CANADIAN BUSINESS OPTIMISM IMPROVES, HIGHLIGHTING OPPORTUNITY FOR START-UP VISA ENTREPRENEURS
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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