Canadian Permanent Residency and Citizenship are not readily available for people who are in their late 30s and above, even though Canada is very well known for welcoming immigrants from all over the world. Prior to understanding these options, it is imperative to understand Canada’s immigration framework. Canadian immigration structure is divided between the federal and provincial governments, unlike U.S. immigration, which is controlled by the federal government. Every province has its own immigration program, known as the Provincial Nomination Program (PNP).
PNPs have several popular categories, including skilled-based programs and entrepreneur programs. Younger applicants may be better suited to skill-based programs, while middle-aged candidates will benefit more from entrepreneur programs, which generally have investment requirements of CAD 200,000 to 500,000. The entrepreneur programs do not allow immigrants to apply directly for permanent residency, and the ability to apply for Permanent Residency depends on the success of the business during the first two years.
On the Federal side, the known programs are Express Entry – a point-based process for young applicants, Inter-Company Transfer (ICT) – a work visa program for Senior Management Executives whose companies are located in Canada, and the LMIA – a work visa program where the applicant has a job offer from a Canadian company with a requirement to prove that Canadian employees or permanent residents are not available to fill the position. Applicants to ICT and LMIA would have to relocate to Canada and be employed there until they qualify under Express Entry, as working in Canada generally boosts points and covers the age restriction.
One federal category that has recently gained the attention of Senior Executives is the Canada Start-Up Visa. The Canadian government made the start-up program permanent in 2018 and it has since become a favorite choice among senior executives, owing to its many benefits. Direct Permanent Residency is offered along with the option to shift to an Interim Work Permit while the Permanent Residency Application is pending. This program will provide permanent residency for senior executives with a number of benefits, including the opportunity to join an innovative start-up team by leveraging existing experience.
To be eligible for the start-up program, you must have a minimum of ten percent equity in the company as a co-founder, have a minimum IELTS score of 5 and obtain a letter of support from a government-designated organization. Starting a business does not have any age restrictions, and it also does not require the applicants to go through a point-based system. The program also provides the applicant with the opportunity to synergize their skills with the pilot team members of the innovative start-up.
Divesh Sharma of Arcum Global emphasizes that while North America remains a preferred location for senior management executives, we regularly assist them with their residency planning and business endeavors by providing them with the best possible business start-up that can not only afford them a place to live, but also add value to the Canadian economy.
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