Disclaimer: This article is only intended for educational purposes and shouldn’t be used as a substitute for legal advice
Canada offers several opportunities to expand your business through immigration. One of the most popular programs that many entrepreneurs opt for is Canada’s ICT (Intra Company Transfer) program.
ICT allows foreign business individuals to grow their existing businesses while benefitting from Canada’s prospering economy and stable politics.
What are the requirements for ICT?
People who run successful businesses in their own countries are eligible to apply for the ICT program. However, there are a few additional requirements that they need to fulfill before they are permitted to operate their business in Canada.
Some of those requirements are as follows:
- Their company in the home country must be functional for at least a year (ideally 3 years) before they can apply for the ICT
- Their home company should be doing financially good and must be able to support its foreign operations in Canada
- The applicant must be engaged with the company for a minimum 12 months in the last 3 years.
- The company should be related to as an affiliate, parent, or subsidiary to their Canadian counterpart
- A company’s operations in Canada must result in job creation
Invest requirements for the ICT
Before you can apply for the ICT, you must have sufficient funds in your account. A lack of funds may result in visa rejection.
However, there’s no minimum limit of funds stated by the Canadian government. According to immigration experts, a business owner needs around $250,000 for investment.
The funds must be enough to cover the operational costs in the first year of your business. In addition, the candidates must show enough assets and funds to support their business if the business isn’t self-sufficient after a year.
Hire an Immigration Lawyer
If you’re applying for the ICT program, Nanda & Associate Lawyers can help you with your application and any questions. We’re a leading immigration firm with years of experience. Our skilled immigration team is an expert in legal advice and provides clients with legal guidance customized to their immigration needs.
Get in touch with us today to book a free consultation with an experienced immigration lawyer who can help with start-up visas, entrepreneur visas, rejection appeals, and more.
