Under the Business Class Visa Program, the federal, territorial, and provincial governments of Canada encourage individuals with the desire to invest in Canada and contribute to its economy, to immigrate to the Country. Three main programs fall under the Business Class Visa. They include:
- Self-employed Persons: that targets self-employed persons who would continue in their trade, even after they immigrate to Canada.
- Startup VISA: this program is for those who like to start businesses in Canada and create employment opportunities to the Canadian citizens.
- Immigrant Investor Venture Capital Pilot Program (IIVC): it is a program for investors with a high net worth of a minimum of 10 million Canadian Dollars from legitimate businesses.
Self-employed Persons Program
You can apply for immigration as a self-employed person if:
- You have a minimum of 2 years of relevant experience in cultural or athletic activities or are a farmer;
- You are planning to continue in your self-employment in Canada.
You will need to have a minimum of 35 points in the selection grid.
Start-up Visa Program
This program targets entrepreneurs who have the skill and potential to start businesses in Canada that can compete globally, are innovative, and will provide job opportunities to the citizens of Canada. Before you apply to the program, you need to have a Letter of Support from a designated institution.
This program is an institution that has the approval to invest in and provide support to potential start-ups. You will need to send a business proposal for review. Each organization has it’s criteria for selection.
You will need to take an approved language test in English, French, or both. For you to be eligible, you will need to meet the Canadian Language Benchmark (CLB) score of at least 5 in all the language abilities, i.e., speaking, listening, reading, and writing.
You have to prove that you can provide financial support for yourself and any members that depend on you, as you apply. If you want to apply to the program as a group, only five members can apply as owners of the business.
Each applicant should have 10% or more voting rights in the business and combined with the designated organization, more than 50 % of the right to vote.
Immigrant Investor Venture Capital Program (IIVC)
This program targets investors with a net worth of not less than 10 million Canadian Dollars. To qualify, you will need to prove your net worth. You will also have to take an approved language test on proficiency in English or French.
You will submit your original test scores together with your application to the program. You need to have a one-year or more, post-secondary degree, certificate or diploma, or an equivalent according to the Education Credential Assessment report, by an approved institution.
A designated service provider will do a review of your net worth if you are considered to the position. You will choose the service provider and pay any required fees to obtain a due diligence report on your wealth, business, and personal net worth.
You will then need to provide the report to Citizenship and Immigration Canada, CIC, within the given timeframe. Once approved to the program, you will then make a non-guaranteed investment of 2 million Canadian Dollars to the IIVC Fund, committing the money to the fund, for 15 years.