Investors, entrepreneurs and self-employed persons
There are 3 categories to attract business men to immigrate to Canada and support our economy.
They are expected to make a minimum $800,000 investment in Canada, Business experience is essential while showing a net worth of 1.6 Million and have 800k ready to make an investment. While you can’t just claim you have made an investment, CIC will track and manage your investment for you, it is kept with CIC for 5 years and 2 months to help create jobs and prosper the economy, and once the time has passed the money is returned to you. Once you make your investment, usually 30 days prior, then an applicant will be issued a permanent resident visa as a result. There are several factors to consider while assessing net worth, the applicant’s financial statements could play a considerable role when assessing business experience and net worth of an applicant. The sub categories used to give points to an investors applicant for permanent resident is as follow. Business experience two to five years experience is 20 to a maximum of 35 points.10 points for ages 21 to 49, and 2 points less for below 21 or over 49. Education can be awarded between 5 and 25 depending on your education level. Language up to 24 points for knowledge of French and English and finally adaptability for total maximum points of 6. That is a grand total possible 100 points.
Entrepreneurs and self-employed application
Entrepreneurs also need to have business experience, they need a minimum of 300k net worth obtained legally. The 3rd requirement is make a written statement that when they are granted permanent residency an entrepreneur will do these items below at least 1 year to no more than 3 years after becoming a permanent resident:
- Control at least 1/3 equity of a Canadian business that is qualified under this program
- Provide management to that business
- Provide at least 1 fulltime employment within the company he is controlling and is a director of, this fulltime employee cannot be family associated.
The entrepreneur or self-employed applicant is assessed on the same point scale as someone in the investor category. An entrepreneur will also need to keep a full corporate structure going that includes but not limited to…
Registered corporation with a certificate of corporation and articles of incorporation
Financial statements with all balance sheets, income statements, etc…
- Integrity of financial statements can be verified by a CMA, CGA, CFA or CA designated accountant that is allowed to do an audit, review engagement or compilation engagement.
- Business licenses;
- Share structure;
- Payroll records;
- Bank statements.
So the main difference between an investor and an entrepreneur/self-employed applicant for permanent resident visa, is that an entrepreneur essentially has the CIC invest 800k on his behalf while conforming to all the other requirements, and an entrepreneur/self-employed individual invest his own money, and has significantly less net worth requirements, but is expected to maintain positive results and employee/s.
Ahmed Adbel Raouf Hatata
(Citizenship and Immigration Canada Website [CIC], 2012)
(OP 9 [CIC], 2012)
(OP 8 [CIC], 2012)