Entrepreneur in canada
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Entrepreneur
This class falls under the broader category of Business Immigration. Entrepreneurs are those business people who have had experience with managing a qualifying business in the past in another country and wish to move to Canada to be able to open up a business in Canada and acquire immigration at the same time.

TThe basic rules are that the entrepreneur must establish or acquire a percentage of equity (at least 33.33%) in a qualifying Canadian business that he/she must actively manage. The business must create at least one new job for a Canadian citizen or permanent resident. This has to be done within two years of arriving in Canada so that the business can show at least one year of existence by the third year. Once this is done, the 'condition' is removed and the entrepreneur becomes a landed immigrant with no further regulatory requirements.

One pre-requisite is that the entrepreneur shows a minimum net worth of Cad. $300,000 of legally obtained funds.

The rules regarding the management of a qualifying business prior to moving to Canada are stringent. According to the Immigration department, "Qualifying business" means a business - other than a business operated primarily for the purpose of deriving investment income such as interest, dividends or capital gains - for which, in each of any two years in the period beginning five years before the date of application for a permanent resident visa and ending on the date a determination is made in respect of the application, there is documentary evidence of any two of the following:
  1. that the percentage of equity multiplied by the number of full time job equivalents is equal to or greater than 2 full-time job equivalents per year;
  2. that the percentage of equity multiplied by the total annual sales is equal to or greater than $500,000;
  3. that the percentage of equity multiplied by the next income in the year is equal to or greater than $50,000, and
  4. that the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than $125,000
The requirements for the Canadian business are as follows: "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:
  1. 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;
  2. the percentage of equity multiplied by the total annual sales is equal to or greater than $250,000;
  3. the percentage of equity multiplied by the net income in the year is equal to or greater than $25,000; and
  4. the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than $125,000 (courtesy CIC).
Transam's edge
We at Transam are not only experts in immigration law but are also experts in accounting and taxation issues at an international level. This aspect is particularly significant when it comes to the entrepreneur category. As indicated above there are strict guidelines which have to be met as follows:
  1. Calculation of the entrepreneur's net worth has to be presented in verifiable format in dollars
  2. The entrepreneur's business experience prior to moving to Canada has to be stated in quantifiable terms, e.g. sales, net income, net assets, etc.
  3. The entrepreneur's business set-up after moving to Canada has to be stated in quantifiable terms, e.g. sales, net income, net ssets, etc.
We hold professional accounting designations like C.A. (Chartered Accountant) from Canada and C.P.A. (Certified Public Accountant) from the U.S., and C.M.A. (Certified Management Accountant) from Canada. We are thereby able to properly present from an accounting and taxation point of view all the required information so that the immigration rules and regulations are met.
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