Opening a Business in Canada as a Permanent Resident
For those looking to immigrating to Canada there are various business options available depending on the type of business you would like to open and the amount of money you have to invest in a business.
For some who are looking to move to Canada, the entrepreneurial programs are not an options for various reasons such as lack of funding, lack of management experience or simply not wanting to meet the demands of the program.
For those who are looking to move to Canada under a program other than an entrepreneurial program such as the Federal Skilled Worker Program, there is the opportunity to open a business in Canada once you have obtained your Permanent Residency.
There are many rumours on the Internet that you cannot open a business in Canada as a Permanent Resident and that you actually need to be a Canadian Citizen.
This is untrue. Once you have immigrated to Canada you can open a business in Canada if you meet the specific requirements of the province you wish to open the company in. Each province has its own process in how you open a business, and what type of business you can open. For example, you can be a sole proprietor or an incorporated business.
The steps to follow will vary depending on what type of business you will be opening and in which province. In British Columbia for example the simplified steps to opening a business in BC are as follows:
- Come up with your business idea
- Write your Business Plan
- Obtain your required funding
- Choose a company name and have it approved and reserve it
- Register your Business
- Register for Provincial Sales Tax
- Register for Goods and Services Tax
- Complete any other Provincial or Federal registrations required for your specific business and industry
As a Permanent Resident you can do most of the things that a Canadian Citizen can do you, but you cannot vote or obtain a Canadian passport.
Once you have moved to Canada and have officially landed in Canada, depending on the program you applied under, you will either be a Temporary Resident (work/visit/study permit) or you will be a Permanent Resident (Federal Skilled Worker, Federal Skilled Trades, Canadian Experience Class, Family Class etc). Be sure to make note of what your legal status is in Canada once you arrive.
If you need assistance in determining your status, your eligibility or any other immigration related questions when it comes to immigrating to Canada contact us today to see if we can assist. Or you can complete a free eligibility assessment below!
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