Become a Permanent Resident as a Business Owner. Canada is a great place to do business. According to the World Bank, Canada is ranked 23rd in its ease of doing business index. Canada has a highly-educated workforce and offers one of the lowest corporate tax rates in the world. There are multiple streams through which Businessman/ Investors/ Entrepreneurs can acquire permanent residence of Canada, however it is a multiple step process explained as below:
STEP 1: BUY OR ESTABLISH A BUSINESS IN CANADA
There are 4 ways for foreign investors to invest in a Canadian business:
1. Start a business from scratch:
2. Buy an operational business:
3. Buy shares in an operational business (at least 33% or more):
4. Buy a franchise of already established business:
STEP 2: APPLY FOR A WORK PERMIT
Once you have registered or purchased a Canadian business, you can apply to obtain a work permit as a business immigrant. Based on your background and immigration goals, several different work permits are available. They include the following:
STEP 3: OPERATE A BUSINESS
Upon arriving in Canada as a foreign worker, you will need to operate your business for a specific period before you can transition to permanent residence. The length of operation depends on the type of business you have (i.e. established or new) and your work permit type.
STEP 4: APPLY FOR PERMANENT RESIDENCE IN CANADA
Once your Canadian business is active, as mentioned earlier there are multiple streams under which you can apply for permanent residence.
You can apply for PR as the manager of your business subject to you having minimum high school education, minimum CLB 7(6 band each in IELTs) as language skills, no criminal conviction, and no major medical issues.
You can get provincial nomination from the province of your interest. All provinces have entrepreneur/investor streams and vary in criteria and requirements. Once you apply to the province and pass the interview, you will apply for the Canadian work permit. When you arrive in Canada as a foreign worker, you’ll establish your company and operate your business according to the performance agreement you had signed. Finally, you’ll apply for the nomination and subsequently, for permanent residence.
We can certainly help you to evaluate your options, simplify the process and put forth the next step towards your Canadian permanent residency. To become a permanent residence as a business owner, book your consultation today by filling the assessment form with Rightstep Migration.