"Entrepreneur" is
a person who:
- has business experience;
- has a legally obtained minimum net worth;
- provides a written statement to an officer that they intend
to and will be able to meet the conditions referred to in subsections
98(1) to (5)
The selection criteria for an entrepreneur applicant is as per the
table below. The pass mark is 35.
Factor |
Points |
| Age |
10 |
| Business experience |
35 |
| Business exploration trip to Canada within five years of
application |
6 |
| Education |
25 |
| English/French fluency |
24 |
| Participation in joint federal-provincial business immigration
initiative |
6 |
Read more about the selection criteria
Conditions
An entrepreneur who becomes a permanent resident must meet the following
conditions:
- the entrepreneur must control one-third or more of the equity
of a qualifying Canadian business;
- the entrepreneur must provide active and ongoing management
of the qualifying Canadian business;
- the entrepreneur must create at least one incremental full-time
job equivalent for Canadian citizens or permanent residents, other
than the entrepreneur and their family members
The entrepreneur must meet the conditions for a period of at least
one year within the period of three years after the day on which
the entrepreneur lands in Canada.
An entrepreneur who becomes a permanent resident must provide to
an officer evidence of compliance with the conditions within the
period of three years after the day on which the entrepreneur becomes
a permanent resident.
An entrepreneur must provide to an officer:
not later than six months after the day on which the entrepreneur
becomes a permanent resident, their residential address and telephone
number; and during the period beginning 18 months after and ending
24 months after the day on which the entrepreneur becomes a permanent
resident, evidence of their efforts to comply with the conditions.
"Business experience" means the management
of a qualifying business and the control of a percentage of equity
of the qualifying business for at least two years in the period
beginning five years before the date of application for a permanent
resident visa and ending on the day a determination is made in respect
of the application.
"Net worth", in respect of an entrepreneur,
means the fair market value of all of the assets of the entrepreneur
and their spouse or common-law partner minus the fair market value
of all of their liabilities.
"Minimum net worth" means
in respect of an entrepreneur, CDN $300,000; and
in respect of an entrepreneur selected by a province, the minimum
net worth required by the laws of the province.
"Qualifying Canadian business" means
a business operated in Canada by an entrepreneur -- other than a
business primarily for the purpose of deriving investment income,
such as interest, dividends or capital gains -- for which there
is in any year within the period of three years after the day the
entrepreneur becomes a permanent resident documentary evidence of
any two of the following:
A. the percentage of equity multiplied by the
number of full time job equivalents is equal to or greater than
two full-time job equivalents per year;
B. the percentage of equity multiplied by the total annual
sales is equal to or greater than CDN $250,000;
C. the percentage of equity multiplied by the net income
in the year is equal to or greater than CDN $25,000; and
D. the percentage of equity multiplied by the net assets
at the end of the year is equal to or greater than CDN $125,000.
OWNERSHIP
|
Attribute |
100% |
50% |
33.3% |
| Employment |
2 |
4 |
6 |
| Sales (Can. $) |
250,000 |
500,000 |
750,000 |
| Net Income (Can. $) |
25,000 |
50,000 |
75,000 |
| Equity (Can. $) |
125,000 |
250,000 |
375,000 |
"Full-time job equivalent" means 1,950
hours of paid employment.
"Net assets", in respect of a qualifying
business or a qualifying Canadian business, means the assets of
the business, minus the liabilities of the business, plus shareholder
loans made to the business by a foreign national and their spouse
or common-law partner.
"Net income", in respect of a qualifying
business or a qualifying Canadian business means, the after tax
profit or loss of the business plus remuneration by the business
to a foreign national and their spouse or common-law partner.
"Percentage of equity" means
A. in respect of a sole proprietorship, 100 per
cent of the equity of the sole proprietorship controlled by a foreign
national or their spouse or common-law partner;
B. in respect of a corporation, the percentage
of the issued and outstanding voting shares of the capital stock
of the corporation controlled by a foreign national or their spouse
or common-law partner; and
C. in respect of a partnership or joint venture, the percentage
of the profit or loss of the partnership or joint venture to which
a foreign national or their spouse or common-law partner is entitled.
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