Canada has presented different options for foreign entrepreneurs to provide a work permit in recent years. A work permit is an initial step for foreign entrepreneurs to run a business in Canada. The country has made some legislative changes affecting immigration tracks for businessmen.
Following are the different Canadian work permit options for entrepreneurs:
- Intra-Company Transfer
- CUSMA Investors
- CETA investor
- Entrepreneurs/Self-employed
At the start of this year, Canada declared that the Owner/Operator category under the Temporary Foreign Worker Program (TFWP) will be removed on 1, April 2021. Applicants in this category were allowed to apply for a work permit without fulfilling the “Labor Market Impact Assessment (LMIA) advertisement requirement. A new direction has been set for Comprehensive Economic and Trade Agreement (CETA) Investors. Canada will not proceed with UK candidates under this category. With these new instructions, they will proceed under the new Canada-UK Trade Continuity Agreement after it is confirmed. The candidates will have to continue fulfilling previously implied requirements until new regulations are approved.
1- Entrepreneur/Self-employed
The Entrepreneur/Self-employed work permit is for entrepreneurs who own a minimum of 50% of seasonal Canadian business. It may also apply in situations where the owner of a Canadian business intends to stay outside Canada. In such situations, the work permit could be exempt from the requirement for an LMIA. These people may obtain temporary residence or final permanent residence.
Candidates will show that their business will be a significant economic, social, or cultural benefit to Canadians. International business people have many options to come and work in Canada. With their innovative ideas and unique business expertise, foreign business professionals help grow Canada’s economy.
Many permanent residency immigration programs in Canada target traders, but this process may take longer than a temporary stay in Canada. For this reason, many traders enter Canada first on a temporary work permit. Because many Canadian economic immigration programs value Canadian work experience, entrepreneurs with such experience can support their candidacy or application for permanent residency in Canada.
1- Intra-Company Transfer
An intra-company transfer is an option where the company reassigns an employee to work in a different physical office. Many countries offer fast-track and fast-track companies for obtaining travel visas. If the applicant performs certain tasks, he or she obtains a work permit for an intra-company transfer.
These categories of work may include executives, managers, long-term employees, and individuals with specialized skills. This work permit option is for businessmen who are looking to enlarge an existing foreign business in Canada. An Intra-Company Transfer work permit is normally used by multinational organizations to move management and essential staff between international branches.
The applicant who wants to open up a shop in Canada can also get this opportunity. With this work permit, business owners can split their time between handling their existing overseas business and opening a Canadian branch, subsidiary, or affiliate.
Eligibility Criteria for this work permit is:
- New Canadian businesses must pass a mandatory test, which can be achieved by providing financial information, physical premises protection, and a business plan that provides for the hire of a minimum of one Canadian during the first year of operation.
- Foreign companies and Canadian businesses must be related in terms of their ownership structure, meaning they must have a parent branch, parent-subsidiary, or affiliate.
- The person being transferred to handle a new Canadian business must be employed by a foreign business to hold a similar full-time senior manager or management position for at least one year.
3- CETA investor
European investors who qualify for the CETA investor category can stay in Canada for 12 months without requiring an LMIA report. If an investor in a supervisory or executive position, through a business company, spends a sustainable amount of money on a Canadian business, they may be eligible. The provisions are similar to CUSMA. Investors need a business plan, major funds are already committed, and the business should benefit the Canadian economy. The Comprehensive Economic and Trade Agreement, or CETA, is a trade agreement between the EU and Canada. By boosting trade CETA will create jobs and growth.
4- CUSMA Investors
CUSMA is the Canada-United-States-Mexico Agreement program. This program is for citizens of the U.S. or Mexico who invest in existing or new entrepreneurship in Canada. They may be eligible to apply for a work permit under the CUSMA program. Capable investors, majority shareholders, or sole owners can use this category to expand and direct their business from inside Canada.
Conditions for this work permit:
- To apply for a work permit under this program you will need to present a business plan with a description of the total amount needed to initiate or buy the business.
- You will prove that an important part of these funds has already been committed to the plan.
- With this business, you will produce jobs or growth for the local economy.
Read here about Canada’s “Startup Visa Program”
Canada’s immigration through Startup Visa – Complete application process