You may have come up with an exciting idea that you wish to start a business in Canada. This country welcomes foreigners to set up their new or existing businesses. It does boast of having a large skilled workforce, tax credits, and generous government grants. Also, wonderful opportunities can be derived to secure venture capital as well as seed money required to grow the business.
Business plan as a foreign national in Canada
1. Obtain multi-entry visa:
Perhaps you are still deciding where to establish your future business. A multi-entry visa can be a better choice. Such visa provides free entry and exit for a period of 10 years. This option allows you to visit the country multiple times to carry out research and implement appropriate Marketing Strategy. You can also choose the right location before making the final commitment. Besides this, do check out other available visa programs for which you could be eligible. Do familiarize with desired citizenship requirements.
2. Register business:
For Business Registrations purpose, your physical presence is not required in the country. You have the facility to register your business just about anywhere in the world, without any hassle. However, a few jurisdictions might require you to appoint a company director, either a permanent citizen or Canadian Citizen. This will be essential for registering the business. It is not mandatory for the Canadian director to own business equity.
The rules might vary based on several factors, which you have to know about. The Canadian director, in a few cases, might be required to own Business Idea and liability. For instance, federally incorporated business registering in Ontario will require the director to own 25% of business liability. But British Columbia, Alberta and Ontario do not mandate appointing resident directors, especially for provincial incorporation. Rather, an address will be necessary within the provinces where Business licenses are applied and incorporation is to be done. incorporation agent or incorporator residing in a specific province can be hired in British Columbia and Alberta. British Columbia allows corporations to have 100% ownership by foreign nationals.
3. LMIA Application:
You need Business licenses in Canada to run it legally. But registration alone will not be sufficient. Rather, you are to make LMIA (Labor Market Impact Assessment) evaluation of the business. Its objective is to ensure a foreigner starting a business in this country does not impact the labor market negatively.
This way, your business operation should not in any manner reduce jobs for permanent residents or Canadian citizens. Provide a comprehensive Business plan during the application. Do indicate your hiring intention of at least a single permanent resident or Canadian citizen once the business starts operation. Moreover, the LMIA will require proof of your financial stability to sustain your business and family.
4. Canada Work Permit application:
work permit can be applied for on receiving positive LMIA. It differs from visa. In majority of cases, it will be essential to conduct business and implement a Marketing Strategy in Canada. But the process involving obtaining work permit might take a couple of months. With a visitor visa or Temporary Resident Visa to the U.S.A., it is possible to apply for Canadian work permit. It can be done at the Canadian border.
Easing business setup process
The fact is that work visa and permit applications can be quite a lengthy and confusing process. However, it is possible to ease the Registration process by hiring a certified immigration representative. Being domain experts, they will teach you the do’s and don’ts involving the entire process. With their assistance, you can be assured that your application will get accepted and processed very quickly.
