The Entrepreneur class confers permanent residence upon applicants who demonstrate an ability to become economically established in Canada on the basis of their business experience and significant personal net worth. Approval is contingent upon the entrepreneur undertaking to invest and become involved in the active management of a qualifying business operated in Canada that will contribute to the economy and create employment.
A successful applicant is one who has a) managed a qualifying business and has controlled a sufficient percentage of equity of the qualifying business for at least two years in the period beginning five years preceding the application; b) possesses a personal net worth of $300,000 and c) undertakes to control a sufficient percentage of the equity of a qualifying Canadian business and provide active and ongoing management of the qualifying Canadian businessthat will create at least one incremental full-time job for Canadian citizens or permanent residents, other than the entrepreneur and their family members.
Unlike the Investors Class, the Entrepreneur Class applicant is one who intends to become active in the management of a qualifying Canadian business in Canada.
To Qualify a successful Entrepreneur Class applicant is one who has:
- managed a qualifying business and has controlled a percentage of equity of the qualifying business for at least two years in the period beginning five years preceding the application; and
- Possesses a personal net worth of C$300,000 legally obtained (assets may comprise of inheritances as well as the assets of a spouse/common-law partner/same-sex partner) and
- Undertakes to control at least 33% of the equity of a qualifying Canadian businessand provide active and ongoing management of the qualifying Canadian business that will create at least one incremental full-time job (37.5 hours per week or more) for Canadian citizens or permanent residents, other than the entrepreneur and their family members. This condition must be fulfilled for a period of one year within the period of three years after the day on which the entrepreneur becomes a permanent resident. This is known in the industry as meeting entrepreneurial terms and conditions.
With respect to the first condition above, the qualifying business must meet any two (2) of the following criteria:
| ENTREPRENEUR CLASS – Qualifying Business Criteria | ||||
| ATTRIBUTE | PERCENTAGE OWNERSHIP OF BUSINESS | |||
| 100% | 50% | 20% | ||
| (i) | FULL-TIME EMPLOYEES | 2 | 4 | 10 |
| (ii) | SALES (CAD) | $500,000 | $1,000,000 | $2,500,000 |
| (iii) | NET INCOME (CAD) | $50,000 | $100,000 | $250,000 |
| (iv) | EQUITY (CAD) | $125,000 | $250,000 | $625,000 |
With respect to the third condition above, the Entrepreneur Class applicant must operate aCanadian qualifying business 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.
| Qualifying Canadian Business | ||||
| ATTRIBUTE | PERCENTAGE OWNERSHIP OF BUSINESS | |||
| 100% | 50% | 20% | ||
| (i) | FULL-TIME EMPLOYEES | 2 | 4 | 10 |
| (ii) | SALES (CAD) | $250,000 | $500,000 | $750,000 |
| (iii) | NET INCOME (CAD) | $25,000 | $50,000 | $75,000 |
| (iv) | EQUITY (CAD) | $125,000 | $250,000 | $375,000 |
Failure to establish a Canadian qualifying business can result in the deportation of the applicant and landed dependants.
Interested readers are invited to complete our Free Assessment to otain an evaluation of their qualifications to apply for immigration to Canada under the Entrepreneur class.
