5 Reasons to Get Canada PR by Investment
May 3, 2022
Currently, Canada is ranked 13th on the list of most competitive economies in the world. This makes it a very attractive country for foreign nationals to invest in. Beyond this reasoning, Canada also has a massive pool of talented and educated workforce thanks to the many immigration programs that bring skilled professionals from all over the world.
If that is not enough, investing in Canada can also lead to foreign nationals opening businesses in Canada and moving to the country permanently.
Let us take a look at the top 5 reasons to get Canada PR by investment and how it is possible to do so.
Why Foreign Nationals Should Invest in Canada
1. Canada has continuously been ranked as the best country to do business, globally
Canada is high in the ranking for this factor because of how business-friendly the country is and the way Canada balances stability with expense. These all play into the fact that Canada is known to be the best country to open a business in.
2. Canada has large oil reserves in comparison to the rest of the world
Canada has just over 10 percent of the world's oil reserves. It is estimated that Canada has 171.0 billion barrels, of which 166.3 billion barrels are found in Alberta's oil sands. This alone plays a big part in the economy and its consistent growth.
The Canadian energy sector is a major source of investment for companies around the world. The country's oil and gas industry attracts more than $40 billion in foreign direct investment annually, making it one of Canada's top exporting sectors.
3. Canada has talented workforces that come from all over the world
One of the reasons Canada has become a popular destination for business investment is due to its talented workforce that comes from all over the world, bringing diverse experiences and perspectives to the table. The Government of Canada, in partnership with employers and communities across the country, has committed to welcoming more new Canadians than ever before to fill jobs in a wide range of fields, including technology.
4. Canada has one of the best financial and banking components, globally
Running a business is hard work so knowing that the money made is secure is a great plus. The World Economic Forum has voted Toronto is home to the world's most secure banking systems and the headquarters of Canada's four largest banks..
5. Three of the world's most desirable cities are located in Canada.
- Toronto - this city has a thriving technology sector that competes directly with Silicon Valley and Seattle.
- Vancouver - North America's third-largest film production center.
- Calgary - this city is a leading oil and gas industry destination.
How to Invest in Canada as a Foreigner
There are several Canadian programs that allow foreign nationals to not only start a business in Canada but also give them the opportunity to immigrate to Canada. Here are some of those business immigration programs.
Start-Up Visa Program
The Start-Up Visa in Canada is a program for immigrant entrepreneurs who desire to start their own organization in the country. Immigrant entrepreneurs are required to have the talents and potential to start new enterprises that can compete on a global scale and, in turn, create jobs for Canadians are also targeted by the program.
The Canadian government maintains a list of recognized organizations that will assist applicants in relocating their businesses to the country by investing.
What are designated organizations?
Designated organizations are business groupings that the Canadian government has designated to invest in or support potential start-ups through the Start-up Visa Program. The following are the three types of private sector investors:
- Angel investor
- Venture capital fund
- Business incubator
Applicants must get a letter of support from one of the above-mentioned organizations. It can take anywhere from four to six months to receive this letter. Only after receiving the letter of support may the person apply for permanent residency in Canada.
Applicants can apply for a temporary work permit while waiting for permanent residency, as this can take anywhere between 12 to 16 months. Having a temporary work permit will allow them to build their business in Canada in the meanwhile.
Requirements for Canadian Start-Up Visa Program
Applicants will need to:
- have a business that meets the criteria;
- have a letter of support from a designated organization;
- meet the IRCC’s language requirements; and
- have sufficient funds to move to Canada.
Self-Employed Persons Program
The Self-Employed Persons Program aims to attract people who want to start their own business in Canada. Applicants must have prior experience as a farmer, athlete, artist, cultural worker or something alike for this program, which is also known as "Entrepreneur" or "Business Class."
Applicants will need to have at least two years of experience in their specified occupation within five years of applying and be able to demonstrate that their talents can sustain them financially. Applicants must also be self-employed and contribute to the Canadian economy when they arrive.
What are the Self-Employed Persons Program requirements?
Below are the requirements that an individual will need to meet in order to apply for the Self-Employed Persons Program.
- Work Experience - a minimum of two years in their area;
- Education - you must have the required education or skills qualifications in your field;
- Age - ideally, you should be between the ages of 18 and 35;
- Language Proficiency - be able to communicate effectively in one of Canada's official languages, English or French; and
- Adaptability - the applicant's ability to integrate into Canadian society.
Provincial Entrepreneur Visa Programs
For those foreign nationals interested in starting a new life as an immigrant in Canada, they should consider applying for one of Canada's Provincial Entrepreneur Visa Programs. These programs help foreign nationals to enter Canada with the intention of establishing or acquiring a business and participating in its management.
When applicants apply, they will have to prove that they have the money and skills to participate in the management of the business, along with the ability to make a meaningful contribution to the economy of the province where their business will be located.
If the foreign nationals' business is successful, they can apply for Canadian permanent residency after three years of living and working in Canada.
With the above 5 reasons to get Canada PR by investment, it is clear to see why many people from all over the world choose Canada as the place to start their businesses.