Do you want to know the best Canada migration program for entrepreneurs? If YES, here is a detailed comparison between Startup vs self employed visa program.
There are many reasons why Canada is an ideal place to build your business. For one, Forbes magazine rates Canada as the best country in the G-20 with which to do business. Canada has the strongest fiscal position in the G-7 and among the best fiscal prospects in the G-20.
Canada also offers a low-cost and low-tax environment where new businesses can thrive. Canada’s overall tax rate on new business investment is significantly lower than that of other G-7 countries.
KPMG ranks Canada as the most tax competitive country in the G-7. Its also important to state that Canada offers a winning environment for research and innovation, including world-leading research and development (R&D) infrastructure, scientific talent and innovation incentives.
Combined federal and provincial credits can return to foreign investors, on average, up to 30 percent of their R&D investment in Canada. Statistics also has it that the country’s top quality of life provides a great backdrop for the success of individuals, families and globally engaged companies.
According to the World Bank, in 2011 Canadians enjoyed nearly the highest standard of living in the G-20. Canada is home to a highly educated, flexible and multicultural work force.
These and many more are reasons why immigrating to Canada as an entrepreneur could be the next big step. If you are considering this step, as you should, properly explained below are the two ways entrepreneurs could immigrate to Canada.
Business Start-up Immigration to Canada
Canada’s Start-up Visa program for entrepreneurs is one of the best ways for entrepreneurs to travel to Canada. The program is designed to attract dynamic entrepreneurs around the world, get them in to Canada, and give them the support they need (including funding) to build businesses that can compete on a global scale and provide jobs for Canadians.
Note that entrepreneurs who qualify for the Start-up Visa program will be fast-tracked; the goal is to clear successful applicants for entry into Canada within weeks.
Have it in mind that the Canadian Entrepreneur Visa grants permanent resident status which can then lead to citizenship. Entrepreneurs in high-tech sectors such as Silicon Valley, that haven’t been able to get resident status in the U.S. may be especially interested in Canada’s Start-up Visa program.
Self Employed Immigration to Canada
Business class Immigration allows self-employed persons that have the zeal and ability to create their own employment and make a significant contribution to the cultural, artistic or athletic life of Canada to immigrate to the country.
Business Startup vs Self Employed Immigration to Canada – Which is the Best for Entrepreneurs?
Generally speaking, the Start-Up Visa Program (SUV) is the best between the two visa programs for entrepreneurs. It is the fastest and most straightforward Immigration program offered by the Federal Government for entrepreneurs. Note that under this Program, Work Permits are initially issued to the entrepreneur, which typically take ten (10) business days to process.
After that, Permanent Resident Visas are processed and issued in two (2) to six (6) months. When it comes to the time commitments, the SUV program with the business incubator allows you to balance the competing demands of running your existing business(s) internationally, transitioning your family to Canada, and launching your new start-up in Canada.
Have it in mind that by aligning with a business incubator, you will be building a start-up team to accomplish your objectives. In this program, the Start-up fund money is determined based on (a) what is required, (b) what is the proposed venture (based on the proposed venture), to be selling to customers in five (5) countries between months twenty-four (24) and thirty-six (36).
There is no “off-the-rack price” for this Business Immigration Program as no funds are being paid related to obtaining Immigration. Funds are used to seed the start-up and pursue incubation goals.
As an entrepreneur, if you want to immigrate to Canada through the start-up visa program, you need the support of a Canadian venture capital fund, angel investor group or business incubator that is willing to invest in your new business.
Have it in mind that the Canadian venture capital fund, angel investor group or business incubator must be one that is designated by the Canadian government to participate in the Entrepreneur Start-up Visa program. That it is why the very first step is to convince one of these designated groups or funds that your business idea is worth investing in.
The catch is that different groups or funds have different application processes for doing this, so you will have to contact whatever venture capital fund or angel investor group you choose to present your idea to directly to find out what documents they need and what you need to do to present your business idea to them.
Note that after you have completed the application process, and sent it in, it will either be verified as complete and processed or sent back to you without processing if it’s incomplete.
Immediately your completed application has been accepted for processing, Immigration, Refugees and Citizenship Canada (IRCC) Centralized Intake Office will contact you and tell you what you need to do next. Hopefully at that point, it will be time to prepare for your new life in Canada.
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