Applying for a Business visa is a major undertaking - especially if you are thinking of relocating your business in Canada. One of the main processes to start the ball rolling is to be able to prove that your funds are not from the proceeds of crime. Also, any applications made will have to be from the applicants country of residence.
On September 1st 2006, Citizenship and Immigration Canada (CIC) announced changes to the application procedure and have introduced a new, Simplified Application for new applicants. This new system requires the application forms and processing fee's to be submitted and then, when they are ready to process your application, you will have to submit all the supporting documentation. This may sound like good news, however, given the length of waiting times, it may be several years of waiting before you find out that you do not qualify.
With such an important step I highly recommend using the services of an Immigration Professional. This way your application is assessed by an independant, experienced professional and an honest opinion is given. This simple step could save you a lot of money, time wasted and heartache at a later date.
People who are experienced in business could qualify for a Business Visa They are expected to contribute to the development of the Canadian economy either by investing in or starting a business in Canada. There are three different types of Business Visa Immigrant.
1. Investors - this Business Visa program is aimed at people with at least two years recent business experience and sufficient capital. Investors must have a minimum net worth of CDN $800,000 and make an investment of CDN $400,000 that is used by either the Provinces or Territories to boost the local economy.
The C$400,000 investment is administered by the Citizenship and Immigration Canada and is returned to the “investor” after around 5 years. No interest is paid as a zero interest promissory note will be issued to the applicant that is non transferable and has to be presented to the CIC for repayment of the C$400,000.
Though not mandatory, it is recommended that a “facilitator” (authorized by the CIC and are normally representatives from one of the national banks) is used to represent the investor with no costs incurred – CIC will pay the fees. One thing I do know is that the banks do not offer the best rates for the transfers. We use HIFX - a specialist currency transfer company who transfer with no commissions or transfer fees and offer exceptional rates to both Business and private clients. Whether you eventually move or not, if you are a business person involved with international currencies then you need to see how HIFX can improve YOUR bottom line.
