Today Immigration has become one of the sources for ameliorating the economy of the country. With the steady inflow of immigrants, the countries have started to look at it as one of the generators of long time profit. Out of the whole group of immigrants the category of the investors are such who have the power of making an immediate constructive contribution to the nation as they arrive. Considering this fact the countries have started broadening their measures so as to increase the inflow of people wanting to migrate as investors. Canada which has always been a liked destination of the immigrants has also taken steps in this direction.
The Business Immigration Program of Canada aims at attracting the experienced business people who will be beneficial in developing a strong and flourishing economy of the country. However to immigrate as an investor to Canada, there are certain rules under the Immigrant Investor Program which a migrant should adhere to:
• Must have at least two years of business experience.
• Must have a minimum net worth of C$1,600,000 legally obtained.
• Must be able to make an investment of C$800,000
• Must be able to show of having enough money to support himself and his dependents after the arrival in Canada.
• Must be able to pass the medical and security checks along with his family.
• Must be able to meet other requirements of the immigration regulations.
Steps for applying
There are certain steps which a potential migrant should follow while applying as an immigrant investor to Canada:
• Application kit – The first step on the part of the migrant is to get hold of an application package and print it which includes the application guide and all the relevant forms to be filled in.
• Completion of the application – This step requires the migrant to fill in the forms carefully and honestly. All the forms regarding the application for Permanent Residence in Canada; Background/Declaration; Additional Family Information; Economic classes; Use of Representative (optional only if the immigrant wants to use one) and Investor’s Acknowledgment (optional only if the immigrant wants to use the facilitator to transfer his investment) must be properly filled as incomplete forms are devoid of processing and are sent back. The forms can be filled both on computer as well as by hand depending on the convenience of the immigrant.
• Correct visa office – It is important on the part of the immigrant to submit his application at the visa office serving his nationality or the country where he has been legally residing for the past one year. To be on the safe side the immigrant should check the application procedures on the visa office’s website as these may vary from one visa office to another.
• Payment of fees – There are certain things for which the immigrant needs to pay the fees:
The processing fee for himself and his dependents which must be paid at the time of application
The Right of Permanent Residence fee for himself and his accompanying partner if applicable.
This should be paid after the application is approved and before Citizenship and Immigration
Canada issues the permanent resident visa.
For medical exam; police certificate and language testing (if required).
• Checking of the application – Prior to the submission it is important on the part of the immigrant to ensure that the form is completed, signed, along with the necessary documents as any mistake would delay the processing of the application.
• Submission of the application – Once all the above steps are completed it is required for the immigrant to submit the application along with the fees.
Granting of the visa
Certain procedures are carried out at the visa office after the immigrant has submitted his application:
• The application assessment process where the CIC (Citizen and Immigration Canada) officer ensures that the application is correctly filled in along with the processing fee and the necessary documents.
• The processing time where the application is put to process by the visa office.
• Conduction of medical examination and security checks so as to ensure that no one of serious health danger or criminal record is allowed to enter.
• The final decision on the application where the CIC officer decides to grant visa or not depending on the results of the tests and checks and also whether the immigrant meets the definition of an investor.
• If the immigrant changes his address or other contact information after applying then he needs to inform the visa office at this time.
• If the application is approved then the immigrant has to make the required investment within a stipulated period of time.
Once the investment is made the permanent resident visa is issued containing the Confirmation of Permanent Residence (COPR) along with the entry visa.