Applying for a Business visa is a major undertaking especially if you are thinking of relocating your business in Canada. One of the main processes to start the ball rolling is to be able to prove that the funds you have available are not the proceeds of crime. Any applications have to be made from the country of residence of the applicant.
People who are experienced in business matters or have sufficient funds for investment could qualify for a Business Visa. They are expected to contribute to the development of the Canadian economy either by investing in or starting a business in Canada. There are three different types of Business Visa Immigrant that can be applied for:
1. Investors – this program is aimed at people with at least two years recent business experience and sufficient capital. Investors must have a minimum net worth of CDN $800,000 and make an investment of CDN $400,000 that is used by either the Provinces or Territories to boost the local economy. The C$400,000 investment is administered by the Citizenship and Immigration Canada and is returned to the “investor” after around 5 years. No interest is paid as a zero interest promissory note will be issued to the applicant that is non transferable and has to be presented to the CIC for repayment of the C$400,000.
Though not mandatory, it is recommended that a “facilitator” (authorized by the CIC and are normally representatives from one of the national banks) is used to represent the investor with no costs incurred – CIC will pay the fees.
Once you have proof of funds you must earn at least 35 points from the CIC selection table. After this, you must pass a medical and then the standard security and immigration checks. Provided you satisfy all these requirements, you will then be informed by the CIC how to make the investment payment and once received, the permanent resident visa will be issued. Once awarded there are no extra conditions applied to your residency terms.
2. Entrepreneurs – this program is aimed at experienced people who can create jobs and contribute to the Canadian economy by owning and managing profit orientated businesses. Entrepreneurs must have a minimum of two years business experience and a minimum net worth of CDN$300,000.
As with the investor program you must score at least 35 points from the CIC selection table.
One major difference is that you will have to give a written brief of your intentions and how you will meet given conditions of the Canadian business environment. Then, once you are resident, you will then have 3 years to physically fulfill these requirements.
During the initial 18 months of your residency you will be expected to contact your local CIC office and give them firm evidence of the progress of your endeavours so far.
3. Self-employed persons – this program is aimed at people who can create their Own Employment, this may be by buying and running a farm in Canada for example. You must be able to show that you have a minimum of two years of relevant experience in the 5 years preceding the application. This relevant experience is limited to three distinct areas. They must contribute to the cultural or athletic life of Canada (check the NOC classifications), be a world class athlete or have farm management experience.
There are several different aspects to this, the third class of visa, from the other two. There are no further conditions once you have landed as a resident and you do not have to demonstrate any net worth requirements other than the standard settling funds required for your family.
The Application Fee is non-refundable and is payable at the time of application. This applies to the principle applicant, any accompanying spouse or common-law partner and dependent children.
The second fee payable is the Right of Permanent Residence Fee, this fee is refundable if you cancel your application, Citizenship and Immigration Canada do not issue you the business visa or if you do not use your visa. It can be paid at any time during the application process but must be paid before your Permanent Residence visa can be issued and applies to the principle applicant, any accompanying spouse or common-law partner. All fees are payable in Canadian Dollars.
For more, detailed information on Canadian Business and Investor visa’s please visit http://www.onestopimmigration-canada.com/business.html
Dave Lympany is a Permanent Resident in Canada since January 2003 and is building an exceptional web resource for information on Canada and Canadian Immigration – http://www.onestopimmigration-canada.com