Are you looking to start a business in Canada? If yes, you are in the right place. The post highlights practical tips to get started!
How to start up a business in Canada
Business immigration to Canada in 2022 is one of the most reliable ways for foreigners to move permanently to a prosperous country with good prospects for obtaining Canadian citizenship.
The Canadian government is interested in attracting foreign investment. It is happy to accept experienced foreign business people who can create new jobs in Canada and benefit the local economy. Read on!
How to start a business in Canada
It is no secret that doing business is somewhat risky, especially when starting a business abroad in Canada. Many important decisions need to be made, ranging from the choice of location, direction, and form of ownership of the future company ending with the amount of investment, tax optimization, and effective control. Here is everything you need to know!
Immigrant Investor Venture Capital Program
The program was launched back in 2010, but we note right away that periodically new applications for participation are not accepted. The government opens access when Citizenship and Immigration Canada justifies the need for additional overseas investment.
The amount of assets is not less than 10 million Canadian dollars, which is equivalent to 7.5 million US dollars. At the same time, the funds must be earned as a result of legitimate business or investment activities.
All this is very carefully checked. To participate in the program, you must be ready to invest at least 2 million Canadian dollars in a special venture fund for up to 15 years without any guarantees of return and income.
The second prerequisite concerns proficiency in one of the official languages - French or English, which must be confirmed by an international certificate or passing a test. In addition, a foreigner must have at least a year of study at a higher educational institution that meets Canadian standards.
Business immigration program to Canada, designed to launch promising innovative ideas that can compete in the market, generate profits, and create jobs. Up to five foreign entrepreneurs can apply for a visa simultaneously, provided they own at least 10% of the company’s capital.
It requires an official letter from one of the approved Canadian organizations with a guarantee of support for the business idea. In some cases, it is necessary to confirm the availability of funds in 75 or 200 thousand Canadian dollars.
Procedure for Registering a Business
Registration and filing with Industry Canada are done online within a day, and after five days, the company is assigned a unique business number. The cost is 200 Canadian dollars.
It is mandatory to fill out a registration form and send the memorandum of association, information about the board of directors, and the company’s location. Make sure you follow the step-by-step procedure to achieve your goals.
There is an additional CAD 21.47 fee to reserve a unique business name. Once a new company is registered, this information is passed to the Canada Revenue Agency, where a corporate income tax number is assigned within a day.
Successful business in Canada by entrepreneurs abroad is impossible without choosing the optimal and affordable form of ownership for a newly created company. Follow the tips and tricks above to start a successful business in Canada.
- Article based on personal opinion, experience and research.
- Photos from Unsplash & canva.
- This article includes affiliate links leading to amazon.ca