Starting a Business in Canada and Getting PR

If starting a business in Canada is your goal for 2022, you are on the correct way! Indeed, it is one of the most common and cost-effective journeys for investors to come to Canada and get PR. In mana, we are experts in business visas, and we can help you reach your goal!

Canada is a dream destination for entrepreneurs, and it offers many options for investors who are starting a business. Depending on your goals, experience and expectations, there are several choices.

So, to decide which one is better, you first should consider the following scenarios:

Are you willing to buy an existing business and run it from Canada?
Do you want to open a new business?
Are you ready to open a branch of your international business in Canada?

Weather is your best option; in mana immigration, we have business and immigration experts to help you find the program that most fits your needs. In this article, we will focus on the ICT program.

What is the Intra Company Transferee Program – ICT

One of the most popular programs for starting a business in Canada is the Intra Company Program, also known as ICT. It is the perfect option for international business owners who want to open a branch and run operations in Canada.

Starting a Business with the ICT Program

Suppose you have a business in your home country and want to expand to Canada. In that case, your best option is to apply under the Intra-Company Transferee program. Moreover, besides starting your business in Canada, you will also be able to transfer key employers, or even yourself, to start Canadian operations.

Overall, starting a business under the ICT program is a cost-effective decision for international business owners. We would say that this is a golden opportunity for having a Canadian company and qualifying for permanent status.

Why? It is one of the most popular business programs since it doesn’t require a minimum investment, and IELTS is also not needed either.

So, if you have a profitable business in your home country and have the financial capabilities to open a branch office in Canada, this program is for you. Then, let’s explore how you can prepare for starting a business in Canada.

ICT Work Permit

It is vital to know that ICT work permits are given initially for one year but are eligible for renewal. Also, under this program, applicants are exempted from the Labour Market Impact Assessment (LMIA) requirement.

Company Requirements For ICT

You must prove that your company meets the qualification criteria for starting a business under the ICT program.

Have a physical location in Canada.
The Canadian and the international company must be providing goods and services on an ongoing basis.
The Canadian operation should be large enough to support management functions.

Intra-Company Transferee Requirements

As mentioned before, under the ICT program, international transferees may apply for work permits if they:

Are employed by the international company and pursuing to work in branch, or affiliate of that company in Canada.
Meet the conditions that be transferred in an executive, senior managerial, or specialized knowledge position.
Prove the Canadian location has a qualifying relationship with their current business, and both companies will keep working.
Proof you have been employed continuously by the international company in a similar full-time position for at least 12 months.

ICT Work Permit Duration

The Canadian government gives transferees initial work permits for a one-year duration. However, when starting a business under this program, you should know that this work permit is renewable. To do it, both companies must prove that:

They still have a qualifying relationship.
The new office in Canada has committed to constantly providing goods or services for the past year.
The new office in Canada is staffed.

Permanent Residence for Intra-Company Transferees

Again, it is one of the fastest pathways to Canada under an immigration program. And, of course, besides starting a business in Canada, qualified candidates are also in a solid position to become permanent residents of Canada.

As you may know, Canada’s Express Entry system is the most popular pathway of economic immigration to Canada. And, intra-company transferees can obtain an excellent score for their profile. Therefore, they may be able to qualify under the Canadian Experience Class, the Federal Skilled worker program or through a Provincial Nominee Program.

Of course, each program has its requirements and criteria. You should check them all and see which one fits your profile better. After starting a business in Canada and getting PR, you can also become a Canadian citizen. However, this is another process that comes after receiving permanent status.

Why Starting a Business in Canada?

Even though the costs of starting a company in Canada are not low, it is a cost-effective option for those who want to expand their international business and move to Canada under a temporary work permit and get PR.

General Benefits of the Intra-Company Transferee Program

Before starting your business in Canada under the ICT program, here is a list of some of the general benefits:

Expand your business in the second world-largest country.
Canada offers a stable government and a good economy for business investors.
Quick Pathway to Permanent Residence.
A valid job offer may give you an additional 50 to 200 points in your Express Entry profile.
You can move to Canada with your close family members. Children can attend school for free, and the spouse qualifies for an open work permit.