There are different types of Canadian Visas through which you can immigrate into Canada. All of these have their features, costs, and limitations. Here, in this article we have, we have mentioned them for your convenience.
List of The Different Canadian Visa
Investors Visa- under Canada’s Start Up Visa Program
The best possible option for immigrants who wish to do so as an investor is Canada’s Start-up Visa program (SUV), wherein they are linked with the private sectors present in Canada to boost their start-ups. This was made permanent in the year 2018. For the same, an applicant needs to have a qualifying business firstly, commitment certificate along with the letter of support from a designated entity, sufficient amount of unencumbered, available and transferable settlement funds, and lastly, should be proficient in English or French with minimum Level 5 of Canadian Language Benchmark.
Cost: In case of investment coming from designated Canadian venture capital, one must have at least $ 200,000, and with a designated Canadian angel investor group, it is $75,000, while in the case of the business incubator, no financial investment is required.
Limitations of Investor Visa for Immigration to Canada
The limitations of this essentially relate to getting a commitment certificate or the letter of support once a designated entity grants it, as only after this can a person apply for permanent residence, which further takes 18 months to get finalized.
Entrepreneurs: to help create Employment Opportunities in Canada
Under the Entrepreneur program, one of the essential conditions is the Canadian economy’s contribution through the creation of employment opportunities. To apply or qualify for the same, the person has to make a substantial investment within two years of coming to Canada to contribute to the Canadian economy, and he should also remain active and participate in business management. Lastly, he has to appoint a Canadian citizen or a permanent resident to the business, who is not the entrepreneur or his dependents.
Cost: The application fee amounts to $1,575 CAD in addition to $500 (permanent residence) along with $825 (accompanying spouse) and $ 225 (dependent child).
Limitations:- Complicated process may make it unviable for some applicants
The entire process can be confusing due to the various technicalities present relating to various nominations from different territories or provinces, which may have their separate programs. The Federal Immigrant Investor Program doesn’t function anymore.
Self-Employed Persons Program:
Apart from Quebec, people who wish to live in Canada being self-employed have to apply under this program, and as far as Quebec is considered, it has a separate Self-Employed program. To apply under this, the applicant needs to have the relevant experience which relates to a minimum of two years of experience in cultural or athletics activities with a world-class level, or such amount of experience of being self-employed at these activities or a minimum of 2 years of experience in farm management. Apart from this, the criteria include education, age, experience, adaptability, and language experience, amounting to 100 points, out of which a person has to secure at least 35 points. The program also gives an elaborate list of the professional and skilled, and technical occupations in art and culture.
Cost: The cost starts from $2,075, including $1,575 as application fee and $500 as Right for Permanent Residence Fee.
The process doesn’t end here; it involves various medical exams and security risk assessments which can be a lot more time-consuming.
Business Provincial Nominee Programs (PNP):
It relies on the nominations by different territories or provinces in Canada. To qualify for this, the applicant must have 2 to 5 years in business management and specific other qualifications that may include the applicant’s language or age. Under this, Ontario and Quebec form a part of the exception where they don’t require government deposits.
Cost: The investment cost may range from $150,000 CAN or CAD in North West territories and Saskatchewan, respectively, to $3,000,000 in Ontario.
Limitations of Business Provincial Nomination Program:
One of the significant drawbacks of this program is that every province has its PNP, which makes it very troublesome to assess the minimum investment level and net worth. It becomes difficult for the applicant as some may require the exploratory visit while others may not.