Most entrepreneurs will either read or write a business plan at some point, whether to start a business, get a grant or attract investors. Immigration Business Plan is not only one of the main criteria for business immigration purposes, but it also might play a significant role when the business starts its operations in Canada.
A good business plan evaluates the business model, sets the targets and defines realistic expectations. A good immigration business plan will shed light on additional immigration aspects, such as benefits for the country, including job creation, economic development, cultural awareness and environmental development.
What is an Immigration Business Plan in Canada?
An immigration business plan is a document that outlines the details of an individual’s proposed business in Canada. It includes information on the business’s operations, management structure, marketing strategies, financial projections, and overall contribution to the Canadian economy. The business plan is typically required as part of the application process for various business immigration programs.
The immigration business plan should be comprehensive and clearly demonstrate how the business will create jobs, generate revenue, and contribute to the economic development of the region in which it will be located. It should also outline the individual’s qualifications and experience in the field, as well as their plans for integrating into the Canadian community.
Who Needs Immigration Business Plans?
Existing and future business owners with personal or business investments will require an immigration business plan as a part of their Canadian visa application requirements.
Entrepreneurs willing to relocate to Canada have several paths for investing in Canadian businesses:
- Establish a new business
- Purchase an existing business in Canada
- Expand their existing businesses to Canada
Before you begin the process of creating a business plan for immigration to Canada, it is important to determine whether you are eligible to immigrate to the country. The Government of Canada has established several immigration programs that cater to different categories of immigrants, including skilled workers, entrepreneurs, investors, and family sponsors.
To determine your eligibility, you will need to consider factors such as your education, work experience, language proficiency, and financial resources. You may also need to meet certain health and character requirements.
It is advisable to consult with a licensed immigration lawyer or a recognized immigration representative to determine your eligibility for immigration to Canada or find the best match based on your future plans such as operating the business or business management.
Once you have determined your eligibility for immigration to Canada, the next step is to choose the right immigration program. The Government of Canada offers a range of immigration programs that cater to different categories of immigrants, including but not limited to:
C11 Entrepreneur Visa Business Plan
The C11 program covers certain foreign nationals entering Canada to run their own new or just purchased business, which will create significant benefits.
Foreign nationals seeking to operate their own business in Canada as a self-employed person or as an entrepreneur must demonstrate that:
- the work is on a temporary or seasonal basis and they have plans to leave Canada in a specified period of time
- the work will generate significant economic, social or cultural benefits, or opportunities for Canadian citizens or permanent residents
Start-Up Visa Program Business Plan
This program is for entrepreneurs who want to start a business in Canada. To be eligible, the applicant must have a qualifying business idea and the support of a designated organization. Certain language proficiency and education requirements must be also met.
Intra-Company Transfer Visa Business Plan
The intra-company category permits international companies to temporarily transfer qualified employees to Canada for the purpose of improving management effectiveness, expanding Canadian exports, and enhancing competitiveness in overseas markets.
Intra-company transferees may apply for work permits if they
- are currently employed by a multi-national company and seeking entry to work in a parent, a subsidiary, a branch or an affiliate of that enterprise
- are transferring to an enterprise that has a qualifying relationship with the enterprise in which they are currently employed, and will be undertaking employment at a legitimate and continuing establishment of that company (where 18–24 months can be used as a reasonable minimum guideline);
- are being transferred to a position in an executive, senior managerial, or specialized knowledge capacity;
- have been employed continuously (via payroll or by contract directly with the company), by the company that plans to transfer them outside Canada in a similar full-time position (not accumulated part-time) for at least one year in the three-year period immediately preceding the date of initial application.
Companies That Write Business Plans
Many companies specialize in writing business plans for other businesses. These companies typically have a team of experienced business professionals and consultants who have expertise in creating effective business plans. They typically offer a wide range of services, including market research, financial forecasting, and strategic planning. Some companies also offer additional services such as assistance with securing funding or help with implementing the plan once it is complete.
When choosing a business plan writing company, there are several key factors to consider:
- Experience: Look for a company that has experience writing business plans in your industry. The company should have a good understanding of the market and the specific challenges your business will face.
- Expertise: The company should have a team of experts with experience in business planning, market research, financial forecasting, and strategic planning.
- Tailored approach: The company should take a tailored approach to writing your business plan, taking into account your specific goals and needs. They should also be willing to work closely with you throughout the process to ensure that the final plan meets your expectations.
- Quality of work: Look for a company that has a good reputation for producing high-quality business plans. You can ask for samples of their previous work or check for customer reviews online.
- Cost: Be sure to compare the costs of different business plan writing companies, but don’t let price be the only determining factor. A more expensive company may produce a better quality plan, but also consider the total costs, including any additional services provided.
- Communication and responsiveness: It is important to work with a company that is easy to communicate with and responsive to your questions or concerns throughout the process.
Finally, consider meeting the team in person or via video call, which can give you an idea of their expertise and how well they understand your business needs.
Immigration Business Plan Sample: Outline
Immigration Business Plan has key components that might be in a different order and have different names but will have the same idea in any business plan.
It is important to understand what the main components of the Immigration Business Plan are so you can use them when you write the business plan on your own or so you can read and utilize these components when the business plan is written by a professional.
1 – EXECUTIVE SUMMARY
This is the business plan’s main section, as it outlines the entire business plan.
This section includes information about the new Canadian company, parent company if any, business model, market, management, investment and other main financial indicators.
This 1-3 page summary is the most important section of the entire document as it sets the tone for the entire business plan.
2 – THE COMPANY
Information about the company and parent company, if any, is included in this section.
This introduction section provides more details about the business model, value proposition, products or services, target customers and keys to success.
In other words, this part of the business plan reveals how the business will be monetized, who the customers are, why the customers will be ready to pay, and what is required to make this business model work.
3 – MARKET ANALYSIS
This section consists of the industry statistics and trends, target customers and competitors that succeeded in this industry.
This section is commonly underestimated by some readers and even business plan writers. Using accurate and relevant data, you can get the answers to some of your questions about the company in Canada when you start business operations. For example, this basic research can prove the feasibility of your business, assist with selecting a geographical location for the office, build the expansion strategy and define your target customer groups.
4 – MARKETING PLAN
This practical section provides a marketing strategy, i.e., what inbound and outbound channels will be used for marketing.
Whether it is website SEO optimization, direct sales or newspaper advertisement, the strategy must be relevant to the business.
Marketing strategy can also guide you when starting your business in Canada.
5 – OPERATIONS PLAN
This section describes how the business will operate. It includes short-term and long-term goals, an execution plan and a growth strategy.
When building the goals and an execution plan, remember that the more specific measurable goals, the better: these plans will be a good start for your business operations in Canada.
6 – MANAGEMENT TEAM AND ORGANIZATION
This section covers information about personnel and the applicant.
Leading team members and their background relevance are highlighted in this section. Usually, it includes previous experience in direct or indirect industries, managerial and soft qualities, and describes direct and transferrable skills. The more relevant the skills of the management are, the higher the company’s chances of succeeding in Canada.
This section should also include an organization chart, staffing needs, and expenses that will be reflected in the Financials section below.
7 – FINANCIALS
This financial planning section should show the profitability of your business. It includes expenses, sales forecast, break-even analysis, profit and loss and a balance sheet.
Although some find the financial forecast challenging, it is simpler than you think. Imagine the business has already started an operation. Consider inventory, building, start-up and recurring expenses, production costs, pricing and sales strategy. Profit and Loss will show if you make enough sales to cover the costs, and a Balance Sheet will show how many assets, equity and liabilities you will have by the end of each year.
Why Are Business Plans So Important for Immigration?
Immigration business Plans differ from other business plans created for financing or investment purposes. If you consider immigrating to Canada, keep in mind that you will need to highlight some aspects of the business that are usually not included in other types of business plans.
A business plan is a crucial part of your immigration package: during the immigration application review, the chances for the business concept to succeed in Canada are evaluated through the business plan. A good business plan demonstrates deep planning and should cover the following main questions:
- Financial stability of the existing business and sufficient investment amount
If the strategy is to extend the existing business to Canada or purchase an existing business in Canada, include evidence of the business’s success in your business plan and show sufficient investment to support a business in Canada.
- Chances for the business to become economically established in Canada. In other words, the commercial viability of the business
The goal is to show a clear feasibility and viability of the business. The Company, Market Research, and Financial Forecast sections cover these questions. These sections should not contradict each other, while the Financials section plays an essential role in proving the viability.
- Strong analysis of the competitive landscape and good business positioning in the market
It is important to prove that the business conducted sufficient research about its competitors and a concentration on the market. The business has higher chances to grow if it has a competitive advantage, a plan to expand, and if the business targets a specific positioning in a market and understands how its competitors serve the market.
- Realistic and relevant market entry strategy for a new business in Canada
This question should be addressed in the Marketing Plan section of the business plan. As it is challenging for many new businesses to enter the market, a realistic and relevant sales and marketing strategy using 3-5 marketing channels must be developed and described in an immigration business plan.
- Expansion plan of the business
An Operations Plan should show that the business has analyzed various paths and has plans to grow and expand where required for an immigration program. The expansion can be in 2 dimensions according to Ansoff Matrix: markets and products, existing and new.
- Benefits to the country
The more benefits the company can offer the country, the better your chances for immigration and social involvement in Canada.
Benefits to the country include job creation, economic development, cultural awareness and environmental development.
You might include in your business plan if your business is planning to participate in affordable housing, volunteering, hiring students on a part-time basis, donate to charities or build cultural awareness.
- Jobs planned to be created by the business and the rationale for staffing requirements
The Management Team and Organization section includes this information, and showing more jobs is an asset. The hiring plan should be well planned as it is the largest expense in Canada and can start from 1 Full-Time position in Year 1 and grow steadily. Consider who would be a must-have in Year 1 and what positions will need to be opened later.
Frequently Asked Questions About Immigration Business Plans in Canada
Below you will find answers to the most commonly asked questions about this topic:
Q: Is my experience necessary for the Business Plan?
A: You will have higher chances of business succeeding if you have a business owner or managerial experience with a substantial experience in the same or similar industry. It is crucial to highlight the relevance of your knowledge and education to your business in a business plan.
Q: How many pages should I have in my Business Plan?
A: We recommend keeping the Business Plan as short and simple as possible. The Business Plan should have 30-40 pages, including the title page and a table of contents.
Q: Do I need relevant experience for the business I will purchase or establish in Canada?
A: You are not required to have relevant skills and experience when you purchase or establish the business from the seller’s or government’s perspective. However, selecting an industry familiar to you is highly recommended so you shorten your adaptation period to the Canadian market and culture.
We also strongly recommend that you discuss this topic with your immigration lawyer or consultant to ensure that immigration selection criteria are met.
Q: Do I need to include additional material, such as brochures, marketing material, research articles, or articles about me or my company?
A: Yes, you can create an additional Appendix section at the end of your business plan and include important and relevant material in it.
Q: Should I order an Immigration Business Plan or find an Immigration Lawyer first?
A: We recommend doing both for the following reasons:
- The business plan is an essential part of business immigration, so you cannot order your business plan after your immigration
- The business plan’s components, such as market research, financial forecast, and sometimes business model, will expire in 1-2 years, so your business plan should be as updated as possible
- Your immigration lawyer or consultant might ask the business plan writer to add or clarify some moments in a business plan according to specific immigration program requirements
Q: What options do I have to own a business in Canada?
A: You can
- Establish a new business in Canada
- Purchase an existing business in Canada
- Purchase a franchise in Canada
- Expand your existing business to Canada
Q: Can I start my business operations while I am waiting for my visa or PR status in Canada?
A: Yes, you can register the business in Canada and start your business operations while you are waiting for your status. However, we strongly recommend you discuss this topic with your immigration lawyer.
Don’t have an immigration lawyer? Please contact us so we will share our network of professional lawyers with you.
