Business Immigration to Canada has always been appealing to foreign entrepreneurs. However, it gets complicated when it comes to choosing between business programs.
Business Immigration has been our favorite topic to cover and clarify while comparing different options. We work with business files daily and can contrast all the existing Business Immigration programs not just in theory, but from our own experience.
If you are considering Business Immigration as a path to Canadian Immigration, then you are probably aware of the Provincial Nominee Entrepreneur.
What is the PNP Entrepreneur Program?
According to the official definition, this stream “provides a pathway to Canadian Permanent Residence for experienced businesspeople that can establish themselves in B.C. and invest in and operate a commercially viable business that can provide significant benefits to the provincial economy”.
Like any other stream or immigration program, it has its requirements and specifications. First of all, the candidate has to meet financial requirements:
- Personal net worth;
- Minimum Investment;
- Program fees;
- IELTS test;
- Government fees.
You will find several dollar amounts for the above PNP requirements on our designated page. Here, we would like to mention that the candidate has to be aware of the hidden costs of this process. Those costs may include the following:
- An actual cost of living in Canada;
- Education for children (if applicable);
- A business proposal, Professional services, Legal and Accounting fees, etc.;
- Property taxes (20%) in case of purchase;
- Loss of income in the Country of Origin;
- Unwanted salaries or excessive staff, etc.
In other words, by the 3rd year of the process of PNP program, the candidate can spend upwards of CAD $700 000, and that may be very overwhelming for many.
Is there any alternative?
For entrepreneurs willing to start their business in Canada and immigrate, there is an amazing alternative – Startup Visa. Even though it is called a “visa” – it is a solid path for Canadian Immigration. We have covered multiple topics regarding the Startup visa, available on our YouTube channel. For more information about the program’s main principles, visit the Canadian Startup Visa page.
The main advantages of Startup Visa include the following points:
- No experience required;
- Fast and direct PR processing;
- No proof of net-worth needed;
- No long queue.
What happens if your business fails?
And that is one of the most important differences between PNP and Startup Visa: if your Startup fails as a business (after you get your PR), it will NOT affect your Permanent Residence status. Meanwhile, if your business fails due to the insufficiency of meeting the terms and conditions of your signed PNP Performance Agreement within the imposed timeframes, it may result in refusal at any stage of the process.
Every situation is unique, and all the candidates have the right to choose which program is more suitable for them. We are happy to help with making the right choice when it comes to immigration in general and Business Immigration in particular. Send your request on our contact page and we will be happy to assist you!