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Options for Businesses and Startups
Several permanent residence programs exist in Canada. The same is true for businesses and new enterprises. Through the Express Entry program, business people can come to Canada on a work permit and convert to a PR visa as skilled workers. To get more points, they can work for a year.
Startup Visa Program
For those who need to work in the nation while their PR application is being processed, the country offers the Startup visa program. In this initiative, newcomers are encouraged to create their businesses in Canada. Successful candidates can collaborate with commercial firms in Canada and receive assistance with finance and business guidance.
However, to be eligible for this visa, a startup must meet specific ownership and shareholding conditions. The following are the eligibility requirements:
- It must meet English or French language qualifying requirements
- It would help if you had sufficient finances to settle in Canada.
- Must pass medical exams and meet security requirements.
- Have data that the business has the required funds.
- Ownership criteria must be met.
- Only five foreign nationals from the same firm can apply for a PR visa under this scheme
- To qualify for a PR visa, an entrepreneur must have the assistance or sponsorship of a specific Canadian venture capital fund, business incubator, or angel investor.
- Startups that make it further in the program must be able to raise the minimum necessary funds. A venture capital fund's minimum investment should be USD 200,000. If it comes from an angel investor organization, the investment should be at least USD 75,000. In addition, applicants must be enrolled in a Canadian business incubation program.
- Applicants are not required to put their capital into the business. Individuals who receive PR visas due to this scheme will keep their PR visas even if their business fails.
Provincial Nominee Programs
If an entrepreneur wants to apply for a PR visa under the Provincial Nominee Program (PNP), he must fulfil the program’s qualifying requirements.
To be eligible for a PR visa, he must state that he intends to stay in the province and be willing to start a business there. To achieve his goal, he needs a detailed business strategy. Each province’s entrepreneur program has its own set of eligibility conditions under the PNP immigration program. The following are some of the most basic requirements:
- The applicant must have prior business experience.
- The applicant must have a least net worth, which a provincially appointed independent firm must confirm.
- The applicant must be ready to invest a significant amount of money in a qualifying business in the province or own the required percentage of a firm.
- The company will only be eligible if it fulfils the PNP's eligibility conditions.
- The entrepreneur should stay in the province and run the firm daily.
- The company should have the ability to hire Canadians or those with a Canada PR visa.
- If the application complies with the PNP's standards, it will be approved