Immigration Corner | Interested in being an investor in Ontario

Dear Miss Powell,

I’m the owner of a profitable business, and I’m looking for ways to move my family to Canada. I have been looking into the investor or entrepreneur schemes as a way to get Canadian citizenship and think I may have the business acumen and finances to tackle this. I have a particular interest in Ontario as I have relatives there. They suggested that my approach may be to buy an existing business or open a branch of my business. Can you please give me some insight into this opportunity? My wife works within our corporate office, and so I hope we can really qualify. Thank you for your time, and continue with the good work. We enjoy reading your articles and look forward to your weekly column.

– D.R.

Dear D.R.,

Almost all provinces in Canada have an investor/entrepreneur or corporate programme that grants an entrepreneur and business partner the opportunity to become permanent residents of Canada once they have established a viable business in Canada. Then you will be on the pathway to becoming citizens of Canada.

Ontario is one of the most populated and competitive provinces in Canada. If you are looking to qualify under the Entrepreneur or Corporate Stream of the Ontario Immigrant Nominee Programme, you must first clearly demonstrate that you have a viable business that can benefit the economy and the community where that business will be located, plus clearly demonstrate your skills and expertise.

You did not state what type of business you are doing or interested in establishing. However, I will outline below some of the basic requirements.

BASIC REQUIREMENTS

Before applying, you should ensure that you are able to meet the minimum requirements and have the required documents. You and your business will be evaluated based on business experience, net worth, personal investment funds, active involvement in the business, the primary purpose of the investment, job creation, and the general requirements of the particular business.

Additionally, you must clearly show that you meet the minimum language requirement of Canadian Language Benchmark 5 or equivalent in English or French and have proof of education. If you have a Canadian diploma, certificate, or degree, a copy of your official Canadian transcript will be required. If you have a diploma, certificate, or degree from another country, you need to get an Educational Credential Assessment from one of the approved organisations.

BUYING OR ESTABLISHING A BUSINESS

If you are buying an existing business, one of the key requirements is that you plan and have proof of an exploratory visit,. You must keep all permanent full-time employees that worked in the business prior to the transfer of the ownership. The existing business must have been in continuous operation by the same owner or group of owners for the last FIVE months before you buy the business and must not have been previously owned or operated by current or former Ontario Immigrant Nominee Program business stream nominees.

For new businesses, you must be able to present proof that you have at least three years’ full-time business experience as an owner or senior manager of a similar business. This experience must be within the last five years. Your net worth will be based on the location and type of business. For example, you must clearly show that you have between $800,000 and $1,500,000 or demonstrate investment between $500,000 and $1,000,000, depending on the location and type of business. You must show proof of ownership of at least 33.3 per cent of the business. Additionally, you must be able to create at least two full-time, permanent jobs for Canadian citizens or permanent residents and be actively involved in managing the business.

CORPORATE STREAM

If you are looking to expand your existing business into Canada, the key corporation staff may be eligible to apply for nomination as permanent residents as well. The key requirements are that the corporation must be prepared to invest a minimum of CDN$5 million in a new or existing business, and the business must have been established outside of Canada for at least three years before applying.

The staff members that are seeking to be nominated must be currently employed within the corporation and demonstrate that they will be essential to the operation of the business in Ontario. Language and educational requirements are also applicable to the employees.

There are several other criteria that will be applicable, so I suggest that you connect with us via our website at www.deidrepowell.com to book a telephone meeting to advise you further.

Deidre S. Powell is a lawyer, mediator, and notary public who practises law in Jamaica and Ontario, Canada. Submit your questions and comments via www.deidrepowell.com Connect with her via Facebook, Twitter, Instagram or telephone 613-695-8777.