Would you like to invest in or launch a business in Canada? The country offers a wealth of commercial options because of its robust innovation setting and strong economy.
In recent years, Canada has established itself as a desirable location for numerous international startups, investors, and entrepreneurs. Because of this, the Canadian government has established a number of business visa options that allow foreigners to settle in Canada permanently.
In this post, we’ll cover all the latest details regarding the Canadian business visa, including requirements, expenses, application procedures, and processing dates.
What is a Canada Business Visa?
Canada has a number of business visa schemes designed to draw in various kinds of international investors. No program is one-size-fits-all. Instead, you and your family can get permanent residence in Canada through a number of federal and provincial programs.
Every program is designed to meet the unique demands of business immigrants and draw in a particular kind of foreign investment.
After being accepted into a program, you can utilize a work permit to run your business in Canada. Your family will be granted study permits for school-age children and open work permits for spouses.
After that, you and your family will be eligible for permanent residence in one to two years, depending on your business visa program.
Types of Canadian Business Visa Programs
1. Intra-Company Transfer (ICT) Program: This visa category is designed for companies who wish to grow in Canada but already have operating bases overseas.
Even though the program’s name mentions “a transfer,” you are actually growing your company in Canada and moving your employees from your home country to your company’s new activities in Canada.
2. Startup Visa Program: This program is ideal for owners of well-established startup businesses with viable ideas and some financial support already in place. Startups participating in this immigration program must secure investment capital or a letter of support from a recognized Canadian organization.
This is why, among many other things, your startup needs to have a clear business plan and be making money already. Under this program, which is open to startups, up to five founders and their families may become permanent citizens.
3. Entrepreneur Visa (C11): This program is for you if you wish to buy or invest in an already-existing Canadian company. This scheme is also suited for overseas investors who want to create a new company in Canada. You and your family may eventually qualify for permanent residency, just like in other programs.
4. Provincial Nominee Program (PNPs): Canada’s provinces also offer immigration policies for international business owners. There are more than 17 different corporate immigration streams to select from.
In terms of business visas, not all business immigrants are eligible for PNPs; instead, you can obtain a business visa more quickly and easily through one of the aforementioned federal schemes.
5. Quebec Immigrant Investor Program: You must have a net worth of $2 million, invest $1.2 million in a five-year, government-approved investment, have managerial experience, speak French well, and plan to settle in Quebec to be eligible for the Quebec investment program.
After your three-year work permit is approved, you also have to live there for 12 months within the first two years.
What are the Requirements for a Canada Business Visa?
Each business visa program has its requirements because each was developed to cater to a specific type of foreign investment.
- You should have anywhere between $100,000 to $350,000 to start your Canadian business
- You must have experience and skills to be able to operate your business successfully
- You must have an existing successful business or be willing to start or invest in one in Canada
- It would be best if you had a well-thought-out, practical, and realistic business plan for your Canadian business
- You must have extensive knowledge of immigration regulations and the Canadian immigration framework.
How to Apply for a Canada Business Visa
Your business immigration program will determine how you apply for a business visa. The following components comprise the general application process:
- Create or purchase a Canadian company
- Develop a business plan (at any stage before work permit submission)
- Become employed by your Canadian company
- Submit an application for a work permit along with appropriate applications for your family members
- Operate your business
- Apply for permanent residency after 1 or 2 years of business operations (depending on your business immigration program)
- Become eligible for Canadian citizenship.
Processing Time for a Canada Business Visa
Your business visa application may be approved in one to eight months. Your business immigration program will significantly impact the processing time. Provincial programs typically take about eight months, although some federal programs can take up to three months.
Please be aware that this processing period includes the work permit procedure, which will enable you to work for your Canadian employer.
Business Visa Costs
The price range for a business visa is $2,140 to $4,355. If you are traveling alone, the cost is the lowest; if you are traveling with your spouse and one child, the cost is the highest, at $230 for each extra child.
Only the application fees established by the Canadian government are included in these expenses. In actuality, you might have to pay extra for legal services and other costs, which can change based on your circumstances.
Frequently Asked Questions
How can I get a business visa for Canada?
To obtain a Canadian business visa, you must select and apply to one of the investment immigration programs. Each program is specialized for a certain kind of foreign investment and has its standards.
You will be granted a work permit, your spouse will be granted an open work permit, and your children will be granted open work permits upon approval. Following one to two years of business operation, you can be eligible for permanent residency.
Does owning a business in Canada give you a visa?
No. In Canada, having a business does not grant you a visa. If you do so, you lose your resident privileges. However, business immigration programs may make you eligible for a business visa if you are the owner of a business in Canada.
You can obtain a work permit under these programs, which would allow you to live in Canada with your family and work for your firm. Additionally, you and your family may be eligible for permanent residency after running your firm for one to two years.
Can I immigrate to Canada if I buy a business?
For international investors and entrepreneurs, purchasing an already-existing company in Canada is a feasible business immigration alternative. You can buy an existing company, invest in an already-existing company, or even buy a franchise.
Depending on your history and business, you will have various immigration choices. You can come to Canada through an intra-company transfer, the C11 Entrepreneur work permit, or another route.
Can I come to Canada to explore business opportunities first?
Of course! It makes sense to travel to Canada to investigate business opportunities and gain insight into the local market. More significantly, networking with accomplished people in your industry might yield insightful information.
Try to schedule at least three meetings with professionals in the field. Their advice could save you years of effort and a significant amount of money.