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.
Here are some business immigration options for those running a business in Korea to settle in Canada:
| Requirements | Explanation |
|---|---|
| Resident visa | Canada’s Employee Visa Program is a work visa available to employees of companies headquartered in Korea or abroad who are dispatched to Canadian companies. In most cases, employees who work for a Canadian company for at least one year are eligible to apply for permanent residency. |
| Startup Visa | This permanent residency program targets individuals with the skills and potential to establish a business based on an innovative idea. This program requires external investors, such as venture capital funds. The permanent residency process can take approximately two years. |
| Significant Benefit Visa | The C11 Entrepreneur stream is suitable for individuals who wish to invest in an existing Canadian business or start a new one. After one year of starting a business in Canada, you can apply for permanent residency. |
| LMIA work permit | After obtaining a Work Permit (LMIA) and working in Canada for two years, you can apply for permanent residency. This program is ideal for hiring foreign workers. |
Here are some tips for Korean entrepreneurs submitting business immigration applications to the Canadian Visa Office in Manila :
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.
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.
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 | Canadian C11 | |
|---|---|---|
| Required investment funds | 1,050,000 USD | $250,000 CAD |
| Job Creation | At least 10 | 2+ |
| Processing Times | 52 months | 3 weeks to 4 months |
| family | Dependent visa available | • Spouse: Open Work Permit • Children: Study Permit |
| permanent residency | More than 4 years | More than 2 years |
| English/French proficiency test | No need | may be required |
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