Business owners in Canada are worried about the economy and its prospects over the coming year.

Published by Zoom Startups on 20th September, 2021

The reason for the optimism is a strong rebound in consumer retail sales, which comprise about 55 per cent of the country’s GDP, so far this year.

 An acceleration in vaccination programs in June prompted some (though not all) provinces to ease restrictions. This allowed many Canadians to head out to patios, book vacations and engage in social activities. All of which meant more spending.

According to Statistics Canada, 75.7 per cent of Canadian business owners now report having a somewhat or very optimistic outlook on the year ahead. To start up your business and migrate to Canada, contact Zoom Startups today.

Almost a quarter of the businesses surveyed by the statistical services agency of the Canadian government at the start of the third quarter of the year are expecting demand for products and services to go up and more than one in five businesses is expecting prices for their goods and services to also rise.

Entrepreneurs are looking ahead to better times with almost four times as many of them in Canada, 18.4 per cent, planning to expand their own businesses or invest in another one as are those who are thinking of selling, transferring or closing theirs down at 4.8 per cent.

The big unknown is still the pandemic and what may come in the way of another wave of COVID-19 but most businesses clearly feel better times are ahead.

Foreign investors looking to ride that wave as the Canadian economy rebounds can apply for permanent residence in Canada through the country’s Start-Up Visa program. A qualified legal professional can help with this Start-up visa.

The Canadian start-up climate is a good one, particularly during the pandemic. In the 2021 Global Start-up Ecosystem Index Report, Canada was again ranked fourth – and boasts more cities in the top 50 than any other countries with only two exceptions: the much-larger United States and China.  

The Start-Up Visa program, which began as a five-year pilot program in 2013, was made permanent in 2018 and has launched some 200 start-ups. Under the Start-Up Visa program, immigrants can get Canadian permanent residence if they qualify as immigrant entrepreneurs. You can contact a qualified immigration professional to apply via the business start-up visa.

Three types of private-sector investors are considered: angel investors, venture capital funds, and business incubators. 

  • A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000. 
  • A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000. 
  • A designated business incubator must accept the applicant into its business incubator program. It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.

Candidates applying under the Start-Up Visa program can initially come to Canada on a work permit supported by their designated Canadian investor before their application for permanent residence is finalized.

The basic government-imposed candidate eligibility requirements for the Start-Up Visa program are:

  • a qualifying business;
  • a commitment certificate and letter of support from a designated entity;
  • sufficient unencumbered, available and transferable settlement funds to meet settlement funding, and;
  • proficiency in English or French at the minimum Canadian Language Benchmark level 5.  However, it frequently occurs that higher levels of English are needed to meet due diligence requirements imposed by designated entities.

As many as five candidates can have their permanent residence application supported by the same business investment.  But that can come with a risk. Certain candidates may be designated as essential to the business. If any of the essential candidates withdraw their applications or are refused, all other candidates under the same business investment will see their applications terminated. Contact Zoom Start-ups to speak with a business immigration specialist for more information.


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