06 Dec, 2018 Options for Immigrant Entrepreneurs: Apply federally and provincially
Nearly every Canadian province offers an immigration category solely for entrepreneurs interested in starting or buying a business in the country. Most of these provincial entrepreneurial streams are included within Provincial Nominee Programs (PNPs) and, as such, are each slightly different in order to best meet the needs of the province.
Provincial Options for Entrepreneurs
Having province-specific entrepreneur immigration streams allows Canada’s provinces to have more control over the kinds of businesses coming to the area, and means there are more options for interested immigrants. Depending on factors such as investment requirements, connections to a province and education, an applicant has room to choose the best entrepreneur stream suited to them. While each stream is different, there are some common links in the application process for each.
Generally, PNPs and other provincial entrepreneur streams require applicants to have recent work experience as a business owner or manager, and must invest a certain amount of their own funds into the business. Applicants can expect that the entrepreneur category they are interested in will have base requirements for education, language proficiency and work experience. Particularly important for entrepreneur streams, most will require that the applicant has a personal net worth of several hundred thousand dollars and is able to invest a significant amount of capital into their business.
Some of the most popular provincial options for entrepreneurs include the Ontario Entrepreneur Stream, the Saskatchewan Entrepreneur Stream and the Quebec Entrepreneur Program. Each of these streams does not require a previous connection the province.
Federal Options for Entrepreneurs
While there are many provincial options for entrepreneurs seeking Canadian permanent residence, interested candidates can also apply federally with the Start-Up visa. Applying for the Start-Up visa requires applicants get the support of one or more designated organizations. A Canadian designated organization must agree to invest a minimum of $200,000 meaning that unlike many provincial entrepreneur categories, starting a business with this visa does not require you to invest any of your own funds.
To stay up to date with changes happening in Canada’s Entrepreneur streams, follow along with our PNP Updates Tracker!
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