::Frequently Asked Questions - Business::

3.1. What is the Definition of Business Immigrant?
3.2. How can I qualify as an Immigrant Investor?
3.3. How Can I, as an Immigrant Investor, prove that I earned my minimum net worth “by legitimate endeavours”?
3.4. As an Immigrant Investor, will I be obliged to work and/or engage in business activities in Canada?
3.5. When do I, as an Immigrant Investor, commit my investment amount?
3.6. What happens to my investment amount if my Immigrant Investor application is refused?
3.7. What are the main differences between the Federal and Quebec Immigrant Investor programs?
3.8. How can I qualify as an Immigrant Entrepreneur?
3.9. Are there any minimum net worth requirements for Immigrant Entrepreneurs?
3.10. What are the terms and conditions of the Entrepreneur Visa?
3.11. Must I, as an Immigrant Entrepreneur applicant, make an exploratory visit to Canada during the immigration process?
3.12. Must I, as an Immigrant Entrepreneur applicant, submit a detailed business plan?
3.13. As an Immigrant Entrepreneur, will I be permitted to change my business plan?
3.14. What happens if I fail to meet the terms and conditions of my Immigrant Entrepreneur visa?
3.15. How can I qualify as a Self-Employed Immigrant?
3.16. Must I, as a Self-Employed Immigrant, make an exploratory visit to Canada during the immigration process?
3.17. Are there any minimum net worth requirements for Self-Employed Immigrants?

3.1. What is the Definition of Business Immigrant?

Business immigrants are people who can invest in, or start businesses in Canada and are expected to support the development of a strong and prosperous Canadian economy. The Business Immigration Programs seek to attract people experienced in business to Canada. Business immigrants are selected based on their ability to become economically established in Canada.

There are three classes of business immigrants:

Investors
Entrepreneurs
Self-employed persons

3.2. How can I qualify as an Immigrant Investor?

As an Immigrant Investor planning to reside anywhere in Canada, except Quebec, you must:

• have a net worth of at least CAD$800,000 gained through your own endeavors;
• invest CAD$400,000 for five years with Citizenship and Immigration Canada which acts as agent on behalf of provincial and territorial investment funds; and
• have successfully operated, controlled or directed a business or managed a minimum of 5 employees for a period of 2 years.

As an applicant destined for Quebec, you must:

• have a net worth of at least CAD$800,000, accumulated through legitimate economic activities;
• invest CAD$400,000 for five years in a Quebec-approved investment fund; and
• have at least three years of managerial experience in a profitable commercial, industrial or agricultural business; or, at least three years of managerial experience in a government, governmental organization, or international organization.

3.3. How Can I, as an Immigrant Investor, prove that I earned my minimum net worth “by legitimate endeavours”?

Immigrant Investor applicants must demonstrate the origin and accumulation of their wealth through reliable, third-party documentary evidence: tax returns, pay stubs, deeds of purchase/sale, statements from stockbrokers, business/real estate valuations, etc. An applicant must be able to demonstrate that assets were gained through means which are considered legal, including gifts or inheritances.

3.4. As an Immigrant Investor, will I be obliged to work and/or engage in business activities in Canada?

While an Immigrant Investor is entitled to engage in work and business activities upon arrival in Canada, there is absolutely no obligation to do so.

3.5. When do I, as an Immigrant Investor, commit my investment amount?

You must commit your CAD$400,000 investment amount before final approval from Federal or Quebec Immigration officials, as the case maybe.

3.6. What happens to my investment amount if my Immigrant Investor application is refused?

If your intended destination in Canada is outside Quebec, your investment will be promptly refunded.

If you intend to reside in Quebec and you have deposited your investment in a government approved immigrant investment program you must make sure that your investment is not locked-in until you land in Canada. Your investment cannot be refunded for five years once it has been locked in.

3.7. What are the main differences between the Federal and Quebec Immigrant Investor programs?

Applicants who apply under the new Federal Immigrant Investor Program have the option of choosing the investment fund into which their investment is deposited. Instead, Citizenship and Immigration Canada receives all investments on behalf of provincial and territorial investment funds. After the five year lock-in period, the provincial and territorial funds repay Citizenship and Immigration Canada, for subsequent repayment to investors.

The Quebec Immigrant Investor Program has several approved funds, and each offers different forms of security and rates of return. With some of the more popular investment funds, capital and interest are secured by the bonds of blue chip multi-national corporations.

Applicants with business managerial experience can qualify under either the Federal or Quebec Immigrant Investor Program. However, the Quebec Immigrant Investor Program also takes into consideration managerial experience in a government, governmental organization or international organization. Thus, the Quebec Immigrant Investor Program may appeal to immigrants with a broader spectrum of backgrounds.

3.8. How can I qualify as an Immigrant Entrepreneur?

To qualify as an Immigrant Entrepreneur, you must:

• have successfully managed a commercial enterprise (or a part of a commercial enterprise);
• have sufficient assets to establish or acquire a business in Canada;
• establish, invest in or acquire a business in Canada within two years of arrival; and
• actively participate in the management of the business (the business must employ at least one Canadian citizen or permanent resident, other than yourself and your dependents).
  

3.9. Are there any minimum net worth requirements for Immigrant Entrepreneurs?

The minimum requirement is CAD$300,000. In all cases, the nature and location of your proposed business will determine the net worth required to qualify.

3.10. What are the terms and conditions of the Entrepreneur Visa?

An Immigrant Entrepreneur must, within two years of landing in Canada, establish, purchase, or make a substantial investment in a business in Canada so as to make a significant contribution to the economy. Active and on-going participation in the management of the business is required, and employment opportunities must be created or continued for one or more Canadian citizens or permanent residents, other than the Immigrant Entrepreneur and the Immigrant Entrepreneur's dependents. Efforts to comply with these terms and conditions must be demonstrated to an immigration official throughout the two-year period. Entrepreneurs will be required to report their progress to immigration officials on a regular basis during this two-year period.

3.11. Must I, as an Immigrant Entrepreneur applicant, make an exploratory visit to Canada during the immigration process?

As an Immigrant Entrepreneur you are encouraged to make an exploratory visit to Canada to properly assess the business environment of the area in which you intend to locate.

3.12. Must I, as an Immigrant Entrepreneur applicant, submit a detailed business plan?

A detailed business plan is not required. In most cases, a shorter informal business proposal will suffice – an outline of the type of business and the general plans for its operation.

3.13. As an Immigrant Entrepreneur, will I be permitted to change my business plan?

After landing in Canada, you may find that the local economic climate does not lend itself to the type of business plan originally proposed. In such cases, you are well-advised to modify your business plan. However, a meeting with an immigration official should be held to ensure that the new business is acceptable.

3.14. What happens if I fail to meet the terms and conditions of my Immigrant Entrepreneur visa?

Immigrant Entrepreneurs who fail to satisfy the terms and conditions of their visa may be ordered to leave Canada.

3.15. How can I qualify as a Self-Employed Immigrant?

To qualify as a Self-Employed Immigrant, you must demonstrate an intention and ability to establish or purchase a business in Canada that will keep you employed and make a significant contribution to the economy or the cultural or artistic life of Canada. The business must generate sufficient revenues to support you and your dependents. Farmers, artisans, sports personalities, actors, consultants, and operators of small business outlets that may be in demand in outlying communities are examples of the applicants who may qualify.

Assessment in this category is based on:

• business ability and experience (when applying under the economic contribution component of the Self-Employed Immigrant description);
• farming, athletic (at a world level) or artistic qualifications; and
• net worth (sufficient to establish/purchase the proposed business).
  

3.16. Must I, as a Self-Employed Immigrant, make an exploratory visit to Canada during the immigration process?

As a Self-Employed Immigrant you are encouraged to make an exploratory visit to Canada to properly assess the business/cultural/artistic environment of the area in which you intend to locate.

3.17. Are there any minimum net worth requirements for Self-Employed Immigrants?

The net worth requirement for Self-Employed Immigrants varies depending on the nature and location of the proposed venture.