Canada FIIP And Entrepreneur Program - globalgateways

1

Definition

For entrepreneurs, businessmen and Senior Executives who wish to apply for Canada permanent resident visa against passive investment. Successful applicants get unconditional permanent resident visa

For entrepreneurs who wish to own and actively manage their own business in Canada Successful applicants are granted a conditional visa. To be eligible to apply for permanent residence status in Canada, your Canadian business must meet certain conditions for some years, like creation of a minimum no. of jobs every year and others.

2

Experience Requirement

Ownership and Management of a qualifying business Managed at least 5 employees in a business

Ownership and Management of a qualifying business

3

Language Requirements

You need not meet any English language requirements and may even take a translator along, at the time of interview.

Average English language skills are mandatory. This is because when you will run a business in Canada, you will have to communicate with team members and clients, primarily in English. Though one can take help of a translator during an entrepreneur application interview, it is not likely to present you in a favorable light to the interviewing visa officer, as far as adaptability factor is concerned.

4

Investment to be made

You must make a passive interest-free deposit of C$800,000 for five years to the Canadian Government. This is a guaranteed refundable amount. Or, you may commit a onetime non-refundable payment of C$180,000 and rest will be financed by an approved Canadian financial institution. This investment is made after the success of your selection interview and in-principal approval but before visa issuance.

There is no minimum investment required when you apply for visa under this category. It is expected that your business contribute to the Canadian economy and create or maintain jobs. The investment is made after you land in Canada

5

Personal Net Worth of Assets

Personal net worth minimum requirement is C$1.6 million

Personal net worth minimum requirement is C$300,000

6

Application Processing Time

(1) 24-34 months under federal Immigrant investor program (2) 12 -15 months for Quebec immigrant Investor program

Around 6-7 years from the date of lodgment of application in busy visa posts.

7

Interview

In some cases, the interview is waived off. This is especially permitted under the Quebec program.

Interview is one of the most important aspects of the application process under the entrepreneur category and is rarely waived off

8

Post Landing visa conditions & Living Options

There are no post visa conditions attached to the visa issued to you under the immigrant investor program You have a wide range of options of what you want to do in Canada, such as job, passive investment, retirement and so on. The visa issued is unconditional and you even have the liberty to do nothing at all and live off passive investment made by you. Canada charter of rights and freedom permits a PR card holder and citizens to live and work in any part of the country.

You must report about the progress of your Canadian business, on a regular basis, to the Canadian Government about compliance of your business to the post-visa conditions. You have to meet Qualifying Canadian Business requirements, like, to engage in active business and investments; create jobs for the local citizens and so on. Within fixed time frame, which is normally 2 years, you must prove that your business has met the requirements of qualifying Canadian business. Even though you have the freedom to select to establish your business anywhere in Canada, you cannot do just any business and must do a business that contributes to the economy and generates employment. However, In case you have immigrated under an entrepreneur program of a provincial Government, you must live and work in that province and meet the visa conditions

9

Exploratory Visit

Not Required

Required and usually encouraged for applicants under the entrepreneur program

10

Lawyer

An applicant's lawyer is permitted to attend the interview when applied under the Quebec Immigrant Investor program

There is no provision for presence of the applicant`s lawyer.