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More Investment, Better Prospects in Canada!

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With the global economy on the rise, the immigration sector is all set to boom again. Similar to other countries, Canada intends to welcome a pool of around two hundred and sixty-five thousand immigrants. Attracting highly skilled immigrants from other developing nations to contribute to the economy of Canada has been a key feature. The country also considers its immigrant population as its asset that has led the country to its current heights. The Canadian government is expecting more investors to contribute to its economy leading to fresh employment opportunities. Although, the recession has had its impact, which led to the clearance of only eleven thousand and six hundred visas under the business category to be dispatched in the year 2010.

 

Despite the recession, the government is keen to attract as many foreign investors as possible who have the right skills, knowledge and attitude apart from having access to the market segments outside Canada. With extensive promotions and campaigns being implemented by the government, this rate has come up to ten per cent of the total immigrant population. Additionally, the Canadian High Commission has offices in various embassies abroad that specifically cater to these high-end business investors and entrepreneurs. There are a few countries that are being eyed for investors. These include France, the United Kingdom, Hong Kong, China, Singapore, Syria and South Korea.

 

The business visa programs under the Federal category consist of three different categories. These are:

 

  1. Investor
  2. Entrepreneur
  3. Self-Employment

With this, each province in Federal Canada sets its eligibility criteria based on its needs and skill shortages. Plus, the provinces take their steps to attract investors.

 

The eligibility requirements for investors in all the provinces are:

 

  1. All the applicants or investors must have an impressive background in business.
  2. They should have minimum net assets of C$800,000.
  3. They should be willing to invest an amount of C$400,000 in Canada. In other words, the entrepreneur has to give a loan that is free of any form of interest to the Canadian government, for five years.
  4. For the entrepreneurs’ category, the following are the key factors:
  5. The entrepreneur must have a minimum net worth of C$300,000.
  6. He has to declare or testify in the presence of a visa officer that after becoming a permanent resident in Canada; he would spend a minimum of a year of the first three consecutive years participating and controlling the business. He must control at least one-third of the entire business.
  7. A minimum of one full-time job opportunity should be created and catered to a local Canadian citizen who is not related to the entrepreneur.

 

Those applying under the self-employed category must adhere to the following criteria:

 

  • Applicants applying under this category must have had a brilliant track record as an entrepreneur.
  • They should have enough funds to buy or invest in a business in Canada.

Above all, irrespective of the three categories, the common assessment criteria include:

 

  • Age
  • Academic Qualifications
  • Experience in Business
  • Language Skills – English/French
  • Adaptive Ability

Each of the above factors is allotted a certain number of points. A minimum of thirty-five points must be scored to be eligible for immigration to Canada.

 

All the applicants are permitted to bring their immediate family members that are spouse and children. No separate applications have to be filed for the dependents as they can be included in the same visa application submitted by the applicant.

 

Apart from the above, the province of Quebec, which is dominant by the French-speaking population has its own set of criteria for each of its immigration programs. To be eligible and apply for the same, an applicant must have excellent French language skills.

 

All in all, Canada is one of the developed nations of the world, inviting business people from other countries would deck the country with better career prospects. As for the new business, it is a boom for them as they get to spread their venture across continents.

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Dogecoin dropped after Elon Musk calls it a ‘hustle’ on ‘SNL’ show

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By Alden Bentley and Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) -The value of dogecoin dropped sharply in early U.S. hours on Sunday, after Tesla chief and cryptocurrency supporter Elon Musk called it a ‘hustle’ during his guest-host spot on the “Saturday Night Live” comedy sketch TV show.

Dogecoin was quoted as low as $0.47 on crypto exchange Binance, down 28% from levels around $0.65 before the show.

The billionaire Tesla Inc chief executive hosted the show at 11:30 p.m. EDT on Saturday (0330 GMT on Sunday).

Cryptocurrency enthusiasts had for days been eager to see what he would say, after his tweets this year turned the once-obscure digital currency into a speculator’s dream.

Asked ‘what is dogecoin’, Musk replied, “It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world.”

When a show cast member Michael Che countered, “So, it’s a hustle?”, Musk replied, “Yeah, it’s a hustle.” And laughed.

Musk is the rare business mogul to have been asked to host the venerable comedy TV show. The timing puts Musk back in the spotlight just as Tesla’s stock is losing steam following last year’s monster rally.

The unconventional CEO has posted numerous comments about cryptocurrencies on Twitter and criticized regular old cash for having negative real interest rates.

“Only a fool wouldn’t look elsewhere,” he said in February.

His cryptic tweets “Doge” and “Dogecoin is the people’s crypto” that month kicked off a rally in dogecoin – created as a parody on the more mainstream bitcoin and ethereum.

On Thursday, Musk tweeted: “Cryptocurrency is promising, but please invest with caution!” with a video clip attached in which he said, “it should be considered speculation at this point. And so, you know, don’t don’t go too far in the crypto speculation …”

But he also said, in the video, that cryptocurrency has a “good chance” of becoming what he called “the future currency of the Earth.”

On crypto data tracker CoinGecko.com, dogecoin has jumped more than 800% over the last month and is now the fourth-largest digital currency, with a market capitalization of $73 billion. It hit a record high Thursday above $0.73.

It has overtaken more widely used cryptocurrencies such as litecoin and tether.

Tesla said in February it bought $1.5 billion worth of bitcoin and would soon accept it as a form of payment for its electric cars, a large stride toward mainstream acceptance that sent bitcoin soaring to a record high of nearly $62,000.

Tesla shares closed 1.3% higher at $672.37 on Friday.

(Reporting by Gertrude Chavez-Dreyfuss and Alden Bentley in New York, and Noel Randewich and Hyunjoo Jin in San Francisco Additional reporting by Joe White and Vidya RanganathanEditing by Matthew Lewis & Simon Cameron-Moore)

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Wealthsimple hits $4 billion valuation on funding from Ryan Reynolds, Drake

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Wealthsimple

(Reuters) -Wealthsimple said on Monday it has raised C$750 million ($610.40 million) in its latest funding round, which more than doubled the Canadian fintech company‘s valuation to C$5 billion.

The latest funding round included participation from celebrities Drake, Michael Fox and Ryan Reynolds, according to the company.

The Toronto-based company that has helped make stock trading, peer-to-peer money transfers and tax filing easily accessible, said it will use the amount raised to further expand its market position, product suite and team.

The latest funding round, led by venture capital firms Meritech and Greylock, also includes investments from iNovia, Sagard, TSV and Redpoint.

The funding consists of C$250 million primary fundraising by Wealthsimple and a C$500 million secondary offering by holding company Power Corp of Canada, its largest shareholder.

Wealthsimple said it has seen rapid growth in the past 14 months as Canadians took an interest in stock trading during the COVID-19 pandemic.

Earlier this year, the company said it plans to grow revenue by adding premium features for its clients.

($1 = 1.2288 Canadian dollars)

(Reporting by Eva Mathews and Tiyashi Datta in Bengaluru; Editing by Shailesh Kuber and Shounak Dasgupta)

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Ethereum breaks past $3,000 to quadruple in value in 2021

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SINGAPORE (Reuters) –Cryptocurrency ether broke past $3,000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin, as investors bet that ether will be of ever greater use in a decentralised future financial system.

Ether, the token transacted on the ethereum blockchain, rose 3% on the Bitstamp exchange to $3,051.99 by lunchtime in Asia. It is up more than 300% for the year so far, easily outpacing a 95% rise in the more popular bitcoin.

In part, the big rally is a catch-up to late 2020 gains in bitcoin, said James Quinn, managing director at Q9 Capital, a Hong Kong cryptocurrency private wealth manager.

It also reflects improvements to the ethereum blockchain, he said, and a growing shift towards “DeFi”, or decentralised finance, which refers to transactions outside traditional banking for which the ethereum blockchain is a crucial platform.

“At first, the rally was really led by bitcoin because as a lot of the institutional investors came into the space, that would be their natural first port of call,” Quinn said.

“But as the rally has matured over the last six months, you have DeFi and a lot of DeFi is built on ethereum.”

The launch of ether exchange-traded funds in Canada and surging demand for ether wallets to transact non-fungible tokens such as digital art have also pushed up the price.

The ether/bitcoin cross rate has soared more than 100% this year and hit a 2.5-year high on Sunday, pointing to a degree of rotation into the second-biggest cryptocurrency as investors diversify their exposure.

“Surging DeFi volumes continue to push ethereum prices higher as investors gain confidence in crypto and see ethereum as a safe second-place asset,” said Jehan Chu, managing partner at Hong Kong blockchain venture capital firm Kenetic Capital.

Illustrating the momentum for such new transactions, Bloomberg reported last week that the European Investment Bank plans on issuing a digital bond over the Ethereum blockchain, while JP Morgan plans a managed bitcoin fund.

Bitcoin, the world’s biggest crypto asset with more than $1 trillion in market capitalisation, regained the $50,000 mark last week and hovered around $58,000 on Monday, up about 3% but well below its record high at $64,895.22.

The U.S. dollar was broadly steady. [FRX/]

(Reporting by Tom Westbrook and Vidya Ranganathan; Editing by Himani Sarkar & Shri Navaratnam)

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