Many people migrate to other countries in pursuit of a better life. Among these many countries, immigrants often choose to settle down, Canada ranks high. It makes sense, too, because Canada is an immigrant-friendly country. While some choose to have the standard 9 to 5 jobs, others decide to open a business.
Opening a business is never easy, and it may seem harder to open an immigrant-owned business in Canada. The good thing about it is that it’s a pretty linear process, and all you have to do is follow everything by the book to make things easier for you.
What exactly should you do if you’re an immigrant looking to open a business in Canada? In this article, we’ll shed light on the matter. Read on below to learn more.
Investing in an Extra-Provincial Business
If you’re looking to expand your business while still based in your country of origin, you will have to register your business as extra-provincial.
Let’s say that your business operates out of America, and you want to expand your operations into Vancouver. You will need to register your business as an extra-provincial corporation in Vancouver. To do so, you will need an Agent for Service, who is an 18-year old or above resident in the province you want to expand, which is in Vancouver.
Additionally, you will also need to get in touch with the local registry of the province you want to expand your business in. If you plan on expanding in more than one province, you’ll have to register it separately.
Opening a New Business
If you want to settle and open a business in Canada, the process is a little longer but still pretty linear.
First, you must apply to come to Canada as a business immigrant. This is the only sure way that you can live there and open a business. There are two types of business immigration programs: the start-up visa program and the self-employed business program.
Participation in the programs also differs. For the start-up visa program, you must meet the following requirements:
- Have a business
- Have a letter of support from a relevant organization, such as venture capital groups or investors
- Proficient in English or French
- Have enough money to settle in Canada before your business becomes profitable for you
As for the self-employed visa, you must have:
- Relevant experience in cultural or athletic activities, and you must also be able to make a significant contribution to these fields in Canada
- Must also present accurate personal information, such as age, education, and language proficiency
According to the Ontario Business Corporations Act, the board of directors of a company must also be 25% resident Canadian citizens.
Most companies are built out of business partnerships, and even that applies to Canada as well. You will need to register your partnership in the province where your business will operate. To do so, get in touch with the registry, and they will walk you through the procedure.
Opening up a business in Canada can be time-consuming, but make sure to follow the necessary steps so that the process will be more straightforward. Additionally, the best way to make things easier is to partner up with a resident. Once everything’s in order, you can now finally make money in Canada.
If you’re looking for professional help from a trusted firm please contact us at email@example.com or call 1-888-404-8472. Bright Immigration takes pride in being one of the best Canada immigration agencies, so allow us to help you!