (416) 365-9473.