Will IRCC Launch New Investor Streams?
Immigration, Refugees and Citizenship Canada (IRCC) is still receiving proposals for new Investor streams, which aim to provide immediate economic benefit to Canada. However, according to the last issue of Lexbase, these plans all fall short of addressing the risks that are always involved with investor initiatives. Based on Canada’s prior experience with investor immigration programs and the present program integrity difficulties still faced by IRCC, the Department of Immigration decided that investing in permanent residency programs at this time is not a good idea. We are asked will IRCC launch new Investor Streams?
Investors may use existing and developing channels to enter Canada, such as the Federal Start-Up Visa program or provincial initiatives for entrepreneurs.
The Government of Canada is on the lookout for newcomers who have the entrepreneurial experience, the talent, and the innovation to start, manage, or buy a business in the country. Let’s take a look at the several Entrepreneur and Investor Visa options available for those who want to immigrate to Canada.
Start-up Visa Program
The Start-up Visa Program is a common Business Immigration or “Investor Visa” option that allows you to immigrate to Canada by starting a business anywhere in the country. You and your business will have to meet a set of conditions in order to be successful with your application.
Generally, your business must be creative, create jobs for Canadians, and be able to compete internationally. While you wait for your application’s authorization, you can also apply for a temporary work permit to keep you busy in Canada.
Start-up Visa Program Requirements
Once a designated organization commits to your business:
- all applicants (up to 5 people can apply as owners) must each hold at least 10% of the voting rights attached to all outstanding shares of the business; and
- together with the designated organization, they must hold more than 50% of the voting rights attached to all outstanding shares of the business.
- Once you receive permanent residence, you must make sure that:
- you play an active role in the ongoing management of your business while living in Canada;
- the essential operations of the business must partly take place in Canada; and
- your business is incorporated in Canada.
- You must score a minimum of Canadian Language Benchmark level 5 in speaking, reading, listening, and writing in either English or French.
- Settlement money
- Because the Canadian government doesn’t give financial support to this “investor” visa, you will have to be able to prove that you have enough money to settle yourself and your family in Canada.
Letter of support
You must get a letter of support from a designated organization that proves they are willing to invest in and support your start-up. These organizations include:
- Venture Capital Firms ($200,000 investment);
- Angel Investor Groups ($75,000 investment); and
- Business Incubators.
Provincial Nominee Program Entrepreneur and Investor Visa Options
PNP (The Provincial Nominee Program) gives every province and territory of Canada the power to invite applicants to come and live within their borders if they have the work experience and the right skills.
Most the PNPs have at least one entrepreneur or investor visa category dedicated to people who would like to start or expand their business in Canada.
If you want to invest in your future and immigrate to Canada with your business venture, you have various Entrepreneur and Investor Visa options available to you, including the general Start-up Visa Program and the provincial-specific Nominee Program. If you succeed with your business immigration application, you and your family can move to Canada together.
Do you need help immigrating to Canada or IRCC launch new Investor Streams? Contact our immigration specialist at Gunness & Associates who has been helping thousands of immigrants to come to Canada.
Tel: (416) 604-2669
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