BUSINESS CLASS SPONSORSHIP
The new program of the IRCC which is the Immigrant Investor Venture Capital Pilot Program targets business individuals who want to invest in Canada to create more jobs and promote growth in the Canadian economy.
3 Categories of Business Visa in Canada:
1. Federal Start-up Visa
It encourages foreign entrepreneurs to come to Canada to promote economic growth and create employment opportunities.
In order to obtain a start-up business visa, a foreign national must:
- Have obtained a written commitment for a total investment of at least $75,000 from one or more investor groups
- Have obtained a written commitment for a total investment of at least $200,000 from one or more venture capital funds
- Have the commitments signed by a person with proper authority
- Have the specified level of language proficiency
- Have completed at least 1 year of high school
- Have the designated funds
2. Self-employed Class
All Applicants must have the ability to establish a business that will create employment for themselves and make a significant contribution to cultural activities or athletics in Canada, and purchase and manage a farm in Canada.
The Applicant under this category must have relevant experiences within the last 5 years such as self-employment in cultural activities or athletics, participation at the world-class level in cultural activities or athletics, and farm management.
3. Ontario Investor Program
The 2 streams for the Ontario Immigrant Nominee Program are:
1. Entrepreneur Stream
This stream is for foreign individuals who want to open a new business or buy an existing business in Ontario. The entrepreneurs have the opportunity to be nominated for permanent resident status.
The eligibility requirements are:
- At least 3 years of full-time business experience (as an owner or senior manager) within the last 5 years
- A minimum net worth of $800,000 – $1,500,000, depending on the location and type of business
- A minimum investment of $500,000 – $1,000,000, depending on the location and type of business. A minimum ownership of 33.3% is also required
- Create at least two full-time, permanent jobs for Canadian citizens or permanent residents
- Meet a minimum language requirement of Canadian Language Benchmark (CLB) 5 or equivalent in English or French
- Be actively involved in managing the business
Purchasing an Existing Business:
- All the requirements listed above under the New Business section
- The existing business must have been in continuous operation by the same owner or group of owners for the last 5 months before you buy the business
- The purchase must completely transfer ownership from the previous owner(s) to you, your Business Partner (if applicable) and/or your third-party investor(s), if applicable
- The proposed business must not have been previously owned/operated by current or former OINP business stream nominees
- You must preserve all existing permanent full-time jobs and create two (2) additional permanent full-time jobs, paid at least at the median wage for the positions. You must maintain at a minimum the current wage levels and employment terms of existing staff
- The proposed business plan must demonstrate that you intend to grow the business. Buy and hold business plans with no intent to grow the business are not permitted in the Entrepreneur Stream
- Make an exploratory visit to Ontario in the 12 months prior to submitting an application
2. Corporate Stream
It allows established international corporations to expand in Ontario or buy an existing business.
The eligibility requirements are:
- Business must have been established outside Canada for at least 3 years before applying
- Corporations must invest a minimum of $5 million in a new or existing business
- Key staff seeking nomination must be currently employed with the corporation and be essential to the operation of the business in Ontario. They must also meet a minimum CLB 5 level or equivalent in either English or French
- Creation of five full-time, permanent positions for Canadian citizens or permanent residents per nominee
- Key staff nominees will have two years to demonstrate a minimum language requirement prior to permanent residence nomination
Get in touch with our Angeles & de Jesus Law LLP or AJ LAW LLP team at 160 Eglinton Avenue East, Suite 406, Toronto, ON or via phone at +1 (416) 409-5991 or email us at [email protected] for your FREE INITIAL CONSULTATION. You may also visit our website at https://www.ajlawpartners.ca/