Do you want to migrate to Canada as an investor and get PR? If YES, here is a detailed guide on how to migrate to Canada as an investor and get citizenship.
Canada is widely recognized around the world to have a vast opportunity for investment and trade. With a wealth of natural resources, a stable economy and banking structure, as well as government policies which are widely seen as business friendly, Canada is well positioned to be an attractive, secure investment environment for foreign interests and investment. Entrepreneurship is encouraged by the Canadian government.
Why Migrate to Canada as an Investor?
Starting and running a business in Canada is more lucrative for you than operating your business in the United States, and due to the NAFTA agreement, you can still maintain uninterrupted access to the whole North American Market. Also, Canada’s business costs are the lowest in 11 countries in North America, Europe, and Asia-Pacific, and roughly 9% lower than the USA after taxes depending on the industrial sector.
One vital reason for this is the lower labor cost in Canada; total labor costs, factoring in wages and salaries, statutory benefits, and other benefits, are lowest in Canada. For instance, in the United States, benefit costs constitute 32 percent of the total salary, but in Canada these costs are only 29 percent.
And the cost of wages is incidentally also lower in Canada than in the US. Also note that production costs happen is lower too in Canada. The cost of electricity, for instance, is 22 percent lower than the cost of electricity in the USA (based on annual electricity costs for the average manufacturer), and Canadian land and building costs are 8 percent lower.
Canada does not only boast of having world-class infrastructure but also has the lowest business telephone and wireless charges of all the countries in North America. But the key reason that attracts entrepreneurs and investors to Canada is that the country nurtures entrepreneurship and welcomes business investment.
5 Best Ways for Investors to Migrate to Canada
Report has it that immigrating to Canada is widely viewed as one of the best options in the world for people looking for a better quality of life. Canada has many opportunities for investors and individuals seeking career development as well as personal enhancement.
It is the best place to settle for those who are looking for a better quality of life for themselves and their families. Also, the Canada immigration Process is more open, flexible and user friendly when compared to the immigration process of other developed countries such as USA and UK. Therefore it’s easier to qualify.
Canada also provides a robust healthcare, public education and social welfare system which is one of the best in the world and at a very low cost. Below are 5 ways investors can migrate to Canada and explore the vast opportunities available in the country.
- Section 205 Work Visa
The process entails incorporating your Canadian company, registering with Revenue Canada, opening a Canadian bank account for your company and depositing money into the account for the company’s use. You are mandated to develop a business plan that explains how your investment will benefit Canadians, either economically, socially or culturally.
For instance, you can open a business that exports Canadian farm products to the Asian and South American market. You can argue that the business would employ Canadian farmers and find new export markets for Canadian farm products.
Note that processing this visa program can take less than six months. After one year of success in the business, you can apply under the Canadian Experience Class for permanent residence. This is also a good option to combine with a franchise scenario, like a restaurant or hotel chain.
- Inter-corporate Transferee Work Visa
If you are transferred from your company abroad to an affiliated Canadian company to work as a manager, executive or person with specialized knowledge, you may be later entitled to obtain Canadian permanent residence. Have it in mind that you must have worked for the affiliated company abroad for a period of at least one year in the last three years.
Also note that your job in Canada must be similar to the job you were performing at home. Assuming you qualify, you will get a work visa for up to four years. Processing time for inter-corporate transferees is less than six months. After one year, you can apply under the Canadian Experience Class for permanent residence.
- Provincial Nominee Programs (PNP)
Some provinces in Canada have their own business immigration programs, known as Provincial Nominee Programs (PNP). They work a little like the Section 205 Work Visa.
For instance, the Prince Edward Island (PEI) program requires you have a net worth of just under $560,000 ($600,000 CAD), put up just over $185,000 ($200,000 CAD) as a refundable security deposit, invest around $185,000 ($200,000 CAD) in a business, have two years of management experience in the last five years and meet English language and minimum education requirements.
Note that to succeed under the program, you must travel to PEI to meet with provincial officials and satisfy them of your willingness to invest and live in PEI.
The refund of your security deposit is based on those assurances. Meanwhile, if your proposed investment in a local company is approved, you are issued a provincial nominee certificate that provides you with priority immigration processing. This results in permanent residence, which in most cases takes 12 to 24 months.
Unlike the Section 205 and inter-corporate transferee options above, PNP programs like the one in PEI skip work permits and take the investor directly to permanent residence. Other provinces that attract investors are BC, Manitoba and Saskatchewan. Each of the programs are the same, but their requirements may differ.
- Province of Quebec Immigrant Investor Program
Here, you’re expected to invest about $750,000 ($800,000 Canadian) with the government of the province of Quebec for five years, interest-free. In around 24 to 36 months, you obtain permanent residence that entitles you and your immediate family to enter Canada. The full amount is repaid to you from the government of Quebec at the end of the five years.
This is a passive investment in which your money is used by Quebec for economic development. The catch here is that you must agree to live in the province of Quebec, for example in Montreal or Quebec City. That said, the Canadian Charter of Rights and Freedoms guarantees mobility rights and therefore makes it possible for investors to subsequently move elsewhere in Canada.
But if the $750,000 sounds exorbitant, you can obtain a loan from a financial intermediary. This way, investors can divest themselves of the burden of investing the $750,000 for five years. The cost of the loan is just under $205,000 ($220,000 Canadian). Note there is no age or education requirement for this program, but the investor and family members must be in reasonably good health.
- Quebec Entrepreneur program
The Entrepreneur Program is geared towards business immigrants who plan to have a hands-on role in their contributions to the Canadian economy. The net worth requirement for the Entrepreneur Program are lower than for Immigrant Investors (CAD$300,000 rather than CAD$800,000).
Applicants under this category of the Business Immigrant Program must commit to both managing and owning at least one third of a Canadian business, which will create or maintain employment, within three years of landing in Canada. The steps taken to acquire a business in Quebec or your ability to carry out a business project will be the key element in your assessment.
7 Steps on How to Migrate to Canada as an Investor
Having analyzed the various means and visa programs for investors to migrate to Canada and the vast benefits of doing so, below is a detailed step by step instruction on making your move to Canada as an Investor.
- Check your eligibility
Statistics has it that over 250,000 people move to Canada each year. Although there are multiple paths to legally move to Canada, as an Investor you have to consider your options extensively. Before you go forward with your plans, it’s very crucial you check your eligibility.
Have it in mind that you may not be allowed to immigrate for one of many reasons. These reasons include human or international rights violations, your criminal record, health and financial reasons, misrepresentation, non-compliance with IRPA (Immigration Refugee Protection Act) and having an inadmissible family member.
- Choose a suitable visa program and complete the appropriate application
It is vital to go through a legal channel to gain entry to Canada as an Investor, otherwise you will be breaking the law and you may be deported. There are several ways for individuals to become a Canadian resident, but as an Investor, it’s advisable you consider one of the five visa programs discussed above.
Choose the application that is most relevant to your situation to apply for your visa. Note that skilled workers can complete an Express Entry profile online if you want to speed up the process of moving to Canada. This profile includes information about yourself, your language skills, and your credentials.
After you complete your Express Entry profile, you will also need to register with the Government of Canada’s Job Bank (unless you already have a job offer). But if you are applying for a self-employed, start-up visa, Quebec-selected skilled worker, family sponsored visa, or a provincial visa, then you will have to mail in your application.
- Pay the application fee and wait for your visa
Indeed, the application fees can be quite high, especially if you will be requesting entry for a spouse and other dependents as well. For instance, the application fee for an Express Entry application for an individual would be $550 Canadian dollars. However, if you are bringing a husband or wife and child as well, then the total application fee would be $1,250 Canadian dollars.
Ensure that you pay your application fee in full or your application may not be processed. Have it in mind that it can take a while to get a response on your application. Even if you apply using the Express Entry form, you may have to wait for up to six months to get a response. The more reason you have to ensure that you apply as soon as you know that you want to move to Canada.
Don’t wait until a month or a week before you want to go, get the application in right away. If your application is denied, then you will have to reapply and you should only do so if your situation changes in a significant way. You cannot appeal the decision.
- Improve your language skills and gather relevant documents
While waiting for your visa, it’s advisable you leverage the time to improve yourself and gather some crucial documents you will be needing. Note that good communication skills will help you to thrive in your new home. If either English or French is not your first language, then you will need to invest some time and energy into improving your language skills.
Look for a class you can take on weekends or evenings to help you get a handle on the language. Note that in some provinces, French is more prominent than English. Find out what most people speak in the province you will be moving to.
If you already speak one of Canada’s two national languages (English or French), then you may want to consider learning the other language. When you move, you will need to have certain official documents with you in order to gain entry to Canada. These documents may include;
- A Canadian immigrant visa and Confirmation of Permanent Residence for each family member traveling with you
- A valid passport or other travel documents for each family member traveling with you
- Two (2) copies of a detailed list of all the personal or household items you are bringing with you
- Two (2) copies of a list of items that are arriving later and their money value
- Identify good accommodation and purchase private health insurance
Have it in mind that you will need to secure a place to live before you make your move to Canada. Take your time to find a place to live that is within your income level. Keep in mind that you will have many other costs associated with your move to Canada, so you will need to ensure that you have money left over each month after paying your rent.
If possible, visit a month or two before you move so that you can look at potential homes for yourself. If you cannot find a permanent place to live before you leave, then you may want to consider staying in a hotel until you can secure a place to live.
Also, although, Canada offers free health insurance to residents and citizens, you will need to purchase private health insurance to ensure coverage for up to three months after you first arrive in Canada. The providers will vary depending on your province.
- Apply for Canadian citizenship
If you decide to stay in Canada and want to enjoy the rights of being a Canadian citizen, this is the obvious next step. After 4 years of residency in Canada, you can apply to be a legal citizen of this country. In addition to living in the country for 3 years, you must also be at least 18 years of age, be able to speak English or French, have an understanding of Canadian social protocols, and have passed a Canadian government and politics exam.
When you must have met all these obligations, you will be granted legal Canadian citizenship. You will receive an invitation to attend a citizenship ceremony, where you will receive a certificate highlighting your Canadian citizenship.
As one of the world’s most competitive investment locations with indispensable connections to global value chains, Canada offers clear advantages for the sophisticated investor seeking fresh opportunities. Have it in mind that Canada has established a unique business environment that provides investors and companies the platform to grow on the world stage.
To attract the best talent, Canada has focused its policies, business incentives and university support around key industries. So, to migrate to Canada as an Investor, it is best to consider all the options and ideas mentioned above.