Straight up, how to register your business in Canada as an immigrant is not as difficult as many presume, but you need to give a full throttle down to realize your dreams.
The good news is you can register your business in Canada without ever coming over to Canada. We’ll talk about that later in this article.
For the time being, let’s talk about how to register your business in Canada as an immigrant.
How to Migrate to Canada for Business: the Process
It all begins with an idea of what type of business you want to run in Canada, and at what level. That being said, three major types of businesses thrive in Canada.
#1. Sole proprietorship
A sole proprietorship is a business funded and managed by one person. It is the simplest of all business structures; it’s cheaper to run when compared to other business structures.
However, you must pass through the necessary protocols like business name registration and licensing.
One con of the sole proprietorship is that all the liabilities are on one person alone. The assets are at risk of liabilities. Also, the proprietor suffers direct taxation.
#2. Partnership
You can pair up with two or more individuals with the same innovative business Idea as yours. The idea of partnership is to curb the liabilities of partners by sharing a percentage of Profit and loss among the parties involved.
Each province in Canada has its unique partnership legislation. Knowing each provincial law on business, and the level of risk you’re willing to take for it keeps you smart in decision making
#3. Corporation
This is a legal entity that has the right to own assets, borrow, lend, and carry on with business. It can sue and be sued. This kind of business is operated by shareholders, The shareholders do not own the business or its assets.
Most interestingly, they do not own the liabilities as well, unless in rare cases where the partners have to root for the business to avert folding up. Its liabilities are limited.
Corporations have the general quality of longevity with liquidity in their asset transfer. Corporations pay taxes as legal entities. These are the most popular business choices in Canada.
Yours may be initial or the latter. Whichever, you have to follow the popular procedure listed below to migrate to Canada for business.
Apply for a Start-up Visa Program
As an immigrant to Canada with the motive to start a business, you are to apply for the Start-up Visa program. The program is strict to make sure that you meet the requirements to migrate to Canada to start a business. Aside from your business being resourceful, it should also meet the following requirements:
- It should be capable of creating employment opportunities for Canadians
- The business should thrive globally. That is, it should compete across the globe.
That’s not all, on your path, you must meet and do the following:
- Get support from the designated organization. Before you apply for the start-up Visa, your business ideas must have the support of one or more designated organizations in Canada.
- You must be able to communicate in all or one of the Canadian official languages. Which are English and French
- Your account balance must be convincing to sustain you during the business registration process
An exemption is starting or registering a business in Quebec. It has its unique requirements.
Immigrate as a Self-Employed Person
The self-employed person program enables you to move to Canada as a self-employed immigrant.
To qualify for this program, you must meet the following requirements:
- Be established in athletic and cultural activities. Also, you are willing to be self-employed in Canada
- You must be willing to contribute positively to the development of the Canadian economy
- You must be speaking any of the Canadian official languages
- You must be medically certified, backed up by a police report
Begin the self-employed person application process here
Note: You can apply for a temporary work permit While your application for permanent residence is being processed.
How Business Registration in Canada works
If you didn’t merit the Visa application requirements mentioned above, no problem. You can deploy the next process of starting up a business as an immigrant to Canada.
Knowing how business registration in Canada works is your sure shot at living your dreams. How business registration in Canada works is concerned with the processes and requirements, and, that’s up-next
#1. Apply for a Multi-entry Visa
The preparatory process of establishing your business in Canada tolls on time. To keep your window open to and from Canada for up to 10 years, you should apply for the Canada Multi-entry Visa program. It’s a perfect choice to consider if you must do a repeat visitation for research and inquiries in your area of business. To be eligible, you’re to fill out the necessary paperwork and pay the application fee. Other requirements are:
- A medical inspection. Furthermore, you may be asked to provide your biometrics and photographs.
- You are to apply outside Canada not while in Canada
Also, check for citizenship requirements in Canada which are necessary for a smooth process
#2. Register your business
Before taking the step of registering your business and making it recognized by the government, be sure that you have decided on the following:
- Location of your business’s main office
- Determine how many other provinces in Canada you plan to run your business.
- Choose a unique business name. Choose a name that projects your business brand and make sure the name hasn’t been taken already.
- The business structure you wish to run. This means whether you want to run a sole proprietorship, a partnership, or a cooperation
more information, on business registration here
#3. Apply for Labour Market Impact Assessment (LMIA)
Business registration alone is not the go-ahead for business activities. You must take one more vital step and that’s to apply for LMIA so that your business can be well-regulated.
The Labour Market Impact Assessment(LMIA) is a check on your business that you do not give a negative influence on the Canadian labor market. This will make sure that the success of your business in Canada won’t weaken job opportunities for Canadians and the permanent residents
You’re eligible for LMIA positive response if you provide an innovative business plan, and your business can employ at least one Canadian citizen or a permanent resident.
Most importantly, you must prove to the Labour Market that your account balance is sufficient to sponsor yourself, your family, and your business.
#4. Apply for Work Permit in Canada
You can apply for a work permit from outside Canada, inside Canada, or at a port of entry. Keep in mind that Visa is not a work permit, you need a Visa and a work permit to carry on with your business activities in Canada. After you’ve got the go-ahead from LMIA, the next step is to apply for a work permit.
Don’t forget you can apply for a temporary work permit. While you wait for the permanent residence permit. The process of getting a work permit in Canada can claim valuable months.
You need to have something going in the meantime.
Applying for a work permit can be confusing and full of errors. You should hire a Canadian immigration representative this will help to avert the administrative errors that can result in a longer wait period.
The eligibility status for a work permit as an immigrant to Canada varies depending on where you are applying From. That is if you are applying from outside Canada, inside Canada, or at the port entry.
However, regardless of where you’re applying from, you must meet the following requirements
- Agree with the authority that you’ll exit Canada when your work permit expires
- Prove that you have enough funds to sustain yourself, your family, and your Business in Canada and to return to your country.
- You have to be law-abiding, keep in mind you may be asked for a police clearance certificate for criminal activities.
- Do not pose any threat to the Canadian Security
- Healthwise, you might be asked to take a medical assessment
More on this subject here
Tips for a successful Business in Canada
As you are consistent in the process of starting up your business in Canada, kindly take cognizance of the following tips for a successful business in Canada.
#1. Different Provinces, Different Cultures
Canada is a country of diverse cultural values which affect their business discretions. Get to know their purchasing preference and the type of goods that thrive in specific areas. Know what they want, how they like it, and supply it with top-notch quality
Embrace their culture by joining a local gathering, or business organization where you can communicate with fellow businessmen.
#2. Seek a Business Coach
You know what you want and how you want it. However, you will need the extra brain along the way. A good mentor is an asset and a catalyst to any establishment. It’ll Intrigue you to know that Canada is decked with good teachers that can help you realize your goals. Regardless, you should look before you leap
#3. Have a Good Credit History
You need a good credit score to start up a business in Canada as an immigrant. Banks are always on the lookout for a client’s credit scores which is a determinant factor in whether to grant a loan approval or not
The sure way to get a credit score is to apply for Canadian credit cards. Be consistent in paying your regular fees and monthly levies. You’ll be good to go after at least six months.
#4. Have Sufficient Funds
You need money to migrate to Canada for Business registration, you need a little more money to remain and finish the process of your business registration.
You’ll be checked extensively on this. Your account balance should be long enough to sustain yourself, your family, and your Business in Canada. Or you can remain in your country and register your business in Canada.
How to Register a Business in Canada without Coming to Canada
This is the later part of the article I promised you at the beginning of the reading. There are three real-life approaches on how to register your business in Canada as an immigrant, one has been explained to you. Let’s see the summary of the remaining two
#1. Expand your existing business into Canada
As an already established entrepreneur, you can expand your existing business into Canada. It’s simply opening a branch of the business you already have outside Canada in one or more of the provinces in Canada. It’s a healthy and recognized way of starting up a business in Canada for non-residents.
To be successful in this operation, you need the involvement of a Canadian citizen or a permanent resident.
You can operate in any of the provinces in Canada. Progressively, you’ll need an extra-provincial corporation if you wish to register under more than one territory.
Always remember, different Canadian provinces have their unique rules and regulations.
#2. Start a business from outside of Canada
You can start a new business from scratch without seeing Canada.
The straight-up secret is to invest in an already existing business in Canada. That is, you can buy up the shares of a Canadian company and take over its ownership.
This is an achievable and legal feat as stated in the Investment Canada Act.
This is where you need a local agent to help you with the process of incorporation and a Canadian business director.
Aside from British Columbia which offers 100% ownership of the Canadian business to a complete foreigner, other provinces demand that citizens or certified permanent residents should take partial ownership of the business.
FAQs
Can I migrate to Canada for business with my Family?
Yes, you can migrate to Canada for business with Your family. You can sponsor your family members to Canada if you’re a permanent citizen and over 18 years of age
How can I get a good credit score?
You can get a good credit score by applying for Canadian credit cards. Be consistent in paying your accrued fees and monthly levies. At Least six months will turn out well on your scores
Best Wishes
In summary, you’re on the right track. I have been meaning to say that to you. Keep in mind that success won’t happen overnight. And you must give it your best to be the best of yourself.
Three business structures thrive in Canada: Sole proprietorship, Partnership, and Corporation.
Also, you have to know how to register your business in Canada as an immigrant by applying for a start-up Visa and as a self-employed immigrant person.
If for any reason you didn’t qualify for the above programs, you should alternate; do the following: apply for a multi-entry visa program, register your business name, apply for a Labor Market Impact Assessment (LMIA) and lastly apply for a work permit in Canada. Let your long-term goals blind you to momentary setbacks. You’ll have all you want. Good luck.
