Entrepreneurship in Canada
Entrepreneurship in Canada with an average cost between CAD 75,000 to CAD 200,000 is one of the best ways to obtain residency in Canada. The applicant for the entrepreneur visa in Canada must first obtain a work permit for 1 to 2 years and after setting up their business, apply for permanent residency.
Entrepreneurship in Canada allows spouses and children to receive accompanying visas. After 3 years of permanent residency, applicants can apply for a Canadian passport. This program is available in provinces like Quebec, Ontario, Alberta, and British Columbia, each with different investment and residency requirements. In the comments section, you can ask your questions and receive answers promptly.
Why Entrepreneurship in Canada?
- Path to permanent residency
- Business opportunity
- Supportive ecosystem for entrepreneurs
- High quality of life in Canada
- Possibility to bring family
- Possibility to obtain citizenship
- Living in a diverse and inclusive community
- Access to international markets
Conditions for Immigration to Canada through Entrepreneurship
Entrepreneurial immigration to Canada is one of the popular methods for obtaining residency. Canada is a federal country with 11 different provinces. Each province has its own regulations, but all are ultimately governed under a single federal law. Individuals wishing to obtain residency in Canada through the entrepreneur visa should consider the following conditions:
- Submit valid documents in English
- Provide financial resources (entrepreneurial net worth and minimum investment amount)
- Provide a business plan approved by the province and Canada
- Have at least 3 years of experience in business or own a business in the previous 5 years
- Receive a Letter of Support
- No criminal record
- Identity documents
- Achieve the minimum score required for each region
- Be in good physical and mental health
You can obtain Canadian residency by investing CAD 50,000 in small cities or CAD 100,000 in larger cities. First, submit your business plan to the province. After one year of operating your business in Canada, you can apply for permanent residency for yourself, your spouse, and children under 22. The process takes 6 to 12 months.
Conditions for Obtaining Canada’s Entrepreneur Visa
First of all, you should know that the Canadian visa type suitable for entrepreneurs is suitable for individuals who:
- Are innovative
- Are able to create jobs for Canadian citizens
- Are able to compete internationally
Thus, you should have a suitable business idea for Canada, which must be recognized by designated Canadian organizations (Designated Organizations). These organizations are business groups that are authorized to invest in or support startups that migrate through the Startup Visa to Canada program.
Qualified organizations review and assess your business plans based on their specific criteria. To obtain a Canadian business visa, you must meet the conditions set by each province’s Provincial Nominee Program (PNP), which vary across Canada’s eleven provinces. For all provinces in Canada except Quebec, a support letter is mandatory. Entrepreneur immigration to Quebec is done only through the Quebec website at Immigrate to Québec to do business.
What is the Minimum Capital Required for Entrepreneurship in Canada?
One important aspect to consider when immigrating to Canada through investment is the amount of capital required for entrepreneurship in Canada. There is no specific minimum capital amount required for entrepreneurship in Canada. However, those interested in starting a business in Canada must be aware of the financial resources needed to cover various startup costs, operational costs, and potential investment needs.
| Minimum Capital Required for Entrepreneur Visa in Canadian Provinces | CAD 200,000 to 800,000 |
|---|---|
| General Minimum Investment Amount | CAD 50,000 to 200,000 |
Steps for Obtaining Canada’s Entrepreneur Visa
Canada offers several immigration pathways for entrepreneurs looking to create or invest in a business in this country. One of the main options is the entrepreneur visa program that allows individuals to migrate to Canada by presenting a business plan and investing the required amount. Here is an overview of the procedures involved in obtaining Canada’s entrepreneur visa:
1. Qualification Assessment and Points
Before applying for the entrepreneur visa program, entrepreneurs must ensure that they meet the eligibility criteria.
This includes having a qualified business idea, obtaining a support letter from a designated organization, meeting language requirements, and having sufficient settlement funds. Based on the points system, the applicant’s score must be determined in various sections.
2. Having a Business Idea and Business Plan
Entrepreneurs must have a good business idea or a profitable and creative business plan and develop a detailed business proposal. This business plan must be comprehensive, outlining the proposed investment plan, risks, and expected profits over several years. The business plan should demonstrate the growth potential and job creation in Canada, as well as indicate how it can become profitable within a few years.
3. Support from Supporting Organizations
Entrepreneurs can receive support from Canadian organizations. This varies based on the desired province, business plan, and other conditions. These organizations, named incubators, venture capitalists, and angel investors, provide a support letter (letter of support) if they approve the submitted business plan, indicating their support for the proposal.
4. Submission of Application
Entrepreneurs can submit their application to the Immigration, Refugees and Citizenship Canada (IRCC). The application package includes forms, supporting documents, and a support letter from the designated organization.
5. Processing and Assessment
IRCC processes the application and assesses the business idea, the entrepreneur’s qualifications, and other eligibility criteria. This may include interviews, requests for additional documents, and background checks.
6. Obtaining Certificates
Applicants and their family members may be required to undergo medical examinations and provide police clearance certificates to show that they have no criminal record and for acceptance into Canada.
7. Application for Permanent Residency in Canada
Upon approval of the application, the Canadian immigration department sends an invitation letter to the entrepreneur(s). Subsequently, the entrepreneurs and their eligible family members will receive permanent residency in Canada. A Confirmation of Permanent Residence (COPR) and a Permanent Resident Visa (PRV) will be issued, allowing them to enter Canada as permanent residents.
8. Settlement and Establishment of Business
After entering Canada, entrepreneurs must start their initial tasks and fulfill the conditions of their business plan. They have the opportunity to establish their business within a specified time frame. The individual must be actively overseeing the business. They must actively manage the business in Canada and provide a report on the company’s economic growth after one year.
9. Possibility of Conditional Permanent Residency
In some cases, entrepreneurs and their family members may receive conditional permanent residency, which requires specific conditions including establishing a business and creating jobs within a specified period, proving that all declared targets have been met, paying taxes, and meeting a series of other specified conditions.
Costs of Entrepreneurship in Canada
To apply for an entrepreneur visa in Canada, an amount ranging from CAD 2,300 to CAD 3,800 is necessary. Note that this amount is the government fee. Below are other related entrepreneurial costs in Canada:
| Expense Type | Amount (CAD) |
|---|---|
| Police Clearance Certificate | 100 |
| Medical Exams | 450 (adults), 250 (children) |
| Application Processing (main applicant & spouse) | 1,365 per person (850 processing + 515 PR fee) |
| Fingerprinting per person | 85 |
| Fingerprinting per family (2 or more people) | 170 |
| Language Test | 300 |
| Application Processing for Children | 230 per child |
Provincial Entrepreneurial Programs in Canada
Provincial entrepreneurial programs in Canada support new businesses by offering grants, training, consulting, and networking tailored to regional economic needs. These programs boost employment and local development, providing financial aid, technical support, and marketing opportunities. Each province designs unique initiatives to help entrepreneurs start and grow successful businesses in Canada.
- Entrepreneurship in Ontario
- Entrepreneurship in Prince Edward Island
- Entrepreneurship in Manitoba
- Entrepreneurship in Saskatchewan
- Entrepreneurship in Alberta
- Entrepreneurship in Nova Scotia
- Entrepreneurship in British Columbia
- Entrepreneurship in Quebec
Entrepreneurship in Ontario, Canada
You can obtain a temporary residency in Canada through Entrepreneurship in Ontario and apply for permanent residency in Canada by starting your business or purchasing an existing business. The conditions and required costs for entrepreneurship vary in Toronto and outside of it, and applicants receive different points. The required conditions for entrepreneurship in Ontario are as follows:
- Capital: $800,000 for entrepreneurship in Toronto, otherwise $400,000
- Investment: $600,000 for entrepreneurship in Toronto, otherwise $200,000
- Have 2 years of management experience in the last 5 years
- Provide a language certificate at the level of CLB 4
- Provide an academic certificate will be considered a plus and is not mandatory
Manitoba Entrepreneur Visa
The Entrepreneurship in Manitoba program is one of the points-based and provincial programs. The conditions for applying through the entrepreneurship program in this province are as follows:
- Capital: Entrepreneurial capital of $500,000
- Investment amount: $250,000 in central Manitoba and $150,000 in rural Manitoba.
- Earn at least 150 points
- Exploratory trip to Manitoba
- Provide at least a high school diploma
- Provide at least a CLB 4 language certificate
Saskatchewan Entrepreneur Visa
Entrepreneurship in Saskatchewan initially resembles the skilled worker in Canada and a points-based system, and applicants must first score based on specified personal criteria, business plan, and business experience. The conditions for entrepreneurship in Saskatchewan are as follows:
- Capital: Minimum $500,000
- Investment: Regina or Saskatoon $300,000; rest of Saskatchewan $200,000
- At least 3 years of management experience or practical agricultural work experience
- Exploratory trip to Saskatchewan
- At least a high school diploma
- At least CLB 4 language proficiency
Entrepreneurship in Prince Edward Island, Canada
The Entrepreneurship in Prince Edward Island is known as one of the cheapest and most cost-effective investments in Canada, which is point-based. The Canadian government has proposed that individuals take action through a series of industries such as agriculture, forestry, fishing, or any type of business that leads to good exports, which will increase your chances of acceptance. The conditions for entrepreneurship in Prince Edward Island are as follows:
- Capital: At least $600,000
- Investment: $75,000
- At least 3 years of management experience in the past 5 years
- A degree is not required and is considered an advantage
- A language certificate of IELTS 4 or 4.5
British Columbia Entrepreneur Visa
Applicants for entrepreneurship and Investment in British Columbia have two investment and entrepreneurship paths in small cities and in British Columbia that require specific conditions. Below are the conditions for entrepreneurship and investment in British Columbia:
- Capital: $600,000 in British Columbia and $300,000 elsewhere
- Investment: $200,000 in British Columbia and $100,000 elsewhere
- Provide at least 4 years of management experience
- Diploma or associate degree
- Provide language certificate at the level of CLB4
Entrepreneurship in Nova Scotia, Canada
One of the good investment plans in Canada is Entrepreneurship in Nova Scotia. This type of investment and entrepreneurship is based on points. The investment plan in Nova Scotia is easier compared to investment plans in other provinces of this country. The conditions for entrepreneurship in Nova Scotia are as follows:
- Capital requirement: $600,000
- Investment: $150,000
- Provide at least 3 years of management experience
- Diploma degree
- Provide language certificate at least CLB5
- Business outside of Halifax will be preferred.
Entrepreneurship in New Brunswick, Canada
In the provincial program of New Brunswick, Canada, significant changes were made in January 2021. Prior to this time, applicants could receive permanent residency in Canada right from the start; however, after these changes, the Entrepreneurship in New Brunswick program now provides temporary residency to applicants. After entering Canada and starting or purchasing a business, the applicant can apply for permanent residency.
- Capital: $500,000
- Investment: $150,000
- Provide at least 3 years of management experience in the past 5 years
- Diploma degree
- Provide language certificate at the level of CLB5
- Age requirements: 22 years to 59 years
Entrepreneurship in Quebec, Canada
Quebec is a prime option for investment and entrepreneur visas in Canada, though its investment program is paused until 2023. Applicants can obtain permanent residency through various entrepreneurship routes in industrial, agricultural, and commercial sectors. Each pathway has specific requirements, but general conditions apply for all entrepreneurship immigration programs in Quebec.
- Capital: CAD 2 million
- Presentation of management experience is an advantage and not mandatory
- Have at least two years of experience in a sufficient management role in the past five years (i.e. must be involved in planning, managing and controlling financial, human or material resources)
- After being selected by the Quebec authorities, make a five-year interest-free investment of CAD
- 1.2 million through an approved financial intermediary.
- Have a university degree
- Have a language certificate
Entrepreneurship in Alberta, Canada
The Entrepreneurship in Alberta, Canada program is one of the methods of immigration to this country that leads to permanent residency. Alberta is one of the most populous provinces in Canada, highly active in energy, agriculture, and forestry. Applicants who wish to invest in Alberta can take steps in one of the sectors of this province by meeting the required conditions. The necessary conditions for entrepreneurship in Alberta include the following:
- A minimum of a bachelor’s degree is required and it must have been less than 10 years since the last degree was received.
- Investment in Edmonton and Calgary is $100,000 and in other cities is $50,000.
- The person’s business must be in 7 fields: Technology, Aerospace, Financial Services, Energy, Agriculture, Tourism, Life Sciences and Pharmaceuticals.
- 3 years of management experience in the last 5 years
- Having assets of $500,000
Yukon Entrepreneur Visa
Immigration to Canada through Entrepreneurship and Investment in Yukon is implemented to attract investors from around the globe to this territory. This method also leads to obtaining permanent residency in Canada. Applicants for investment in Yukon have 2 years to realize their idea in this city and launch their business. Profitable and useful industries in Yukon for entrepreneurship include fishing and mining. Applicants for obtaining an entrepreneur visa in Canada who qualify to invest in Yukon must have the following conditions:
- $500,000 in assets
- $300,000 in capital required for entrepreneurship
- University education considered as an advantage
- 3 years of business and management experience within the last 5 years
- Language skills considered as an advantage
- Age under 65 considered as an advantage
Canada’s Entrepreneur Visa in Newfoundland and Labrador
The possibility of entrepreneurial immigration to Canada exists through entrepreneurship in Newfoundland and Labrador. Applicants can either establish a business from scratch in Newfoundland and Labrador or purchase an existing business operating in Newfoundland and Labrador.
This province participates in the Provincial Nominee Program (PNP), which allows provinces and regions in Canada to nominate individuals who wish to immigrate to Canada and settle in a specific province or region. The Newfoundland and Labrador Provincial Nominee Program (NLPNP) offers various streams for skilled workers, international graduates, and entrepreneurs.
- Completeness of documents
- $200,000 capital required for entrepreneurship
- Business profitability in the first year
- Possibility of obtaining two-year temporary residence from the beginning
- Having an innovative and profitable business plan
Characteristics of the Business Plan in Canada’s Entrepreneur Program
A business plan is a comprehensive report that every applicant for the entrepreneur visa in Canada must present. The business plan is a descriptive and complete report regarding the business proposal; in other words, it includes detailed analyses that must show that the plan is beneficial for Canada. Applicants for the entrepreneur visa in Canada must thoroughly detail their business plan concerning the market, production, services, technology, human resources, and all dimensions in a written format.
Entrepreneurs applying for Canada’s entrepreneurial immigration must consider responses to several questions, such as:
- what is your target market?
- How do you plan to achieve profitability?
- Who are your competitors, and how do you intend to compete fairly with them?
A strong business plan for Canada’s entrepreneurial programs should clearly present the business concept, objectives, products or services, and target market. It must include detailed market research, financial forecasts (income statements, cash flow, and balance sheets), and a clear plan for investment and capital use.
The plan should highlight the management team’s experience, job creation strategies, and innovative features. It must also address potential risks, regulatory requirements, and industry-specific legal considerations. The business plan should be well-structured, professional, and demonstrate strong management and growth strategies.
Most Profitable Sectors for Entrepreneurship in Canada
You will have many options for business in this country, and you should choose the best option based on your personal conditions. Applicants should consider options that yield higher profitability. There are good opportunities for income and high profits in Canada. Some programs are very profitable, making it necessary to recognize them.
- Waste Recycling
- Warehousing
- Transport
- Mobile Restaurants
- Establishing a Coffee Shop
- Automobile Repairs
Required Documents for Obtaining Canada’s Entrepreneur Visa
Specific documents required for obtaining Canada’s entrepreneur visa can vary based on the immigration program and province or region where you intend to establish or acquire a business. However, some common documents typically required for applying for an entrepreneur visa in Canada may include:
- A detailed business plan that includes your proposed business investment, information about the business’s nature, market analysis, financial forecasts, and job creation potential.
- Documents that show your personal net worth, such as bank statements, investment portfolios, real estate assets, and other assets.
- Evidence of your relevant business management or entrepreneurial experience, such as resumes, reference letters, and business ownership documents.
- Legal documents may include documents related to company registration in Canada, partnership agreements, voting rights agreements, or any other legal document related to the establishment or acquisition of a business.
- Depending on the program, you may need to provide proof of language skills in English or French, such as language test results (e.g., IELTS, CELPIP, TEF).
- A copy of educational credentials, diplomas, or certifications relevant to your work experience.
- A copy of your passport, birth certificate, and other personal identification documents.
- Additional documents may be required based on specific provincial entrepreneur program requirements.
Duration of the Process for Obtaining Canada’s Entrepreneur Visa
The processing time for the entrepreneur visa process in Canada depends on the province for which you have applied. Different immigration programs for entrepreneurs in Canada have various requirements. In the table below, we have provided approximate timeframes for some provinces for your reference.
| Province | Processing Time |
|---|---|
| British Columbia | 12 to 15 months |
| Alberta | 12 to 24 months |
| Saskatchewan | 1 year |
| Manitoba | 18 months |
| Prince Edward Island | 6 to 7 months |
| Ontario | 1 to 2 years |
Permanent Residency Through Canada’s Entrepreneur Visa
Residency programs through investment and entrepreneurship have been established by the Canadian government to attract wealthy business investors to Canada. Investors and their accompanying family members can obtain permanent residency in Canada by meeting the necessary criteria. Individuals wishing to invest in Canada can achieve permanent residency through entrepreneurship in this country.
The provincial entrepreneurship program in Canada is offered in two different ways:
- Obtaining a Canadian work visa and obtaining permanent residence
This method applies to business programs in the provinces of Ontario, Saskatchewan, New Brunswick, Newfoundland and Labrador, British Columbia, Nova Scotia, and Prince Edward Island.
- Directly obtain Canadian permanent residency
These criteria are found in Quebec’s entrepreneurship program, New Brunswick’s entrepreneurship program, and the Nova Scotia International Graduate Entrepreneur Program.
The steps to obtain a business visa in Canada may vary from province to province. Some programs require registration through the Expression of Interest (EOI) system, such as the business programs of the provinces of Ontario, British Columbia, Nova Scotia, Saskatchewan, New Brunswick, Newfoundland and Labrador, and Prince Edward Island.
Comparison of Entrepreneurship and Innovation in Canada
If we compare Entrepreneurship and the Canada Startup Visa, in the startup, or innovation, the applicant can request permanent residency along with their family simply by starting a business based on a new business idea from the beginning. In the table below, you can take a look at the differences between these two methods.
| Feature | Canada Innovation Program | Canada Entrepreneurship Program |
|---|---|---|
| Definition | Developing new ideas and technologies to improve services | Starting and growing a business aimed at profitability and service |
| Main Goal | Improving or changing the current situation | Creating value and earning profit through products or services |
| Focus | Companies and universities | Individuals or small groups |
| Government Support | Provided by Economic Development Organization in Canada | Support programs for startups |
| Challenges | Requires higher capital, lengthy process | Financial risks |
Entrepreneurship Standards in Canada
When considering an entrepreneurship visa for Canada, it’s essential to evaluate factors such as corruption control, asset seizure risks, and the country’s economic and political stability. Investors must assess the risk of asset seizure due to factors like legal changes, sanctions, or lack of justice before pursuing immigration. Understanding these standards is key to determining whether Canada is a suitable destination for entrepreneurial investment.
In general, the economy, politics, and law are determinants of investment in Canada. Corruption control is tied up with all of these factors. Corruption is when individuals use power for personal gains.
Economic Indicators Impacting Entrepreneurship in Canada
To assess Canada’s business climate, entrepreneurs should examine key economic indicators like GDP and unemployment rates. GDP reflects the country’s overall economic health and includes government spending, investments, consumption, and exports. A low unemployment rate signals strong economic growth and a favorable environment for investment.
Entrepreneurial Lawyer and Malekpour Institute Services
As you know, Canada’s entrepreneur visa is important and specialized, and it requires sufficient skills and information. Before taking any action, we recommend consulting with an official advisor in Canada in this field to obtain up-to-date and specialized information to avoid missing the opportunity for entrepreneurship and immigration to this country. Malekpour Institute, with 15 years of distinguished experience, is the best option to provide you with up-to-date and specialized information.
Answers to Frequently Asked Questions About Canada’s Entrepreneur Visa
- What is the minimum capital required for entrepreneurship in Canada?
The minimum cost requirement for entrepreneurship varies by province, averaging between CAD 300,000 to CAD 800,000 in assets, with a minimum investment of CAD 75,000 to CAD 200,000.
- Is it possible to obtain permanent residency with Canada’s Entrepreneur Visa?
Yes
- Is Canada suitable for entrepreneurship?
Yes, Canada is one of the top countries in the world for investment and entrepreneurship due to its structures, laws, and the support it provides for entrepreneurs.
Conclusion:
This article covered key aspects of the Canada Entrepreneur Visa, including residency options, economic indicators, investment standards, company registration methods, business plan requirements, and related costs. Canada’s strong economy, safety, and quality of life make it a top destination for investors. For personalized guidance, contact Malekpour Immigration Institute for a free consultation.
