Foreign nationals may be selected as members of the economic class based on their ability to become economically established in Canada. The Economic Class is comprised of two streams: Skilled Workers and Business Immigrants. Business Immigrants are selected to support the development of a strong and prosperous Canadian economy, in which the benefits of immigration are shared across all regions in Canada. Members of the business immigrant class include Entrepreneurs, Investors and the Self-employed respectively.
Each of the three categories serves as a different type of immigrant. The common thread among them is the business immigrant’s background, business acumen and personal resources, which the immigrant will bring to Canada. The Entrepreneur Program seeks to attract experienced businesspersons who will own and actively manage businesses in Canada that will contribute to the economy and create jobs. Entrepreneurs and their dependants are admitted to Canada under specific conditions that are subsequently monitored by Citizenship and Immigration Canada (CIC) after landing.
To qualify under the Business Class Immigration applicants must satisfy the following three requirements:
- Their equity in the business must be greater than one third (33.3%)
- They must be actively engaged in the management and operation of the business
- They must create at least one full-time job for a Canadian citizen/Permanent Resident (which can not be filled by a member of their family)
In addition, within the three years following their arrival in Canada, entrepreneurs must demonstrate that they have met all of the outlined conditions. Once that is demonstrated to the CIC officials, removal of conditions can be granted. The Applicant must also ensure that he/she meets the definition of Entrepreneur. In order to do that, the Applicant must show that he/she has all of the following:
- has business experience
- has a legally obtained net worth of at least $300,000 (Canadian)
- is able to provide a written statement verifying that he/she will be in position to meet all of the three requirements outlined above
The above facts are simply a high level overview of the Business Class, please contact our office a free and confidential assessment of your case scenario.