As part of a government policy geared at attracting foreign investment to Canada and strengthening the economy, there are several immigration programs for high-net-worth individuals and entrepreneurs. Their goal is to offer tax advantages and other benefits to affluent individuals, so they move to Canada or do business in Canada. In addition to financial contributions, the government seeks to attract international talent, expertise, and innovative approaches.
Québec uses the proceeds from these investments to benefit all of its regions and finance two programs to assist businesses – the Employment Integration Program for Immigrants and Visible Minorities (PRIME) and the Business Assistance—Immigrant Investor Program (BAIIP).
What are the Advantages of Investing in Canada?
Canada has a highly developed and mixed economy. In exchange for their contribution to the local economy, business immigration to Canada provides endless opportunities for foreign investors and businessmen. The benefits include:
- Ranking highly in terms of civil liberties, living standards, and economic prosperity
- Access to high-quality healthcare and education
- Respect and tolerance for cultures, religions, and ethnicities
- Low rates of crime
- Access to affordable housing and high standards of living
- An open and dynamic economy that provides a wide array of possibilities
- A pluralistic society characterized by freedom, democracy, and equality
- Low operating costs and tax incentives for businesses
- Visa-on-arrival and e-visa travel to more than 160 countries
- Dual nationality
Along with investing the required amount, business immigration to Canada applicant must comply with the following requirements:
- Applicant must be 18 years or above
- Should not have felony convictions or violations of immigration laws
- A good moral character
- The intention of settling in Quebec
- Legal sources of investment capital
- Ability to speak French and English for entrepreneurs and self-employed individuals
- Entrepreneurial education and work experience
- Entrepreneurs must develop a solid business plan
- Self-sufficiency in terms of financial resources
Permanent Residency Requirements
The application process for Canadian permanent residence occurs in two phases: regional and federal.
One can apply for immigration to Canada through one of the Quebec immigration programs if they wish to settle in Canada. Upon selection by the Quebec authorities and receiving their Quebec Selection Certificate, individuals are required to apply to the Government of Canada for permanent residency. Once your application is approved, you will obtain both your Canadian business visa as well as a permanent resident visa.
Requirements for Canadian Citizenship
To apply for Canadian citizenship, you must have been a permanent resident of the country for five years and have spent a minimum of 1,095 days in Canada. As a result, you will need to spend three years between the periods of five years before applying for citizenship. In addition, Canadians can hold dual citizenship. For this reason, one does not have to renounce one’s current nationality.
Routes for Investment
Initially, there was a Federal Immigrant Investor/ Entrepreneur Program, but it was recently discontinued. However, there are other regional business immigration lawyer London programs, such as the Quebec Entrepreneur, Quebec Investor, and Quebec Self-Employed Worker programs.
Quebec Entrepreneur Program
The program is divided into two parts:
- Making a business proposal to acquire or establish a business in Quebec.
- The acquisition of a Quebec-based business.
The business must fall under one of the following categories: agricultural, manufacturing, or commercial. Upon signing the contract, an initial deposit and a security deposit must be made with a Québec-based financial institution. The institution must be one you have entered into a deposit agreement. This deposit must be applied to the establishment of your business. If the business is located outside the Montréal Metropolitan Community (MMC), a start-up deposit of CAD 200,000 is required, but if it is situated within the Montréal Metropolitan Community deposit of CAD 300,000 is needed.
- You will need to demonstrate that you will either manage the venture yourself or participate full-time in the operation and management of the business. Agricultural entrepreneurs are not required to work full-time.
- You must own at least 25% of the capital equity valued at under $100,000 alone or with your accompanying spouse or common-law spouse.
- You cannot purchase a business that has been acquired by another entrepreneur five years before submitting your application.
Quebec Investor Program
In this program, a contract for the investment of C$1,200,000 over five years must be signed with an approved financial intermediary. There is a limit to the number of contracts that can sign. Quebec’s government guarantees that investment and brokers and trust companies provide applicants with financing options.
- Minimum two years of experience developing, managing, and controlling human, financial, and physical resources gained within the last five years. You must have this experience if you wish to apply for a Canadian business visa.
- The applicant must possess at least C$2,000,000 of net assets either acquired or owned by themselves or with an accompanying de-facto spouse at least six months before applying.
The advantage of this program is that you will get back your initial investment within five years.
Quebec Self-Employed Worker Program
Due to this program, candidates are increasingly encouraged to relocate outside metropolitan areas where they will provide state approve low-skill jobs.
- You must live and work in Quebec immigration to create your occupation. The process can be completed alone, in conjunction with other applicants, and with or without assistance. The Regulations of Quebec require that a person’s profession or trade be registered with a regulatory body.
- An initial deposit must be made at a financial institution within the region where you plan to operate. C$25,000 if the applicant lives outside of the Montreal Metropolitan Community (MMC) and C$50,000 if the applicant lives within the MMC.
- Financial independence with an asset base of C$100,000. This can achieve alone or with your spouse if they stay with you.
- Sources of assets that are legal and legitimate.
- At least two years of experience as a self-employed professional engaged in the occupation you seek employment in Quebec.
- Education and credentials that are relevant to the field.