The new Regulations define an Entrepreneur to
mean:
An immigrant who:
a. has a business experience;
b. has a net worth of at least $ Can. 300 000;
c. has indicated to the Minister, in writing and
establishes to the satisfaction of a visa officer, that he/she intends
and has the ability to "control" and provide active and
ongoing participation in the management of a "qualifying Canadian
business" for a minimum of one year where at least one incremental
"full time job equivalent" is created for one or more
permanent resident other than the Entrepreneur and his dependant;
d. has entered into an irrevocable "letter
of credit" with a "Canadian Financial Institution"
to make an investment on the Entrepreneur's behalf in the event
that the entrepreneur does not meet the requirement in "c"
above.
The last section (d) refers to a proposal indicating that if the
entrepreneur cannot meet the conditions on his visa, the letter
of credit will be transferred into the Investor program.
An Entrepreneur has 3 years (no longer 2 years) to satisfy the
terms and conditions associated with his/her permanent residence
and if he/she cannot fulfill them in that time frame, the letter
of credit would be transferred automatically.
The definition also mentions the term "qualifying Canadian business".
A "qualifying Canadian business" is a business which would
correspond to at least 2 of the following 4 criteria:
- equivalence of 2 full time jobs per year
- sales of at least $ Can. 250 000 per year
- profits of a at least $ Can. 25 000per year
- assets of at least $ Can. 125 000 at the end of the year
A similar concept is used to assess the business experience of
the applicant. A qualifying business will need to comply with 2
of the 4 following requirements:
- Sales of $ Can. 500 000
- Profits of $ Can. 50 000
- Capital of $ Can. 125 000
- 2 full time employees
During the first two years, the Entrepreneur Immigrant must report
regularly to an officer at a Citizenship and Immigration Centre.
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