Under the pressure of multiple lobbyists, the Canadian federal government may choose to bring back the Immigrant Investor Program (IIP) to support the economy amid the coronavirus COVID 19 pandemic. The federal government abolished the IIP in 2015 because the Investor Program did not provide sufficient economic benefits, nor did the participants contribute to the community as expected. As Canada will be running a deficit of over $343 billion, however, it is expected the government may re-implement the IIP to support the economy and jobs and mitigate the damage caused by the pandemic.
The current Business immigration programs available are the Self-employed Persons & Start-up Visa Program. The self-employed person program is specifically tailored for applicants with relevant experience working for themselves in the arts or athletics sector. In the Start-up Visa Program, the applicant must pitch a business idea to a designated organization and convince it to support the start-up company. Once a designated organization decides to support your business, it will send IRCC a commitment certificate and give the applicants a letter of support.
Some provinces currently have their own business investors program under a different name, such as the Ontario Immigrant Nominee Program (OINP) Entrepreneurs Stream. Below are some updates from the two provinces program;
On December 1, 2020, British Columbia held a new draw for business-candidates in the British Columbia Provincial Nominee Program (BC PNP). In the Base Category of the Entrepreneur Stream, BC PNP invited 11 candidates. The lowest score of this round has increased by twelve points and reached 121 points, compared to the October 20 draw. British Columbia invited 154 business-candidates in 2020, including 54 entrepreneurs in the Regional Pilot. </span><br>
On December 17, 2020, the Ontario Immigrant Nominee Program (OINP) posted the results of the last draw in the Entrepreneur Stream in 2020. This was the sixth draw for business immigration to Ontario this year. In this draw, Ontario sent invitations to apply to 19 entrepreneurs. The lowest score in this round was 140 points, two points less than the October 26 draw. In this draw, Ontario considered Expressions of Interest received by the OINP between November 22, 2019, and December 10, 2020. In total, OINP invited 131 businessmen to apply for the Ontario nomination in 2020, which is only half compared to 2019, when Ontario invited 257 entrepreneurs.</span>
For more information on this initiative, and to discuss if you qualify for any of the available programs, please contact us on firstname.lastname@example.org or call us on +1-289-997-3339 or fill in the free assessment form on this website.