FAQ’s On Canada Business Immigration
What experience is required to qualify for permanent residency through business immigration?
The experience needed varies by program. Generally, business owners should have at least 3 years of business experience. Employees typically need 5 years of work experience. For the Owner-operator route, qualifying for a senior position requires senior management experience. Each program has specific criteria that align with its objectives, emphasizing the applicant’s ability to contribute to Canada’s economy.
Under the Startup Visa Program, am I required to reside in the province where my startup is located?
No, under Canada's Startup Visa Program, you are not required to live in the specific province where your startup is based. As a federal program, it allows you to reside anywhere in Canada, giving you the flexibility to choose the location that best suits your personal and business needs.
What is the processing time for obtaining permanent residency through the Startup Visa Program?
The Startup Visa Program is one of the quickest routes to permanent residency in Canada. After obtaining a Letter of Support, you can apply for permanent residency. The current processing time ranges from 12 to 18 months, primarily due to delays caused by Covid-19. Previously, applications were typically processed within a year.
When should I invest in a business in Canada for immigration purposes?
The investment timing is crucial and earlier than in other programs. If you plan to apply for permanent residency within six months of moving, you must invest a portion of the required funds upfront, with the remainder due when applying for PR. This program is designed for rapid entry, so early investment is necessary.
Is english compulsory in the Startup Visa ProgramEntrepreneur visa Program?
Yes, you need to have basic knowledge of english. It is CLB 4. Now CLB 4 is at a very basic level and I am sure you can qualify under this program.
What are the retirement benefits in Canada? And how can we get benefits after getting a PR?
After 65 years of age the government pays you retirement allowance. Canada is a welfare state and the government takes a lot of care, but at the same time you will be required to pay for it in the form of taxes. So Canada is a country where you pay high taxes but you get a lot in return in the form of benefits. To answer your second question, after getting your PR there is a certain number of years you gave to stay in Canada. It’s not like you get a PR and next year you are 65 years old and you start getting the benefits. You need to have stayed in Canada for a certain number of years before you retire.
How much money should I have in my bank account for business immigration to Canada?
Generally, you need to prove that you have enough money to support yourself and any dependents after you arrive in Canada. This amount is not specified towards the business investment but ensures you can sustain yourself without accessing public funds.
What is the minimum residency requirement in Canada to qualify for citizenship after obtaining permanent residency?
Typically you are required to stay in your province till you get your PR. And there are some provinces which will monitor your business even after you have received your PR. So we would suggest you to be prepared to stay at least for 4-5 years. For you to set up your business, you are given a time period of 20 months. Once you have set up your business as per the business plan, you will get a nomination certificate, and after that you can apply for a PR. Getting a PR thereafter can take anywhere between 1-3 years depending upon your province.
What is the minimum age, education criteria for a Start Up visa Program?
There is no minimum age limit, but there is a maximum age limit of 65 years. There is also no limit of education criteria, however, you need to have certain skill sets and expertise to show that you can start a new business.
Does the Canada Startup Program require points for securing PR?
No. That’s the beauty of the program. You do not require any points. However, you need to have an innovative idea, along with a Letter of Support from the designated institution.
If my friend is a citizen of Canada, and he wants to invest in my business, would he be considered an Angel investor?
The investment has to be done by an entity that is designated by the Canadian government as an Angel investor or a venture capital fund. So you cannot ask your friends, family or any other investor to invest in your business under the Start Up Program. These entities are listed by the government, and only those listed entities can make your business qualify as a start up and invest in your business.
Can I travel freely between India and Canada
This again depends on the program you choose. If you are going under the Entrepreneur Program, it will be good if you hold a 50% share in the business, and this will vary from case to case as there are various aspects like share holding, holding in the business which we need to consider. Under this program, you also need to spend at least 75% of your time in Canada that is 9 out of 12 months. Under the Owner Operator Program, you go on a work permit so you have to work on your business. So under these two programs, you have to spend substantial time in Canada. However under the Start Up visa Program, there is no immediate compulsion to stay there, you can continue to work on your start up business from India, and you can manage your existing business in India as well.