You may have come up with an exciting Business Idea that you wish to start in Canada. This country welcomes foreigners to set up their new or existing business. It does boast of having large amount of skilled workforce, tax credits and generous government grants. Also can be derived wonderful opportunities to secure venture capital as well as seed money required to grow the business.
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Business plan as foreign national in Canada
1. Obtain multi-entry visa:
Perhaps you are still deciding the area where to establish your future business. 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 for. 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 from any place in the world and 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 does not mandate appointing resident director especially for provincial incorporation. Rather, an address will be necessary within the provinces where Business licenses are applied and incorporation to be done. Incorporation agent or incorporator residing in the specific province can be hired in British Columbia and Alberta. British Columbia allows corporations having 100% ownership by foreign nationals.
3. LMIA Application:
You need Business licenses in Canada to run it legally. But only registration 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 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 you having the 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 the cases, it will be essential to conduct business and for implementing Marketing Strategy in Canada. But the process involving obtaining work permit might take a couple of months. With 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 Canadian border.
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Easing business setup process
The fact is work visa and permit application can be quite a lengthy and confusing process. However, it is possible to ease Business Registration process by hiring the 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.