Canada’s Pathways for Entrepreneur Visas: What You Need to Know
Are There Any Investment-Based “Gold Card” Options in Canada?
Recently, former U.S. President Donald Trump proposed a “Gold Card” visa, offering a pathway to U.S. residency in exchange for an investment of $5 million USD. This prompts the question: Does Canada have a similar investor visa program?
The quick answer is “no”—Canada does not offer a program where one can simply purchase permanent residency (PR). Most Canadian immigration programs focus on skilled workers rather than entrepreneurs or investors. However, Canada does provide several entrepreneurial immigration pathways that allow individuals to gain PR while establishing businesses.
Let’s take a closer look at the various programs available.
Federal Immigration Programs
For those seeking federal programs to settle and build a business in Canada (excluding Quebec), there are specific visa pathways available.
Start-Up Visa Program
Canada’s Start-Up Visa Program enables entrepreneurs to immigrate and establish their businesses. This program leads to permanent residency for the applicant, as well as their spouse and dependent children.
Eligibility Requirements:
- A qualifying business: You must own 10% or more of the business, the company must be incorporated in Canada, and the management must be done from within Canada.
- Support from a designated organization: You must secure support from one of Canada’s approved organizations, such as venture capital funds, angel investor groups, or business incubators. You will need a letter of support confirming this.
- Language proficiency: A Canadian Language Benchmark (CLB) level of 5 in either English or French.
- Settlement funds: Proof that you have sufficient funds to support yourself and your family.
The program also allows applicants to apply for a temporary work permit while their permanent residency is being processed, so they can begin setting up their business right away.
Immigration Options for Quebec
Quebec has its own set of immigration rules, which differ from the federal guidelines. Entrepreneurs looking to settle in Quebec should explore the Quebec Immigrant Investor Program (QIIP).
Quebec Immigrant Investor Program
The QIIP allows individuals to immigrate without needing to be actively involved in running a business, as it is a passive investment program.
Eligibility Criteria:
- A net worth of at least $2 million.
- Management experience of two years.
- French language proficiency.
- Investment of $1.2 million in a government-approved financial intermediary.
- Applicants must also undergo an attestation program to learn about Quebec’s democratic and societal values.
Provincial Nominee Programs (PNPs)
In addition to federal and Quebec programs, various provinces in Canada offer their own entrepreneur immigration pathways. These programs require you to settle in a specific province and meet local criteria.
Alberta
- Rural Entrepreneur Stream: Applicants must have at least $300,000 in personal net worth, a minimum of 3 years of business experience, and the intention to settle in a rural Alberta community.
- Graduate Entrepreneur Stream: For those who have completed studies in Alberta and have a Post-Graduation Work Permit (PGWP).
British Columbia
- Base Stream: Requires a minimum net worth of $600,000 and at least two years of business or management experience.
- Regional Stream: Applicants wishing to settle in rural BC can apply with a lower investment requirement and support from a local community.
Manitoba
- Entrepreneur Pathway: Applicants must have a net worth of at least $500,000 and an investment of at least $250,000 in Winnipeg or $150,000 outside it.
Nova Scotia
- Entrepreneur Stream: This stream requires a net worth of $600,000 or $400,000 for those outside Halifax, and the applicant must invest $150,000 of their own funds to start a business.
Specialized Provincial Programs
- Saskatchewan: The Entrepreneur Category in Saskatchewan focuses on individuals with a minimum net worth of $500,000 and at least 3 years of business management experience.
- New Brunswick: The Business Immigration Stream in New Brunswick requires a net worth of at least $500,000 and a minimum investment of $150,000 in the business.
Processing Time for Entrepreneurial Immigration
Processing times can vary significantly depending on the specific program. For instance, the Start-Up Visa Program can take up to 40 months for processing. For provincial programs, the process generally includes obtaining a nomination first, followed by a federal PR application, with some streams taking up to 2 years before final approval.
Final Thoughts
While Canada doesn’t offer a “Gold Card” visa that allows applicants to simply buy permanent residency, there are various pathways for entrepreneurs and investors who are willing to establish a business and contribute to Canada’s economy. Each province has different requirements, and it’s essential to carefully assess which program suits your skills and business plans.
If you’re interested in immigrating to Canada through entrepreneurship or investment, it’s advisable to consult with an immigration representative to guide you through the process and ensure you meet all the necessary criteria.
For a consultation about Immigration options, reach out to the CAD IMMIGRATION today!
