Frequently
Asked
Questions |
|
| What is the Business Immigration
Program? |
| The Business Immigration Program is
a category of immigration under which individuals with business/managerial
experience and relatively high net-worth may apply for Canadian permanent
resident status. There are three sub-categories under the Business
Immigration Program: Investors, Entrepreneurs and Self-Employed Immigrants. |
| What documents must Business Immigration
Program applicants submit? |
| In addition to government application
forms, education-related and statutory documents (passports, birth
certificates, etc...), Business Immigration Program must submit documents
evidencing business and/or managerial experience, as well as documents
evidencing net worth. |
| As a Business Immigration Program Applicant,
am I required to live in the province which I originally indicated
as my intended destination? |
| When you become a permanent resident,
you may live, work and engage in business activities in any Canadian
province or territory. |
| 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.
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.
|
| How Can I, as an Immigrant Investor,
prove that I earned my minimum net worth by my own endeavors´? |
| 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.
Applicants who acquired their net worth solely as a result of a gift
will not qualify as Immigrant Investors. However, if an applicant
receives a gift -- cash or other asset -- and invests that gift and
eventually earns a return on the investment, the increased amount
will be considered to have been accumulated by the applicants' own
endeavors' |
| 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. |
| 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. |
| 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.
|
| What are the main differences between
the Federal and Quebec Immigrant Investor programs? |
Applicants who apply under the new Federal
Immigrant Investor Program (effective April 1, 1999) no longer 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.
|
| 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).
|
| Are there any minimum net worth requirements
for Immigrant Entrepreneurs? |
| There are no minimum net worth requirements
for Immigrant Entrepreneurs, except for those destined for the Province
of Quebec. The minimum requirement set by the Quebec government is
CAD$200,000 (approximately US$135,000), plus sufficient settlement
funds. In all cases, the nature and location of your proposed business
will determine the net worth required to qualify. |
| 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. |
| 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. |
| 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,
and an outline of the type of business and the general plans for its
operation. |
| 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.
|
| 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. |
| 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);
· artistic qualifications (when applying
under the artistic/cultural component of the Self-Employed Immigrant
description); and
· net worth (sufficient
to establish/purchase the proposed business).
|
| 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. |
| 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. |
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