Published on : March 8, 2021
The Canadian government has been making several changes in policies affecting immigration pathways for entrepreneurs.
The Canadian government announced recently that the Owner/Operator category would be abolished from April 1, 2021.
This category falls under the Temporary Foreign Workers Program (TFWP). It allows applicants to apply for a work permit without conducting a Labour Market Impact Assessment (LMIA).
Also, it has introduced a new change this year regarding the Comprehensive Economic and Trade Agreement (CETA) investors.
Since January, the country is not processing UK citizens under this program. They will now have to meet the requirements of LMIA or apply through an LMIA-exempt category.
Here are some of the programs that entrepreneurs can apply through to open a business in Canada.
The Intra-Company Transfer (ICT) is for entrepreneurs who wish to expand an existing company in Canada. This program is usually for MNCs who want to move their staff between global branches.
However, it can also be used by entrepreneurs who want to open a business in Canada.
Mexican and American citizens who invest in Canadian businesses can be eligible to apply for a work permit under the Canada-United-States-Mexico Agreement (CUSMA).
Eligible investors, sole owners or shareholders can use it to direct and develop their business while staying in Canada.
The CETA Investor program allows eligible European investors to stay in one year without conducting an LMIA.
Both CETA and CUSMA investors need a business plan, a significant amount of funds, and their business must benefit the Canadian economy.
The Entrepreneur work permit, also called self-employed work permit, is for entrepreneurs who own or are a majority owner of a seasonal Canadian business.
Candidates with this work permit can seek temporary residence and can then apply for a permanent residence status.
To gain this permit, they must show that this business brings a significant social, economic or cultural benefit for Canadians.
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