Business Class Immigration - Entrepreneur
Entrepreneurs can immigrate to Canada if they hold the required business experience. To have this experience you must have actively managed a business and held a percentage of equity. You must also have a net worth of over $300,000 CDN.
Once in Canada you must create at least one full-time job for a Canadian and control a percentage of equity in a qualifying Canadian company. You must also actively manage the business. These conditions must be met within 3 years of becoming a permanent resident.
This is described by the Citizenship and Immigration Canada (CIC) as:
"entrepreneur" means a foreign national who
a) has business experience;
b) has a legally obtained minimum net worth; and
c) provides a written statement to an officer that they intend and will be able to meet the conditions referred to in subsections 98(1) to (5).
"business experience" in respect of an entrepreneur, means a minimum of two years of experience consisting of two one-year periods of experience in the management of a qualifying business and the control of a percentage of equity of the qualifying business during the period beginning five years before the date of application for a permanent resident visa and ending on the day a determination is made in respect of the application.
"full-time job equivalent" means 1,950 hours of paid employment.
"minimum net worth" means in respect of an entrepreneur, $300,000.
"net assets", in respect of a qualifying business or a qualifying Canadian business, means the assets of the business, minus the liabilities of the business, plus shareholder loans made to the business by the foreign national who is making or has made an application for a permanent resident visa and their spouse or common-law partner.
"net income", in respect of a qualifying business or a qualifying Canadian business, means the after tax profit or loss of the business plus remuneration by the business to the foreign national who is making or has made an application for a permanent resident visa and their spouse or common-law partner.
"net worth", in respect of an entrepreneur, means the fair market value of all of the assets of the entrepreneur and their spouse or common-law partner minus the fair market value of all of their liabilities.
"percentage of equity" means
a) in respect of a sole proprietorship, 100 per cent of the equity of the sole proprietorship controlled by a foreign national or their spouse or common-law partner;
b) in respect of a corporation, the percentage of the issued and outstanding voting shares of the capital stock of the corporation controlled by a foreign national or their spouse or common-law partner; and
c) in respect of a partnership or joint venture, the percentage of the profit or loss of the partnership or joint venture to which a foreign national or their spouse or common-law partner is entitled.
"qualifying business" means a business - other than a business operated primarily for the purpose of deriving investment income such as interest, dividends or capital gains - for which, during the year under consideration, there is documentary evidence of any two of the following:
a) the percentage of equity multiplied by the number of full-time job equivalents is equal to or greater than two full-time job equivalents per year;
b) the percentage of equity multiplied by the total annual sales is equal to or greater than $500,000;
c) the percentage of equity multiplied by the net income in the year is equal to or greater than $50,000; and
d) the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than $125,000.
"qualifying Canadian business" means a business operated in Canada by an entrepreneur - other than a business operated primarily for the purpose of deriving investment income, such as interest, dividends or capital gains - for which there is in any year within the period of three years after the day the entrepreneur becomes a permanent resident documentary evidence of any two of the following:
a) the percentage of equity multiplied by the number of full-time job equivalents is equal to or greater than two full-time job equivalents per year;
b) the percentage of equity multiplied by the total annual sales is equal to or greater than $250,000;
c) the percentage of equity multiplied by the net income in the year is equal to or greater than $25,000; and
d) the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than $125,000.
