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Business Immigration and Entrepreneurship to Boost Canadian Economy

27 March 2017

Business Immigration and Entrepreneurship to Boost Canadian Economy
The Government of Canada’s 2017 budget has included an Innovation Agenda bill, which is aimed at entrepreneurs and business owners. The proposed Innovation and Skills Plan, a key facet of the CAD $300 million budget, targets innovation, job creation, and economic growth through investment and specialized programs. While the federal government is still working out specific details to promote economic investment and entrepreneurial innovation, the bill is clear on a number of aims which include industry development and fine-tuning Canadian business investment programs already in place.

In addition, the bill will likely address Canadian immigration programs that are designed to both attract foreign capital to the country and fill gaps where foreign talent is much needed. These types of programs include the popular Quebec Immigrant Investor Program (QIIP), Provincial Nominee Programs such as the Manitoba Provincial Nominee Program for Business (MPNP-B), and various skilled worker programs. For the Canadian business sector, changes to improve immigration processes for business-minded individuals, entrepreneurs, and high-skilled workers goes hand-in-hand with the Government of Canada’s dedication to bringing the best talent into the provinces.

With Canada’s open-door policy, foreign investors are increasingly seeking entry to Canada through a number of business immigration opportunities. Immigration to Canada is integral to not only sustaining the Canadian economy, but fostering its continued growth. For many provinces in Canada, immigration through foreign investment and entrepreneurship is a cornerstone for supporting local economies as Canadian populations near retirement age. Promotion of Canadian business immigration is evident in provinces such as Quebec, New Brunswick, and Manitoba.

Indeed, one of the most popular provinces for foreign businessmen and women is Manitoba, which offers eligible applicants and their family Canadian permanent residency through the Manitoba Provincial Nominee Program (MPNP-B).

Business immigration to Canada: Manitoba Provincial Nominee Program for Business (MPNP-B)

The MPNP-B is a Canadian Residency by Investment Program that guarantees permanent residency status to successful applicants and their eligible dependents. Although the MPNP-B is one of the most affordable Canadian immigration options, the program only accepts qualified applicants with business experience. Requirements for the MPNP-B include the following points:
  • MPNP-B applicants must have a legally-acquired minimum net-worth of CAD $350,000 and make a minimum investment amount of CAD $150,000.
  • Applicants must have a minimum of 3 years of experience as an executive-level manager or as business owner and manager within the last 5 years.
  • The MPNP-B requires an Expression of Interest (EOI) and approved business plan that is designed to contribute to Manitoba’s economy.
  • Applicants are required to start a business or purchase an existing one as well as actively manage their chosen business for at least two years.
  • The MPNP-B stipulates that applicants reside in Manitoba and contribute to Manitoba’s economy. To ensure residency in the province, a Deposit Agreement must be signed along with making a CAD $100,000 deposit prior to submitting the permanent residency application to the federal government immigration office. Applicants who do not fulfill their Deposit Agreement requirements risk losing their CAD $100,000.
As Canada prepares to boost economic growth through business immigration and entrepreneurship, interest in programs such as the MPNP-B will likely see a spike in interest. For foreign investors who meet MPNP-B requirements outlined above, the MPNP-B provides the perfect opportunity to obtain Canadian permanent residency. Contact our office today to discuss Canadian immigration planning with our qualified professionals.

For more information on Canadian Provincial Nominee Programs, please click here.

For more information about Canadian immigration programs, please click here.

Fill out our Free Assessment to see if you qualify for any of the immigration programs offered.
 

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