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While Canada has become a popular destination for many immigrants, the process of obtaining permanent residency is becoming increasingly difficult. Canada provides excellent opportunities for people who can contribute to the country's growth, which is measured by a points-based skilled immigration system (Express Entry Program). On the other hand, many people are unable to meet the high thresholds of express entry or similar PNP programs, owing to three common factors: education credentials, high English proficiency, and being in their forties. The Canadian government innovated and created a separate points based category(Entrepreneur Immigration) for business owners and business managers from all over the world who want to become permanent residents and contribute significantly to the country's growth.
Canada has ten provinces, with nearly two-thirds of them offering various business-investment immigration categories. PNP entrepreneur immigration, on the other hand, is one of the best structured categories.
Why is this so?
These PNP categories are provided by some of Canada's most developed and populous provinces like British Columbia and Ontario, and the list of business preferences is never-ending (except ineligible businesses). The provinces offer opportunities to buy and grow an existing business, start a new business, or even buy a franchise in the majority of categories. These categories are based on a point system, and applicants in their forties do not lose any points. Many provinces make higher education optional or exempt, and the English proficiency requirement is as low as CLB4-CLB5 (IELTS 4.5-5 Bands).
So, what are the prerequisites?
A few factors must be considered in order to be an eligible candidate and participate in these categories:
Net-worth: An applicant must meet the net worth requirements of the provinces in which they wish to express their interest. For example, the lowest required net-worth for the British Columbia Regional Pilot Program is $300,000 CAD, while the Greater Toronto Area of Ontario requires the highest net-worth, which is $800,000 CAD..
Experience: To be considered, the applicant must have successful business owner manager or senior business manager experience. The number of years of experience required to meet eligibility varies by province, but typically 2-3 years are required.
Investment: Entrepreneur immigration in Canada does not require any upfront investment, and applicants can obtain their work permit with no investment. To become eligible, however, one must make the investment commitment required by the host province's business program. The British Columbia regional pilot program, for example, requires a minimum investment of $100,000 CAD or $200,000 for the Base Category.
The most important part of your application is your business plan. It is not only your road map to business success; it also contributes significantly to the total number of points required to receive a "invitation to apply." The business plan must be well written and supported by sufficient research and the applicant's skill transferability. Meeting your business plan while on work permit actually qualifies you for PR nomination because you technically meet the signed business performance agreement.
Weabide offers most reliable business services, and we can assist you in transforming your ideas into successful ventures with the goal of obtaining Canadian (PR) permanent residency.
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