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Entrepreneurs with a Three-Year Term (Terms and Conditions -
New Regulations)
Qualification Criteria
Entrepreneur applicants must meet all
of the following criteria:
-
They must have business
experience. Business experience, in respect of an Entrepreneur, means
the management of a "qualifying business" and the
control of a percentage of equity of the qualifying business for at
least two years in the last five years.
"Qualifying
business"* means a business operated by the entrepreneur
applicant for which there is, in any two years within the last five
years, evidence of any two of the following four criteria:
- % equity x number of full-time jobs:
at least two full-time jobs** per year;
- % equity x total annual sales:
at least CAD$ 500,000;
- % equity x net income*** in the year:
at least CAD$ 50,000
- % equity x net assets at the end of
the year: at least CAD$ 125,000.
* A
business primarily for the purpose of deriving investment income, such
as interest, dividends or capital gains is excluded. ** Two full-time jobs may include the Entrepreneur applicant.
*** Net income is the after tax profit or loss of the business plus owner's
remuneration.
-
They must have a legally obtained minimum total personal net worth* of
CAD$ 300,000.
* Net worth amount may include
spouse's or common-law spouse's.
-
They
must provide a written statement to an immigration officer stating that they
intend to and will be able to meet the terms and
conditions.
<Note>
The new immigration regulations for the Entrepreneurs category exclude
the employed managers who are not equity owners of the business.
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