Entrepreneur must have business experience. They must have managed a qualifying business and controlled a percentage equity of a qualifying business for at least two (2) years in the period beginning five (5) years before the date of application. The entrepreneur class applicant must have a legally obtained minimum net worth of at least $300,000 and are required to sign a statement that they intend and will be able to meet the conditions or permanent residence.
Features of the Entrepreneur Program:
* A minimum net worth requirement of $300,000;
* A requirement that within three years of becoming a permanent resident, the entrepreneur must have controlled and have actively managed a qualifying Canadian business for a period of at least one year, and that the business must have created employment opportunities for others; and
* All family members are admitted under the same conditions as the principal applicant; the conditions are removed once the entrepreneur satisfies the conditions.
To qualify as an Entrepreneur, the applicant must be able to meet the following conditions:
1. An entrepreneur who becomes a permanent resident must meet the following conditions:
* the entrepreneur must control a percentage of the equity of a qualifying Canadian business equal to or greater than 33 1/3 percent;
* the entrepreneur must provide active and ongoing management of the qualifying Canadian business; and
* the entrepreneur must create at least one incremental full-time job equivalent for Canadian citizens or permanent residents, other than the entrepreneur and their family members.
2. The entrepreneur must meet the conditions for a period of at least one year within the period of three years after the day on which the entrepreneur becomes a permanent resident.
3. An entrepreneur who becomes a permanent resident must provide to an officer evidence of compliance with the conditions within the period of three years after the day on which the entrepreneur becomes a permanent resident.
4. An entrepreneur must provide to an officer:
* not later than six (6) months after the day on which the entrepreneur becomes a permanent resident, their residential address and telephone number; and
* during the period beginning 18 months after and ending 24 months after the day on which the entrepreneur becomes a permanent resident, evidence of their efforts to comply with the conditions.
"Business experience", in respect of an entrepreneur, means the management of a qualifying business and the control of a percentage of equity of the qualifying business for at least two years in 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.
"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.
"Minimum net worth" means:
* in respect of an entrepreneur, CDN $300,000; and
* in respect of an entrepreneur selected by a province, the minimum net worth required by the laws of the province.
"Qualifying Canadian business" means a business operated in Canada by an entrepreneur -- other than a business 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:
* 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;
* the percentage of equity multiplied by the total annual sales is equal to or greater than CDN $250,000;
* the percentage of equity multiplied by the net income in the year is equal to or greater than CDN $25,000; and
* the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than CDN $125,000.
"Full-time job equivalent" means 1,950 hours of paid employment.
"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 a foreign national and their spouse or common-law partner.
"Net income", in respect of a qualifying business or a qualifying Canadian business, means the after profit or loss of the business plus remuneration by the business to a foreign national and their spouse or common-law partner.
"Percentage of equity" means:
1. 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;
2. 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
3. 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.
Selection Criteria
To be selected as a Business Immigrant, you must meet first the definition of the business class in which you are applying under (investor, entrepreneur or self-employed person). If you successfully meet the definition, you are then assessed against five (5) selection factors i.e.
Age, Education, Official languages, Experience and Adaptability). The pass mark for all three (3) classes of business is 35. The maximum possible score for each class is 100.
Self-employed applicants must meet the definition of a Self-employed category as described above. Self-employed immigrants will be evaluated against a similar selection criteria point system applicable to their circumstances.
For a free assessment of your eligibility for permanent residency in Canada under the Business Class immigration, please click here
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