Canadian immigration laws are complex, and choosing the right visa path is crucial for entrepreneurs planning to work and reside in Canada. Canada offers two main visa options for professionals: temporary visas and permanent residency. For applicants seeking quick entry into the Canadian market, applying for a temporary visa may be a preferable option. This article explores three key temporary business visas available to entrepreneurs: the intra-company transfer (ICT), the start-up visa, and the owner/operator LMIA-based business visa. The relevant eligibility requirements, restrictions, and advantages are summarized below.
As the name suggests, a temporary visa/permit is valid for a certain period of time and must be renewed to continue living and working in Canada. Temporary visas are preferred by some professionals. They are generally easier to apply for and tend to be approved more quickly.
A permanent resident visa grants you permanent residency in Canada, allowing you to live and work in Canada long-term. This is a good option for entrepreneurs who plan to settle in Canada long-term and eventually obtain Canadian citizenship. While planning to immigrate to Canada, entrepreneurs can also consider other opportunities, such as purchasing a franchise of a related business, applying for a start-up visa, or applying for a provincial nominee program.
There are several convenient ways for entrepreneurs and investors to operate a business in Canada and potentially settle permanently.
This visa is best suited for entrepreneurs who already have an existing business overseas and wish to establish a related new business in Canada. This visa allows entrepreneurs to immigrate to Canada and establish a new business in Canada. Entrepreneurs seeking an ICT work visa must register their company in Canada, provide proof of business address (this can be a law firm), and submit a detailed business plan including financial projections and personnel recommendations. The existing foreign business must also have been operating continuously in the country for at least 12 months. If these conditions are met, applicants may be granted a one-year work visa.
A key requirement for an ICT visa is that the business must be operating in Canada within one year. While the specific requirements vary by company, this generally means hiring at least one new employee and establishing an office in Canada. Business owners may also be required to demonstrate that the company is fulfilling contract orders, holding inventory, and generating revenue.
This work visa is for business professionals who wish to purchase a business in Canada or establish a new business and assume a management position within it. These entrepreneurs typically aim to immigrate to Canada permanently. Applicants granted this visa will become employees of their Canadian company. This means the company must demonstrate that it can pay the applicant a salary that meets Canadian wage requirements.
The application process is typically a two-step process. First, entrepreneurs must apply to Employment and Skills Development Canada (ESDC) to obtain a positive Labour Market Impact Assessment (LMIA). Once they receive a positive LMIA, they can then apply for a work permit, which is valid for up to two years. Once a work permit is obtained, in most cases, applicants can apply for permanent residence through the Express Entry program.
*This work visa increases the chances of business professionals applying for Express Entry permanent immigration to Canada.*
Permanent residence
Canada’s Start-Up Visa is designed to attract entrepreneurs from around the world to Canada and provide them with the support they need, including funding, to build businesses that can compete globally and provide jobs for Canadians.
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Sobirovs Law Firm specializes in assisting foreign businesses and brands entering Canada and provides comprehensive Canadian immigration services to high-net-worth individuals, entrepreneurs, and investors. For Chinese-language inquiries, please contact:Â lijing@sobirovs.com
If you want to read more related Chinese articles, please click: Canadian Business Immigration Exchange Blog https://www.chineseimmigration.ca/
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