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Entrepreneurs
"Entrepreneur" means a foreign national who:
- Has business experience
- Has a legally obtained minimum net worth
- Provides a written statement to an officer that they intend to and will be able to meet the conditions referred to in subsections 98.(1) to (5):
98. (1) An entrepreneur who becomes a permanent resident must meet the following conditions:
o the entrepreneur must control a percentage of the equity of a qualifying Canadian business equal to or greater than 33 1/3 per cent;
o the entrepreneur must provide active and ongoing management of the qualifying Canadian business; and
o the entrepreneur must create at least one incremental full-time job equivalent for Canadian citizens or permanent residents, other than the entrepreneur and their family members
(3) The entrepreneur must meet the conditions for a period of at least one year within the period of three years after the day on which the entrepreneur becomes a permanent resident.
(4) An entrepreneur who becomes a permanent resident must provide to an officer evidence of compliance with the conditions within the period of three years after the day on which the entrepreneur becomes a permanent resident.
(5) An entrepreneur must provide to an officer, not later than six months after the day on which the entrepreneur becomes a permanent resident, their residential address and telephone number; and during the period beginning 18 months after and ending 24 months after the day on which the entrepreneur becomes a permanent resident, evidence of their efforts to comply with the conditions.
"Business experience" means
- in respect of an entrepreneur, the management of a qualifying business and the control of a percentage of equity of the qualifying business for at least two years in the period beginning five years before the date of application for a permanent resident visa and ending on the day a determination is made in respect of the application
"Net worth" means
- in respect of an entrepreneur, means the fair market value of all of the assets of the entrepreneur and their spouse or common-law partner minus the fair market value of all of their liabilities
"Minimum net worth" means
- in respect of an entrepreneur, CDN $300,000
- in respect of an entrepreneur selected by a province, the minimum net worth required by the laws of the province
"Qualifying Canadian business" means
- a business operated in Canada by an entrepreneur -- other than a business primarily for the purpose of deriving investment income, such as interest, dividends or capital gains -- for which there is in any year within the period of three years after the day the entrepreneur becomes a permanent resident documentary evidence of any two of the following:
- the percentage of equity multiplied by the number of full time job equivalents is equal to or greater than two full-time job equivalents per year;
- the percentage of equity multiplied by the total annual sales is equal to or greater than CDN $250,000;
- the percentage of equity multiplied by the net income in the year is equal to or greater than CDN $25,000; and
- the percentage of equity multiplied by the net assets at the end of the year is equal to or greater than CDN $125,000
"Full-time job equivalent" means
- 1,950 hours of paid employment.
"Net assets" means
- in respect of a qualifying business or a qualifying Canadian business, means the assets of the business, minus the liabilities of the business, plus shareholder loans made to the business by a foreign national and their spouse or common-law partner
"Net income" means
- in respect of a qualifying business or a qualifying Canadian business, the after tax profit or loss of the business plus remuneration by the business to a foreign national and their spouse or common-law partner
"Percentage of equity" means
- in respect of a sole proprietorship, 100 per cent of the equity of the sole proprietorship controlled by a foreign national or their spouse or common-law partner
- in respect of a corporation, the percentage of the issued and outstanding voting shares of the capital stock of the corporation controlled by a foreign national or their spouse or common-law partner
- in respect of a partnership or joint venture, the percentage of the profit or loss of the partnership or joint venture to which a foreign national or their spouse or common-law partner is entitled.
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