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Canadian Government » The Entrepreneur Program | |
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A. The Federal Entrepreneur Class The Entrepreneur class confers permanent residence upon applicants who demonstrate an ability to become economically established in Canada on the basis of their two years of suitable business experience and a personal net worth of $300,000 CAD. Approval is contingent upon the entrepreneur undertaking to invest and become involved in the active management of a qualifying Canadian business operated in Canada that will contribute to the economy and create employment for Canadians. There are two important distinctions from the Investors Class. First, the Entrepreneur Class applicant must establish and become active in the management of a qualifying Canadian business in Canada. Approved applicants are therefore admitted to Canada under a conditional visa and must report regularly to immigration authorities. Applicants who do not fulfill their qualifying Canadian business conditions may be subjected to removal hearings which could lead to deportation of the applicant and family members. Second, applicants without qualifying business experience cannot qualify. Thus unlike the Investors Class, the management of five or more full-time employees option is not available under the Entrepreneur Class. To Qualify a successful Entrepreneur Class applicant is one who has: 1. Managed a qualifying business and has controlled a percentage of equity of the qualifying business for at least two years in the period beginning five years preceding the application; and 2. Possesses a personal net worth of C$300,000 legally obtained (assets may comprise of inheritances as well as the assets of a spouse/common-law partner/same-sex partner) and 3. Undertakes to control at least 33% of the equity of a qualifying Canadian business and provide active and ongoing management of the qualifying Canadian business that will create at least one incremental full-time job (37.5 hours per week or more) for Canadian citizens or permanent residents, other than the entrepreneur and their family members. This condition must be fulfilled for a period of one year within the period of three years after the day on which the entrepreneur becomes a permanent resident. This is known in the industry as meeting entrepreneurial terms and conditions. |
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