Ultimate Guide to get Investor Visa in Canada
Canada is a dream country for many people because of its social and business environment and living standards. There are many options for moving and living in Canada. I wanted to highlight investor visa Canada, which allows people to get residence from the Canadian government by investing in this country. In this post, you will read about Canada investor visa requirements and have a clear guide on how to get investor visa in Canada.
Canada investor visa
If you want to move to Canada and have expertise managing a private or public organization or running a business, Canada has various alternatives for you to become a permanent resident and run your own business. Canada acknowledges the value of businesspeople's contributions and efforts to job creation, economic growth, and overall wealth generation within its territories. First of all, I want to address that getting a Canadian permanent residence visa for investors and businessmen is not a simple and easy process. It takes a quite amount of Canada investor visa processing time. Do not worry, and I will explain all in detail.
Business environment in Canada
Canada is known for its vibrant and diversified economy, and it is regarded as one of the finest countries on the globe to do business. In this country, immigration is considered a responsibility shared by regional governments and the Canadian federal government under the State Constitution. All Canadian territories and provinces have signed agreements with the Canadian federal government to ease the immigration of foreign businesspeople so that to develop the economy of the region. There are some differences between these territories based on their immigration policy. For example, Quebec controls its selection procedures for business persons wanting to relocate there. On the other hand, other Canadian provinces and territories have established Provincial Nominee Programs for entrepreneurs and investors. Quebec, which has a distinct system, chooses business immigrants based on its programs for entrepreneurs, investors, and self-employed people.
How to get investor visa in Canada?
Simple! Make a financial investment in Canada. There are numerous alternatives accessible to you if you have accumulated a substantial net worth and have company or managerial expertise. You can choose one of the various Provincial Nominee Programs for entrepreneurs and investors if you wish to buy or start a firm in Canada and actively engage in its day-to-day management. Furthermore, if you do not want to run a firm or lunch a business actively, the Quebec Immigrant Investor Program may be the most suitable option for you. This program enables individuals to become permanent Canadian residents and live in Quebec by making a 1.2 million CAD amount of government-guaranteed investment (placements in exchanges) without the requirement or pressure to develop, buy, and actively run a firm. For this purpose, you have to sign an investment agreement with a financial intermediary (broker or investment dealer or trust company) authorized to participate in the Investor Program of the province.
Canada investor visa requirements
As each territory and province in Canada have different programs, their requirements vary to some extend. For example, in British Columbia, Business Immigration Program is designed for professional business people who are willing to invest and actively operate a firm in this region of Canada. To be qualified for this immigration option, you have to own assets totalling a minimum of 600000 dollars, as well as commercial and managerial expert knowledge. Moreover, you ought to be ready to open a new firm or buy and develop existing business operations and personally invest a minimum of 200000 dollars in your enterprise. Finally, you have to also establish at least one new workplace for a Canadian in your new firm and be actively involved in the daily administration of business operations. Not that this new work should be full-time and official. Besides this, you may need to prove your continuous living in the province.
Ontario Immigrant Program for businesses
The Immigrant Nominee Program (OINP) is an economic immigration program of the investor visa Canada that focuses on the economic priorities of the Ontario province. OINP offers entrepreneurs the opportunity to apply for permanent resident status, it is made for applicants who have valuable management skills and business experience. Currently, there are two ways to apply under the program:
Entrepreneurship Program of the OINP
OINP targets business people and entrepreneurs who have acquired management skills. The program aims to attract candidates who are likely to start or acquire a business. It also offers entrepreneurs the opportunity to apply for residence once their business has been successfully established in Ontario. You need to register online to submit a Declaration of Interest. This online declaration of interest is entered into the selection group and sorted by score. Periodically, the ministry will draw lots for the people registered in the declarations of interest selection group and invite them to apply for an Entrepreneurship visa. Applicants who are invited to apply may submit a full application and Canada investor visa cost to the OINP. If the application is accepted, applicants are required to underwrite a performance agreement determining the responsibilities and duties they made in their declaration of interest to invest and create jobs in Ontario. They will receive a letter of support for obtaining a temporary work permit from Immigration, Refugees, and Citizenship Office to establish their business in Ontario. Note that the IRCC has the power to issue temporary work permits.
If an applicant meets their performance agreement commitments, they may be eligible for OINP designation for permanent resident status. Successful applicants must apply to IRCC for permanent resident status within Canada investor visa processing time of 6 months. Applicants may be entitled to this initiative if they have a viable business operation that will provide them with significant economic benefits to Ontario. If approved, applicants and their partners can apply for short-term employment permission to establish the business. Once this business has been successfully established, the applicant may be eligible for nomination by the program. They should be eligible for all the criteria to apply for the program. If they are applying as a business partnership, your associate should also meet the eligibility requirements.
- Have at least 36 months of professional experience as an owner or senior manager within the past 60 months.
- Canada investor visa cost: Net asset value is set based on location: If the business is located (1) in the Bigger Toronto Area (BTA): a base of CAD 1,500,000 is required; (2) Outside of GTA: Minimum net worth required is 800,000 CAD.
- Net worth set according to the type of business: if the proposed activity is in the Digital and Information Communications field (regardless of the proposed place of business): the minimum net worth required is CAD 800,000.
- Personal Investment Savings: If the proposed business is situated (1) within BTA: a bottom personal expenditure of 1,000,000 CAD and minimum participation of 33.3% is required; (2) Outside of BTA: A minimum personal expenditure of CAD 500,000 and a minimum 33.3 % stake is required.
- If the proposed business is in the Digital and Information Communications field: at least a personal expenditure of CAD 500,000 and minimum participation of 33.3%.
- Job Creation: The company must open at least 2 full-time workplaces for Canadian citizens or residents.
- Exploratory Visit: If the applicant plans to purchase an ongoing business, minimum one business visit to Ontario must be made within 12 months of the application filing date.
The Business Program of the OINP
The Business Stream of the Ontario Immigrant Nominee Program assists and supports established international businesses looking to expand in Ontario or purchase an existing business. Once the Ontario business has been successfully established, key personnel are eligible to apply for registration that could lead to permanent resident status. The company and its key personnel must meet all eligibility criteria to apply:
- Invest a minimum of 5 million CAD in a new or existing business.
- Create at least five positions for Canadian citizens or permanent residents by key personnel. These must be full-time and permanent.
- Key personnel applying for the designation must be currently employed by the company and be necessary to the establishment, day-to-day operation, and success of the business in Ontario.
- Key personnel must have language skills equivalent to Canadian Language Proficiency Level (CLB) 5 to be designated after establishing the business in Ontario.
Canada investor visa cost
Canada investor visa fees are higher than other visa fees and vary from the program. Generally, the registration fee starts from 300 CAD at the federal level. For example, investors in Quebec must pay 15962 CAD for the non-refundable application fee. For business, there is a 1575 CAD application fee for the processing and 500 CAD for a residence permit, so a total of 2075 CAD. In addition, you should pay 835 CAD for your partner and 225 CAD for each child, if applicable. Also, note that business investors must pay an additional 1500 CAD for each person involved in the business.
Shamil is from Azerbaijan. During his childhood, he was interested in geography and knew the world map by heart. Now, he is a young student and likes to travel and explore new places. His biggest dream is to visit extraordinary but lesser-known destinations and make these popular among all.