To embark on this exciting journey of establishing your foreign company in Canada, it’s crucial to understand the key requirements outlined by the ICT Start-Up program:
Your foreign company must demonstrate its financial prowess to initiate operations in Canada and compensate employees. This financial capability ensures a smooth and successful transition into the Canadian market.
Strategic Business Plan:
A well-structured business plan is the foundation of any successful venture. As part of the ICT Start-Up program, you’ll be required to prepare a comprehensive business plan. This plan should not only outline realistic staffing plans for your new Canadian operation but also detail how you intend to conduct business in Canada. It’s a roadmap for your success in the Canadian market.
Securing physical premises for your Canadian operation is a critical step. This demonstrates your commitment to establishing a tangible presence in the country. In cases involving senior managers or executives, it’s acceptable if the address for the new start-up hasn’t been finalized yet, as long as there’s a clear intent and plan for securing it.
Executive and Managerial Functions:
If you plan to transfer executives or managers as part of your start-up team, your foreign company must demonstrate that it will be sufficiently large to support executive or managerial functions. This ensures that the leadership roles within your Canadian operation are adequately filled.
Specialized Knowledge Workers:
If you intend to transfer specialized knowledge workers, your company must demonstrate that the business they will be engaged in is expected to be operational in Canada. Moreover, it’s essential to ensure that their work is guided and directed by management at the Canadian operation, ensuring the seamless integration of specialized knowledge into your Canadian venture.