Frequently Asked Questions
Which
category should I apply for, Investor or Entrepreneur?
If
you have a net worth of at least $800,000, and have business experience
as an equity-owner of a qualifying
business, you may qualify for immigration in either class. Your
decision should be based on what you plan to do in British Columbia. If
you do not intend to be involved in the management of your own business,
apply as an Investor. If you plan to become actively involved in the
management of your own business or in a partnership, apply as an
Entrepreneur.
I
have been working at the executive management level for a company for
the last 15 years. Can I apply for the Entrepreneur category?
The new immigration regulations for the Entrepreneur category exclude
the employed managers who are not equity owners of the business.
However, if you have a personal net worth of over $800,000, you may
qualify for the Investor category.
Should
I apply as an Investor just to get an unconditional visa?
A
visa with terms and conditions is not an obstacle for an Entrepreneur.
Make
an exploratory visit, attend the Provincial Government's
seminar in Vancouver and undertake some basic market research. You will
be able to develop a good business opportunity that will also satisfy
the terms and conditions of your visa in British Columbia. If you want
to be an entrepreneur but you apply as an Investor, your capital in your
immigration-qualifying investment will not be available to you or your
new business for at least five years.
How
long does it take to process a Business Immigration application?
The time to process varies among different visa offices. Normal
processing can be expected to take between 12 and 18 months. In some
cases this can be significantly faster or slower. It is sometimes
possible to find out the expected processing times from visa offices. It
is a good idea to plan for the immigration to take at least one year. We
recommend not making any permanent changes to your lifestyle at least
until you have received a positive indication from the visa officer at
your interview. Be patient. Use the time to increase your knowledge of
business and business opportunities in British Columbia and improve your
English language skills.
Is
there a way to speed up the process?
The
best way to make sure your application is not delayed is to be certain
you’ve completed all sections of the forms thoroughly, that you have
included all the items requested by the visa office, and that you have
made an exploratory visit and are knowledgeable about doing business in
British Columbia. The Government of British Columbia offers the
Immigration and
Investment Seminar to help you understand the process and what to
expect on arriving in Canada.
Should
I visit Canada before I apply?
Making
an exploratory trip is one of the best things you can do. While in
British Columbia, you should check out the business climate, research
the type of business you may want to establish, explore different
communities, visit banks, schools and realtors, and
contact
us so you don't miss our weekly
Immigration and
Investment Seminar.
Do
I need a business plan?
Yes.
However, a lengthy and thorough plan won't be necessary. If you are an
Entrepreneur, the immigration officer who interviews you will consider
your ability to establish yourself successfully in business in Canada.
To assess your knowledge and understanding of the business conditions in
British Columbia, the officer may ask you to submit additional
information. Our
Immigration and Investment Seminar in Vancouver will help you greatly in
understanding the economic structure, business environment and lifestyle
in British Columbia.
Once
you have arrived permanently in Canada and you have found a business
opportunity, develop a business plan for your own use. A well-prepared
business plan provides you and other prospective partners in your
project with added confidence in your business venture. The Government
of British Columbia strongly recommends attending our
Business
Opportunities and Conditions Removal Seminar
to help you identify business opportunities and understand the terms and
conditions on your visa.
Should
I invest in a business or buy property in British Columbia before I
receive an immigrant visa?
No.
While you may own land, buildings or businesses in Canada, it will not affect
whether you get a visa or how long it takes you to get a visa. Business
immigrants are selected for their business background and suitability.
Avoid those who promise faster immigration or a visa if you buy a
business or property from them.
Can
I invest in my friend's business?
An
Entrepreneur immigrant may start up a new business or invest in an
existing one as a sole owner or an active partner, as long as it meets
the terms and conditions. It is very important to be aware of which
terms and conditions apply to you. It can be found on your permanent
resident document.
Those who
have a two-year term must be aware of the British Columbia guidelines
for acceptable business investments, while those who have a three-year
term must meet the conditions of a "qualifying Canadian business".
In both
cases, Entrepreneurs must take an active management role.
An Investor immigrant
must make the CAN$ 400,000 investment only with the Government of
Canada. Investors do not participate in the management of the government
fund or in its decisions. The capital remains invested for five years.
The investment does not yield any interest, but its repayment is
guaranteed by the Canadian government.
How
many Entrepreneurs can participate in the same business to meet the
conditions?
Each
Entrepreneur must invest a minimum of $125,000 and have at least 1/3 equity
of the business. Also, each partner must maintain an active
management role.
What
procedure is required, and how long does it take to remove terms and
conditions?
Once
an Entrepreneur’s business has created at least one new job for a
Canadian resident and has met the terms and the
conditions, he/she can apply to cancel the terms and conditions.
The form (IMM5344) and the guide are available at the Citizenship
and Immigration Canada's website. Entrepreneur Immigrants who
have established a business which meets the
provincial guidelines for the removal of terms and conditions, do not
need to wait until they have been in Canada for two years in order to
make a conditions removal application.
It takes approximately six months to one year after
submitting the removal application, although the amount of time varies
with the workload of the Citizenship and Immigration Canada office
responsible for the region where the Entrepreneur Immigrant is doing
business. The best way to speed an application through the process is to
ensure it is complete and thorough and that all
important details of the business are clearly explained.
It
is recommended that you contact
us
for
personal counseling to make sure that your business investment complies
with the terms and conditions.
Can
I apply for an extension, in case I am unable to fulfill my terms and
conditions?
No, extensions cannot be granted by law. However, if you can satisfy
immigration officials that you are attempting to fulfill your terms and
conditions, they may defer any decision on your case until such time
that you can prove that you are actually in business.
Where
can I find help in identifying business opportunities?
It is a good idea to explore various sources to identify good business
opportunities. Sources include advertisements in the local
newspapers, websites, business brokers, friends, or personal site
visits. Please do a thorough assessment of the business before
making any investment.
Why
does British Columbia seek Business Immigrants?
Business
Immigrants have a direct positive effect on British Columbia’s
economic growth and prosperity. During 1990 - 2000, 35,289 Entrepreneurs
and 35,653 Investors landed in British Columbia (principal applicants
and their dependents). They have invested millions of dollars in the
economy and created thousands of jobs. In addition to providing capital
for industrial development, they brought expertise in international
trade, tourism and advanced technologies and expanded recreational and
educational facilities in their new communities.
The
British Columbia Government would like to optimize the benefits of
business immigration to British Columbia. It does so by expanding
international awareness of the province’s excellent living conditions
and attractive business opportunities in various sectors and regions
targeted for development, by counselling Business Immigrants and foreign
investors, and also by assisting them to be successful with their projects.
More
questions?
If
you would like to ask a question about Business Immigration that is not answered on this website,
please contact
us
directly
by e-mail, fax, or phone. Because of limitation of resources
available, questions that are not pertaining to Business Immigration and
British Columbia Provincial Nominee Program will not be answered.
|
