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:
- Investor
- Entrepreneur
- 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:
- All the applicants or investors must have an impressive background in business.
- They should have minimum net assets of C$800,000.
- 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.
- For the entrepreneurs’ category, the following are the key factors:
- The entrepreneur must have a minimum net worth of C$300,000.
- 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.
- 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.
