The Canadian government’s COVID-19 economic package will protect employers and workers across sectors, regardless of the scale of business operations. The federal authorities have supported Canadian businesses throughout this period of uncertainty by providing wage subsidies, tax deferrals, interest-free loans, relief funds, etc. These efforts indicate the ease of doing business in the country, and are an encouraging signal for aspirants of business immigration to Canada.
While the government continues to direct finances and incentives towards small and medium-sized enterprises, recent changes will also offer relief to larger companies.
The Large Employer Emergency Financing Facility will allow the largest employers in Canada to continue operations by availing bridge loans, if they are unable to secure financing through other means. This will protect the jobs of millions of people – including immigrants.
The Business Credit Availability Program, which was initially intended to help small businesses remain solvent, has been extended to include mid-sized companies functioning in all sectors across the country. This will help employers cover operational costs and provide more job security to employees at a time when many people, especially holders of the temporary work permit Canada, may be vulnerable to pay cuts or job loss.
Canada has been counted among the countries that have displayed the most aggressive response to the financial crisis arising from circumstances of the pandemic. 8.4% of the country’s GDP – around $145.4 billion – has been directed towards relief packages. The target of these continuing efforts is to prevent a spike in unemployment, keep employees on payroll, and help businesses sustain the impact of the COVID-19 crisis.
The country has adopted a compassionate approach focused on helping businesses stay afloat. It is because of this supportive business environment that so many people move to Canada to do business under several pathways – the Startup Visa Canada, the Self-Employed Persons Program, and entrepreneur or investor streams of various Provincial Nominee Programs.
Immigration aspirants across the world are taking note of Canada’s dedication towards protecting its economy. In the current atmosphere, it is best to submit an application for business immigration to Canada much in advance. Preparing for the process by collecting documents and fulfilling eligibility criteria can prove challenging for the layperson – but can be easily accomplished with the assistance of licensed consultants.
