Entrepreneurs, business owners, or self-employed individuals in Korea can obtain Canadian permanent residency through various Canadian investment immigration programs. This guide will introduce the most popular ways for Korean business owners to establish and operate a business in Canada. We’ll also share suggestions and tips to increase your chances of success when applying for immigration from Korea.
Canadian Investment Immigration Programs
Here are some business immigration options for those running a business in Korea to settle in Canada:
- ICT Worker Visa – If a Korean company established in Korea wishes to expand into Canada, this visa allows the company and its team members to relocate to Canada. Koreans coming to Canada on an ICT work visa have several options to obtain Canadian permanent residency after working in Canada for one year.
- Entrepreneur Visa – This visa is available to entrepreneurs, high-income individuals, and experienced managers who wish to invest in or operate a business in Canada. Entrepreneurs with this visa can convert to permanent residency after operating a business in Canada for one year.
- Provincial Nominee Programs (PNPs) – Canadian provinces offer a variety of attractive options for Korean entrepreneurs to invest, establish a business, work, or settle in a specific province within Canada through immigration. The most popular programs among Korean entrepreneurs are the Ontario PNP and the British Columbia PNP.
- Owner-Operator LMIA Program – This program was previously the most popular among Korean entrepreneurs and investors, but was discontinued by the Canadian government in April 2021. Korean investors and entrepreneurs can currently achieve the same results through the standard LMIA process or the business visa described above.
Who is Canada Investment Immigration for?
- Successful business career
- Innovative business idea or technology holder
- A person who has held a managerial position for more than one year
Canadian Investor Immigration Eligibility Requirements
Canadian Investment Immigration Costs
- Average investment cost: $200,000 CAD and above
- Attorney Fees: $15,000-30,000 (may vary depending on the case)
Common reasons for rejection
- Insufficient funds
- Inappropriate business plan
- Business feasibility
Tips for filling out the application form
Here are some tips for Korean entrepreneurs submitting business immigration applications to the Canadian Visa Office in Manila :
Extensive financial documentation
Manila visa office staff pay particular attention to assessing the financial capacity of entrepreneurs and self-employed individuals. Therefore, it is important to include documentation of sufficient liquid funds to support the operation of your business in Canada.
Financial capacity can be verified through personal and business bank statements, stock holdings, savings accounts, and tax returns. Visa officers also often want to verify that business owners have additional funds to cover operating expenses or unexpected costs, in addition to the business investment. For example, if you are seeking to acquire a business valued at $150,000, we recommend submitting documentation of $250,000 to sufficiently satisfy the officer about your financial capacity. We also recommend including documentation of your personal and liquid assets with your business immigration application.
Include evidence of relevant experience
Another key factor considered by visa officers in all business immigration applications from Korea is whether the entrepreneur can operate the intended business in Canada. Therefore, it is crucial for Korean investors and business owners to provide sufficient documentation of relevant education, management, industry experience, and transferable skills. We recommend submitting supporting documentation, including letters of recommendation, proof of business ownership, and certificates of completion of additional education or courses, along with supporting documentation demonstrating the necessary skills and experience to perform the new role in Canada.
Will to execute the business plan
Many entrepreneurs and investors are reluctant to take risks without a clear guarantee that their immigration application will be approved. This is understandable. And what happens if, after investing in a business, they are unable to return to Canada to manage it?
To successfully apply for a business immigration visa, entrepreneurs must demonstrate a commitment to executing their business plan. Simply registering a business and submitting a business plan may not be sufficient to convince immigration officers of your intention to establish and operate a business in Canada.
Therefore, you must demonstrate sufficient evidence of your willingness to take on financial risk and execute your business vision. For example, actions such as acquiring a business, providing financial support to a Canadian company, signing a real estate lease, hiring your first employee, or purchasing equipment should sufficiently demonstrate to the visa officer your intention to realize your business vision and implement your business plan in Canada.
US EB-5 vs. Canada C11
Advantages of Living in Canada
- Good air and beautiful environment
- Free education for children
- Free benefits of Canadian health insurance
- Canadian residency visas can be extended for up to 5-7 years.
- You can apply for a work permit without an LMIA.
- Advantages when obtaining Canadian permanent residency
- Freedom of life
- The friendliness of Canadians
