Basically, under the federal program, there are two basic ways for business people to get residency: the start-up visa and the self-employment visa. The fundamental distinction is that to qualify for a start-up visa, you must have a company concept and an investor willing to invest in your business idea. However, there are no such prerequisites for a self-employed visa. Obtaining permanent residence might take a substantial amount of time for a business person or entrepreneur.
Tragically, the federal government has no option to offer investors. In other words, if you are considering making a passive investment in Canada to become an immigrant eventually, you will be disappointed to learn that this is not a possibility.
Startup Visa
This visa is intended for entrepreneurs who can and have the potential to establish a firm in Canada that is both creative and capable of creating jobs for others. A start-up visa requires the applicant to have reached an agreement with a Canadian business incubator, a Canadian venture capital fund, or a Canadian angel investor to invest a minimum of 75,000 Canadian dollars in their company.
Eligibility Requirements
The individual must have a supporting letter from groups in the private sector in Canada. They must communicate well in either French or English or both. This is a very crucial criterion that must be met. A minimum of CLBs-5 in each of the four sorts: writing, reading, speaking, and listening must be acquired.
Match the Fund Proof Criteria
In addition, you must carry sufficient funds to settle. To submit an application, you must provide proof of funds based on the number of people in your family – for example, for a single person, the cost is approximately 13000 Canadian dollars; for a couple, the cost is approximately 16,000 Canadian dollars, and so on – for each additional family member, the cost increases by approximately 3500 Canadian dollars. This money cannot be lent from anybody else. This visa can take up to 16 months to process.
Self-Employed Visa
Self-employed individuals such as artists, athletes, and others are encouraged to apply for this program. Self-employed individuals can now immigrate to Canada permanently due to this change. They have particular selection criteria and a point system that leads to an invitation to apply for a position. You must obtain a score of at least 35 in order to proceed. You must have relevant experience in cultural and sports activities and have made a significant contribution to the cultural life of Canada in order to qualify for this visa.
For this visa, the processing time is 34 months, a very long period.
Eligibility
In order to determine eligibility, the immigration officer looks at three primary requirements:
- Work experience (you must demonstrate to the immigration officer that you have had at least two years of work experience within the qualifying period).
- Intent and ability, i.e. your desire and capability to continue your work experience in Canada once you have arrived. You must demonstrate that you have sufficient financial resources to support your lifestyle in order to be successful.
- A significant contribution to the Canadian economy.
Remember that you must have relevant experience in cultural and athletic activities – this experience is only considered relevant if you have participated in cultural or athletic activities at a world-class level or if you have been a self-employed person who has already participated in some of these types of activities – in order to be considered for this position. According to the minimum criteria, relevant experience for self-employed individuals must consist of at least two years. However, you can get extra points if you have three, four, or five years of relevant experience.
Cultural activities include:
- Musicians
- Craftspeople
- Technical and other jobs in motion picture
- Painters
- Creative designers
- Sculptors
- Creative and performing artists
- Writers
- etc.
Your application will be evaluated based on various factors, including your previous work experience, your age, your education, your flexibility, and, of course, your language proficiency.
If you do not qualify for the self-employed class or the start-up visa programs, you may want to examine other choices accessible through federal programs. One such option is IMPC 11; a work permit option is also available to all job creators and business owners.
Speak to a Canadian Immigration Lawyer to discuss your visa options in detail. Contacting an experienced attorney is always recommended to ensure a positive outcome.
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