The Business Immigration to Canada has several routes and options for any investor or an entrepreneur to migrate and invest in Canada. However, Canada IIP and Canada Entrepreneur have always been a point of debate in the minds of prospective investors and businessmen for immigration to Canada. To make it easier for you to opt for the best program, we have compiled a comparison of Canada IIP and Canada Entrepreneur program, as given below:
|S.No||Point of Difference||Immigrant Investor Program||Entrepreneurs Program|
|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.|
Canada offers many different options for those who would like to invest or start a business in its economy. With these programs come the state-of-the-art facilities in the form of brilliant infrastructure and so on. Canada business programs are definitely a gateway for those on the search for a better future.
Disclaimer: Global Gateways, Do not offer consultancy on overseas jobs / work permits / international or domestic placements etc. We are primarily Visa and immigration advisory company that offers consultation on Visa and immigration options. We are not associated with any government authority or department of immigration. We neither assist in any kind of Job / employment offers nor do guarantee any kind of domestic / International placements and visas.