It’s true that Canada immigration is the source of manpower that can emancipate the Canadian economy after the hardships of the COVID-19 pandemic. Canada’s ambitious plan is to welcome over 1.3 million immigrants over the next 3 years. The aim is to garner all the necessary support for its post-pandemic growth.
In 2022, Canada immigration is targeted to bring in over 431,000 newcomers. This number will be 447,000 in 2023 and 451,000 in 2024. That’s what Canada’s Immigration Levels Plan says. A significant number of these immigrants will be businesspeople.
Business immigration to Canada – the facts
Canada has the reputation of offering the most established and widely-used immigration programs based on investment and conferring the status of Permanent Resident to investors who arrive through them.
The following are the major pathways Canada offers to business people to arrive as permanent residents in Canada through investment:
- QIIP (Quebec Immigrant Investor Program)
- Federal IIVC (Immigrant Investor Venture Capital) Pilot Program
- Quebec Entrepreneur program
- Several PNP programs for Entrepreneurs
- Quebec Self-Employed program
- Federal Start-Up Visa program
There are also various entrepreneur and self-employment programs offered by Canada. They serve the purpose of giving immigrants with a personal net worth in the mid-range to set up and operate a business in Canada.
Canada’s business sector gives employment to over 12 million individuals. Entrepreneurs are vital to the business sector as well as the whole of the Canadian economy. Over 2.7 million Canadians are self-employed, over 800,000 of whom are active with paid employees.
These entrepreneurs maintain the competition and give wider consumer choices for products and services. They serve their purpose in large and small communities across Canada.
The investor programs are fit for high net-worth individuals who are willing to make a passive investment without an obligation to set up a business.
Wealthy immigrant business people may buy or set up a new business in Canada. They can thus qualify to hold a temporary work visa. This is possible under federal ‘owner-operator’ policies. In time, such migrants may qualify for owning a Canada PR visa under a Canada immigration program that suits them.
As is seen from the latest observations in 2022, newcomers are found to be more likely to buy businesses or establish their own when compared to other Canadians. A study has found that many immigrants in Canada are likely to enter a business, creating an enterprise for themselves. Men and women who were either common-law partners or spouses to Canada PR visa holders/citizens had high chances of taking up entrepreneurship.
Such a tendency of newcomers to start a business and invest in Canada had a great influence on Canadian policy-making. This is all the more evident in a circumstance when Canada is trying to boost the recovery of its economy after the COVID-19 pandemic.
As many new immigrants are ready to own a business in Canada it makes the Start-Up Visa program the best pathway for those who are intending to own a Canada PR visa. Upcoming entrepreneurs seeking the benefits of starting businesses in Canada via the Start-Up Visa program are up for their opportunity to get Canadian permanent residence. They only have to meet the requirements to qualify as immigrant entrepreneurs.
*Know your eligibility to Canada, through Y-Axis Canada Immigration Score calculator.
Canada immigration and the entrepreneur population in Canada
Here’s a look at the impact of Canada immigration on the trends set by the entrepreneur population with relation to the Canadian economy.
- 33% of all business owners with paid staff are immigrants. They create vital local jobs in every sector of the Canadian economy.
- Over 600,000 self-employed immigrants are active in Canada, with over 260,000 of them having paid employees.
- There are in excess of 47,000 immigrants actively employed in senior management roles in Canada. This includes:
- 12,000 in trade, broadcasting, and miscellaneous services
- more than 15,000 in communications, finance, and business services
- over 12,000 in transportation, construction, utilities, and production
- Here’s the sector-wise distribution of the percentage of immigrant business owners who are self-employed individuals with paid employees:
- Software publishers: 30%
- Data processing, hosting, and services: 40%
- Dentists’ offices: 36%
- Restaurants: 50%
- Grocery stores: 53%
- Computer systems design and services: 51%
- Truck transportation: 56%
How can newcomers migrate to Canada as investors?
There are 3 types of private-sector investors considered under the Canada Start-Up Visa program.
Candidates has also the option to qualify with 2 or more commitments from designated venture capital funds coming to $200,000 in total.
Another way in which candidates can qualify is with 2 or more investments made by angel investor groups coming to $75,000 in total. A designated business incubator has to give acceptance to the applicant to enter its business incubator program. It’s up to the immigrant investor to hatch up a viable plan for a business that will meet the requirements of due diligence of these designated entities that are approved by the Canadian government.
Why are new Canada immigrants so excited about investing in Canada?
Anyone who has explored investment options and scope in Canada must have learned that the start-up climate in Canada is a good one. It was especially so during the COVID-19 pandemic.
In the Global Start-up Ecosystem Index Report 2021, Canada regained the fourth rank and had more cities in the top 50 when compared to any other country. Only 2 countries were exceptions. They were the US and China.
So, if you are keen to follow the investment trends that go with Canada immigration, stay updated about the Canada start-up visa and the country’s investment policies for immigrants.
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