Marginal note:Permanent residence
98. (1) Subject to subsection (2), an entrepreneur who becomes a permanent resident must meet the following conditions:
(a) the entrepreneur must control a percentage of the equity of a qualifying Canadian business equal to or greater than 33 1/3 per cent;
(b) the entrepreneur must provide active and ongoing management of the qualifying Canadian business; and
(c) the entrepreneur must create at least one incremental full-time job equivalent in the qualifying Canadian business for Canadian citizens or permanent residents, other than the entrepreneur and their family members.
Marginal note:Conditions — par. 9(1)(d) of the Act
(2) If at the time an entrepreneur selected by a province provides the written statement referred to in paragraph (c) of the definition “entrepreneur” in subsection 88(1) the province has established the conditions required to be met by such an entrepreneur, that statement must refer to those conditions instead of the conditions set out in subsection (1) and the entrepreneur must meet those conditions instead of the conditions set out in subsection (1).
Marginal note:Applicable time
(3) The entrepreneur must meet the conditions for a period of at least one year within the period of three years after the day on which the entrepreneur becomes a permanent resident.
Marginal note:Evidence of compliance
(4) An entrepreneur who becomes a permanent resident must provide to an officer evidence of compliance with the conditions within the period of three years after the day on which the entrepreneur becomes a permanent resident.
Marginal note:Report and evidence of efforts to comply
(5) An entrepreneur must provide to an officer
(a) not later than six months after the day on which the entrepreneur becomes a permanent resident, their residential address and telephone number; and
(b) during the period beginning 18 months after and ending 24 months after the day on which the entrepreneur becomes a permanent resident, evidence of their efforts to comply with the conditions.
Marginal note:Family members
(6) The family members of an entrepreneur are subject to the condition that the entrepreneur meets the conditions set out or referred to in this section.
(7) If, at the time that a province issues a selection certificate to an entrepreneur, there are no provincial conditions that must be met by the entrepreneur,
(a) the entrepreneur is not required to meet the conditions set out in paragraphs (1)(a) to (c); and
(b) subsections (2) to (4), paragraph (5)(b) and subsection (6) do not apply in respect of the entrepreneur.
- SOR/2004-167, s. 34;
- SOR/2011-124, s. 2.
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