Who is an Entrepreneur Immigrant?
The following aspects of the regulatory definition should be factored into assessment of an Entrepreneur Immigrant:
- Intends and has the ability to invest in a business, and has legally obtained net worth of at least CND$300,000;
- Is ready to establish, purchase or make a substantial investment in a business or commercial venture in Canada;
- Will make a significant contribution to the economy;
- Will be able to employ at least one other Canadian citizen or permanent resident; and
- Intends and has the ability to provide active and on-going participation in the management
Selection
Entrepreneurs are assessed on seven factors:
- Education;
- Business Experience;
- Age;
- Knowledge of English and French;
- Adaptability
To operate a business in Canada you would require an employment authorization. We would not recommend going ahead with the purchase of a business until such time as you have been approved for your immigrant visas. We have been involved in cases where people have purchased businesses and then been refused – it can be a real problem.
Generally business applicants are subjected to more review and greater scrutiny so the processing time is often longer and you receive a conditional immigrant visa subject to fairly stringent terms and conditions which if not fulfilled can result in your removal from Canada.