Canada welcomes entrepreneurs from around the world, and it represents fertile ground for anyone who wants to start a new business. If you wish to immigrate to Canada and launch a new business venture, you can combine these two goals for streamlined advantages in both areas. One of the most important things to understand about Canada’s immigration system is simple: You can benefit from business-focused immigration incentives even if you have not yet started a business. As long as you plan to start a business upon arrival, this may be enough to enjoy a streamlined immigration process. Follow these steps to start a business and immigrate to Canada:
Step One: Create a Business Plan
The first step of launching a new business plan is always the same: Create a business plan. A business plan allows you to carefully plan out every aspect of your business, and it serves as a valuable reference point in the future. While you might feel confident about your ability to keep ideas and processes in your head, most professional entrepreneurs agree that written business plans provide numerous advantages. These include:
Understanding your competition
Identification of funding opportunities
Identification of potential cash flow issues
Prediction of future challenges
Helps create accurate valuations
Inspires more confidence among investors
Finally, a business plan improves your chances of approval when immigrating to Canada under a business visa or a Provincial Nomination Program (more on those later). The Government of Canada wants to see that you are serious about your new business in the True North – and a business plan shows that you have thought things through.
Step Two: Gather Capital
Generally speaking, Canada requires entrepreneurs to demonstrate a financial capability to invest in the new business. Almost all business immigration programs and incentives are only available to those with relatively high net worths and plenty of available capital. The exact amount you will need depends on numerous factors, including the province and program of your choice. You should aim to have six figures saved away for investing in your new business. A six-figure net worth is also necessary. Speak with your immigration lawyer to learn more about the specific requirements.
The good news is that even if you do not have access to this kind of money right now, you can still obtain funding, grants, and loans from various sources. Becoming aware of the capital and investment requirements under Canadian immigration is the first step. From there, you can explore these funding goals with greater accuracy and efficiency.
Step Three: Consider Provincial Nominee Programs (PNPs)
As you begin to pursue funding opportunities, you can begin to consider Canada’s various Provincial Nominee Programs – otherwise known as “PNPs.” For those who don’t know, Canada is made up of several provinces and territories. These various jurisdictions have markedly different population densities, economies, and even cultures. Due to these differences, each province incentivizes the creation of different types of businesses. The goal is to incentivize growth in specific areas of need.
PNPs represent one example of these incentives, and provinces are more likely to accept you if you provide solutions to their most pressing problems. Consider how you can create a business to meet these goals as you approach your immigration plan. If you already have a business in mind, consider how you might alter your plan in a way that allows you to benefit from PNPs. This might be easier than you think. For example, many PNPs simply require you to start a new business in a rural community – with no real specifications on what this new business might be.
Step Four: Submit Your Immigration Documents
Now that you have gathered your capital and created a detailed business plan that targets a PNP, it’s time to approach the actual immigration process. While there’s nothing stopping you from doing this on your own, it might be a good idea to work alongside a qualified, experienced immigration lawyer in Canada. These legal professionals have plenty of experience helping entrepreneurs settle in the True North, and they can help you with your immigration application.
Even a small mistake can lead to serious delays and issues, and an immigration lawyer can carefully review your application before submitting it. Not only that, but immigration lawyers are also very familiar with common issues faced by entrepreneurs. This means that if an issue should arise, your business immigration lawyer can help you respond quickly and effectively.
Step Five: Comply With Additional Requests for Information
If all goes well, you should have the opportunity to settle in Canada and start your new business. It’s important to note that this process does not end after you first set foot on Canadian soil. If you have applied on the presumption that you will start a new business after arriving in Canada, the immigration authorities will check in and make sure you’re actually following through on this promise.
This means that you may need to respond quickly to any requests for information and updates as you build your new business in Canada. The authorities may request different kinds of evidence, including:
Proof that your business is operational
Proof that you are employing Canadian permanent residents or citizens
Proof that your business meets the requirements set forth by the PNP
Your business immigration attorney can help you communicate effectively with federal and provincial immigration authorities once you arrive in Canada, ensuring proper compliance as you build your operation.
Step Six: Speak With a Business Immigration Lawyer in Vancouver
If you have been searching for an immigration lawyer in Vancouver, look no further than Ackah Business Immigration Law. Starting a new business while simultaneously immigrating to Canada can seem overwhelming – but you are not alone in this process. With help from an immigration lawyer, you can weave both of these goals together and experience considerable advantages along the way. Book your consultation today to learn more about Canada’s business immigration programs, incentives, and opportunities.
