Secure Canadian permanent residence with a $100,000 investment. Really? That is what most of you see in the advertisements and wonder how it might be possible to gain permanent legal status in Canada with just a $100,000 investment.
The advertisements contain an element of truth. This article will clarify any misconceptions.
Canadian Business Immigration Programs
Many of Canada’s provinces have their own business immigration programs. each program has its own set of requirements covering:
- Demonstrating a legally obtained net worth,
- Minimum investment thresholds,
- Language ability,
- Ineligible businesses,
- Residency requirements,
- Exploratory visits,
- Business plans,
- Job creation for Canadian citizens and permanent residents,and
- Previous business ownership or senior management experience.
Some provinces grant successful applicants a two-year visa in order to come to Canada and launch their new venture. During the two-year period an applicant must meet certain milestones as agreed in a performance agreement. Other provinces are more generous and grant direct permanent residence to successful applicants.
Manitoba has two business programs:
- Manitoba Entrepreneur Program.
- Manitoba Farm Strategic Recruitment Initiative.
In our opinion, Manitoba offers the best and most realistic business immigration program. Compared to other provinces such as British Columbia who support temporary legal status for businessmen to establish and run their businesses and prove that the terms of the performance agreement signed with them are satisfied before issuing a nomination certificate, Manitoba signs a deposit agreement for$100,000 CAD and issues nomination certificate directly upon approval.
Minimum Net Worth
For both Manitoba Business programs the minimum net worth requirement is $350,000 CAD. An applicant must document how they obtained their legal obtained net worth. Merely declaring income or inheritance of assets is not sufficient information to convince the Manitoba Immigration office that you have earned such income or acquired assets in the past. You must provide details of your income from all sources, including capital gains, rental income,etc.
The minimum investment required for Manitoba is $150,000 CAD in addition to the $100,000 CADrefundable deposit. If the individual is unable to satisfy the terms of the deposit agreement and does not execute the proposed business plan by investing the required amount, the $100,000 deposit is lost.
In the Farm Strategic recruitment Initiative the good-faith deposit is $75,000. This figure must be transferred to the Manitoba Development Corporation after a nomination certificate is issued and prior to applying for permanent residence.
Not only do you need to invest $150,000 CAD but also have to actively manage and run the proposed business just like any other entrepreneur category offered by various provinces. We would like to mention that there is no effect on the permanent legal status gained if the terms of the deposit agreement are not satisfied. Many people like to use Manitoba as a gateway to Canada knowing that they will forfeit the $100,000/$75,000 CAD deposit.
Once an applicant receives a nomination from Manitoba Immigration Office he or she will be required to submit a good-faith deposit of $100,000. When the applicant has met the terms and conditions of the Deposit Agreement, it will be refunded in whole, without interest. If an applicant should choose to withdraw his or her application prior to landing in Canada as a permanent resident, he or she will have the deposit refunded as well.