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Yearly Archives: 2023

Ajmera Law   →  2023
August 8, 2023
August 8, 2023

Is it possible to make an EB-5 investment of US$ 500,000 and loan US$ 300,000 to secure my US Green card?

Author By Prashant Ajmera Categories EB-5 US Investor Visa, Investor Visa, Regional Centers, Residency & Citizenship by Investment, US Immigration attorney, US Immigration Lawyer, USA, USA Student Visa

Is it possible to make an EB-5 investment of US$ 500,000 and take
loan of US$ 300,000 to secure my US Green card?

As of March 15, 2022, the EB-5 immigrant investor program now requires a higher investment amount of US$ 800,000, which represents a 60% increase from the previous US$ 500,000. This significant rise in investment may pose challenges for many potential investors who might find it difficult to come up with such liquidity to participate in the program and invest in the USA.

However, there is a favorable development for EB-5 investors from a US court decision in November 2018. This decision allows investors to borrow money without having to provide personal collateral or pledge personal assets as security for the loan.

This can be done in two ways:

(I) Investors can seek loans from regulated financial institutions, either in the USA or anywhere in the world, that are willing to lend money with or without requiring collateral. These institutions could be banks or other licensed entities under the local regulatory authority.

(II) Alternatively, investors can receive loans from friends or relatives, which can be used for their EB-5 investment. However, it is important to note that the USCIS may request source of funds documentation from the friend or relative providing the loan.

The EB-5 immigrant investor category has three main requirements:

(i) an investment of capital,

(ii) engagement in a new commercial enterprise, and

(ii) job creation.

Several regional centers offer loans of up to US$ 300,000 without the need for collateral or security.

However, investors should exercise caution and consider the following points:

(i) Repayment terms of the loan,
(ii) Interest rates charged to the investors,
(iii) Duration of the loan,
(iv) The licensing status of the company providing the loan.

According to the USCIS regulations, gifted or borrowed funds are permissible for petitions filed on or after May 14, 2022, as long as they were given or loaned in good faith and not to circumvent limitations on permissible sources of capital, including proceeds from illegal activities.

Investors relying on such funds must demonstrate the lawful source of the funds by providing evidence for the donor or lender (if not a bank).

It is essential for investors to carefully review the loan or mortgage documents, the lender, and their source of funds, especially if the lender is not a bank.

Being thorough and compliant with USCIS regulations regarding the source of funds will help ensure a successful EB-5 investment process.

It is crucial for investors to be aware of past instances where regional centers offered similar investment structures, such as requiring a smaller investment amount with the rest in the form of a promissory note.

Around 1995, there was a case where investors followed such a structure, with a US$ 150,000 investment and US$ 350,000 in promissory notes. However, this approach was deemed unacceptable by the USCIS, resulting in the rejection of all EB-5 applications associated with it. Read more 

Additionally, as a consequence of this improper practice, two officers of the Regional Centres involved in the scheme were charged and sentenced. Furthermore, the EB-5 program itself was temporarily suspended due to these issues.

This historical example highlights the importance of adhering to the regulations and guidelines set forth by the USCIS when participating in the EB-5 program.

Investors should exercise caution and ensure that their investments and funding sources comply with the program’s requirements to avoid legal issues and /or denial of the EB5 petition.

Transparency and compliance with USCIS guidelines are crucial to ensure the success of the EB-5 investment and secure the USA Green Card with the family.

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

July 24, 2023
July 24, 2023

Indian Investors Welcome to Invest Abroad at Their Own Risk

Author By Prashant Ajmera Categories Indian Regulatory Updates

“Indian Investors Welcome to Invest Abroad at Their Own Risk

Government Shows No Intention to SafeguardsIndian Investors”

In light of the changing demands of businesses in India within an increasingly interconnected global market, it is essential for Indian corporations and citizens to participate in the global value chain.

The revised regulatory framework for overseas investment aims to simplify the existing framework and align it with current business and economic dynamics. This introduction of “Overseas Direct Investment” and “Overseas Portfolio Investment” under the Foreign Exchange Management Act (FEMA) has shifted various overseas investment transactions from the approval route to the automatic route, significantly improving the ease of doing business.

However, these regulations, rules, and past provisions have failed to adequately protect Indian investors and consumers by regulating foreign professionals and businesses who wish to attract Indian investors.

Since 2007, Indian companies and citizens have been engaging in outbound investment, with last year’s Reserve Bank of India (RBI) data indicating significant investments and remittances by Indian citizens of US$ 27 Billion and over $4 billion in investments per month by Indian corporations outside of India.

Given the size of the Indian market, it has attracted a large number of foreign professionals and companies who regularly visit or establish offices in India without any restrictions or regulatory licensing requirements.

“Disparity in Professional Licensing Regulations: Foreign Professionals Operate Without Restrictions in India, while Indian Professionals Face Stringent Regulation”

Let’s examine some real examples of the absence of licensing requirements for foreign professionals and companies aiming to attract Indian investors:

  1. Foreign Financial Advisors and Brokers:

According to RBI data from the previous year (2022-23), Indian citizens invested US $1155.44 million in foreign equity and debt products. Over the past 5-7 years, numerous foreign brokers and financial advisors have either visited India to attract Indian investors or established offices in India without any regulatory or licensing requirements from SEBI, RBI, or any state or central government agency.

Foreign professionals’ approach is straightforward: they find Indian citizens who will market their services in India, and these individuals are asked to register a company and rent an office in a business canter to initiate their operations in India.

Conversely, Indian citizens wishing to practice as financial advisors or professionals or MFDs need to obtain a license from SEBI as one of the licensed intermediaries. Recently, SEBI has taken strict action against many Indian citizens providing financial advice through social media platforms.

However, SEBI and RBI have completely disregarded foreign financial advisors, brokers, and companies that open offices or visit India regularly to attract Indian investors. If these foreign financial advisors and companies engage in fraud or misrepresentation with Indian investors, there are no remedies available to the Indian investors.

      2.Foreign Real Estate Developers and Brokers:

RBI data on foreign remittances for the years 2022-23 reveals that Indian citizens invested US $171.81 million in foreign real estate.

A considerable number of foreign real estate developers and brokers frequently visit India and open offices to market foreign real estate projects and properties in the country. When these developers visit India, no questions are asked about their marketing activities, and their projects are often endorsed by Indian celebrities. Many developers from neighboring countries have already established offices in India, with more on the way.

However, if you are an Indian real estate developer or broker, you are subject to the Real Estate Regulatory Act (RERA), and your projects must be approved by the respective state’s RERA authority. Even Indian real estate brokers must register with RERA.

It is puzzling why there is a double standard when it comes to marketing foreign real estate projects to Indian investors or consumers. Are we presuming that all foreign projects are safe and require no regulation, or are we waiting for another significant scandal to occur?

Foreign real estate developers either visit India or open offices with the help of Indian citizens who register companies with the Registrar of Companies (ROC) in the respective states in India. The ROC does not question the nature of their business, allowing these companies to enter the Indian market without any restrictions.

Many foreign companies genuinely interested in attracting Indian investors are surprised to discover that they can enter the Indian market without requiring any government approval. They can conduct seminars in five-star hotels and directly engage with Indian consumers.

         3. Foreign Lawyers Operating in India

Although the Indian Advocates Act of 1961 clearly states that only Indian lawyers licensed with the State Bar Council can provide legal services in India, some foreign lawyers have found a way to circumvent this restriction. They register a company in India with the Registrar of Companies (ROC) and enter the Indian market without any regulatory requirements. The Bar Council of India (BCI) and state bar councils have also failed to regulate or take action against these foreign lawyers operating in India in spite of the Supre Court judgment in this matter. 

It is also worth noting that some foreign governments have issued licenses to practice specific areas of foreign law to Indian citizens who are not Indian lawyers or advocates. This is also a violation of the above law and no action from the respective government agency.

Additionally, many foreign-regulated legal consultants visit India or open offices in the country, even though they are not Indian lawyers or advocates. These foreign legal professionals boast about being licensed in their respective countries.

However, the question remains: if Indian consumers are defrauded by these foreign-regulated legal consultants or foreign lawyers, what remedies do they have other than filing a First Information Report (FIR) or making a police complaint?

         4. Foreign Education Institutes Recruiting Indian Students:

In India, starting an educational institute at the school or post-secondary level requires complying with regulatory requirements to protect Indian students and their families from becoming victims of fraud and ensure they receive a quality education at a reasonable cost.

However, if you are a foreign educational institute, you can come to India, market your institute, associate with student visa agents or consultants, and start recruiting Indian students without facing any restrictions or requirements. There is a lack of regulations and reduced requirements for foreign education institutes and Indian education and visa consultants.

Many of us may remember the foreign recruitment fraud in the early 1970s and 1980s from several neighboring countries. This compelled the Indian government to regulate foreign recruiters in India by implementing the Emigration Act of 1983.

Considering the numerous instances of foreign education-related fraud in 2017 and 2018, the Minister of External Affairs at that time introduced the Emigration Bill 2019 to regulate foreign education institutes and Indian student visa consultants. However, due to COVID-19, this bill could not be implemented, and a revised Emigration Bill 2021 was enacted, which removed provisions to regulate foreign education institutes and Indian immigration and student visa consultants.

In response to a question posed by a Member of Parliament in the Indian parliament, the respective ministry stated that they receive two complaints per day regarding foreign education and visa fraud. Despite the abundance of such stories in both online and offline media, the authorities concerned have chosen not to take action to protect Indian consumers and citizens.

In conclusion, according to RBI data for the years 2022-23, the total foreign remittance and investment in the aforementioned categories amount to US $27 billion (approximately Rs. 221,859 crores). However, there is no regulatory framework in place to regulate foreign professionals and businesses aiming to attract Indian investors, leaving Indian consumers without adequate protection.

About the Author:

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Capital. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”. He has been assisting and advising parents o the subject of Financial Planning for Foreign Education.  Consult us

July 16, 2023
July 16, 2023

New EB-5 RIA Rules Provide More Safeguards to Investors

Author By Prashant Ajmera Categories Consult Immigration Lawyer, E2 business visa, EB-5 US Investor Visa, US Immigration attorney, US Immigration Lawyer, USA

The provisions in the New EB5 Reform and Integrity Act will allow investors to make investments in Regional Center EB-5 projects with more confidence. 

These are FAQs on new New EB5 Reform and Integrity Act effective 15th March 2022 to 30th September 2027

  1. What are the new EB-5 rules that came into effect in March 2022?

Ans: Under new EB-5 rules, the investment amount has increased from US $500,000 to US $800,000 for rural areas, high unemployment areas or an infrastructure project. The amount has been increased from US $1,000,000 to US $1,050,000 for any other area and any other project /business. In either case, the investment must be made into a new business entity and must create at least 10 jobs for Americans.

  1. For what period of time will this new rule be applicable?

Ans: The new rules are effective for a period of five years, that is, until 30th September 2027.  

  1. How will this new rule affect my pending EB-5 petition?

Ans: The new EB-5 rules provide for grandfathering of pending petitions, meaning that all pending EB-5 petitions will not be affected by these new rules. The EB-5 program is reauthorized until September 30th, 2027. The pending petitions will continue to be processed even after this date in the event the outcome of the petition is not decided.

  1. What is a rural area?

Ans: In general, an area with a population of less than 20,000 people as per the latest US census is termed as a rural area. 

  1. What is a high unemployment area?

Ans: An area is designated by the Secretary of Homeland Security as a high unemployment area when unemployment is 150 per cent of the national average unemployment rate.

  1. Is there any quota for EB-5-based Green Cards in the USA?

Ans: Yes, there is an annual quota of 10,000 Green Cards per year. From this quota, 20% is reserved for rural areas, 10% for high-unemployment areas and 2% for infrastructure projects. 

  1. Who decides if an area is a high unemployment area?

Ans: Only the Secretary of Homeland Security or a designee of the Secretary can determine if an area can be designated as a high unemployment area. The federal, state or local government does not have the authority to designate a high unemployment area.

  1. What is an infrastructure project and who determines which projects are infrastructure projects?

Ans: An ‘infrastructure project’ means a capital investment project in a filed or approved business plan, which is administered by a governmental entity (such as a Federal, State, or local agency or authority). The Secretary of Homeland Security or a designee of the Secretary will determine if a project is an infrastructure project or not. 

  1. Will there be a rise in the EB-5 investment amount in the near future?

Ans: Under new rules, the EB-5 investment amount will increase every five years as per the consumer price index. The next revision will be on or after 1st January 2027. 

  1. I am in the US on legal status, so when can I file for an EB-5 petition (I 526) and an adjustment of status (I 485) petition?

Ans: Under the new rules, any foreign national who is on a legal visa status may file a petition for EB-5 and adjustment of status at the same time. In other words, you can file for I 526 and I 485 at the same time.

  1. Under new rules how will “indirect job creation” be calculated”?

Ans: Under new rules, only 90% of the estimated indirect job creation will be considered for job creation and if it is indirect job creation in a real estate project, then only 75% of the estimated jobs will be considered for job creation.

  1. Is there record-keeping and audits for regional centres under the new rules?

Ans: Yes, under the new rules, regional centres are required to keep a record for a period five years after the last transaction is made and also undergo an audit every five years.

  1. Are projects promoted by regional centres approved by the US government?

Ans: Under new rules, each regional centre must pre-approve its project before it raises funds and before investors file an I-526 petition. Under the old rules, it was voluntary for the regional centres to obtain pre-approval of the project. 

  1. Who can own, run, manage and operate a regional centre?

Ans: Only Green Card holders and American citizens can get involved in owning, managing and operating a regional centre provided – the person has a clean criminal record, does not have any ongoing criminal cases pending against him/her, has never been convicted of any crime such as securities law violations, illegal trafficking of contraband substances and such other violations. Additionally, no foreign government or entity can get involved in a regional centre.

  1. Are persons working for and affiliated with a regional centre subject to any law?

Ans: Under new laws, not only owners but also promoters, directors, managers, employees, associates, marketing agents and other associated personnel of a regional centre must remain in compliance with SEC regulations and other regulations made in this regard.  

  1. What is EB–5 INTEGRITY FUND under the new rules?

Ans: Each regional centre is required to pay US $20,000 and US $10,000 (if the regional centre has less than 20 investors per year) in the EB–5 INTEGRITY FUND. An additional fee of US $1,000 per investor is required to be paid in addition to I -526 petition fees.  This fund will be used for the purpose of management, audit, investigation, site visits, investor awareness, maintaining the integrity of the program and monitoring compliance with the requirements under section 107 of the EB–5 Reform and Integrity Act of 2022.

  1. Do EB-5 direct and third-party promoters (migration agents overseas) need to meet any compliance requirement with USCIS and/or SEC?

Ans: Each regional centre will be required to register their marketing agents, migration agents and such other affiliates with USCIS with their contact details, any signed agreement and fees contract. Promoters will also be required to certify that they are in compliance with the guidelines for third-party promoters; promoting the EB-5 project in compliance with the guidelines provided for the project and also for the visa process.

  1. Are there any changes to the source of fund requirement?

Ans: Under new rules, the investor must demonstrate a legitimate source of funds not only for the investment amount but also for any administrative fees paid to the regional centre.

  1. What if my regional centre does not comply with US regulations and is sanctioned or closed down?

Ans: Under the new rules, if the foreign investor has made an investment in good faith in a regional centre and for any reason the regional centre is TERMINATED OR DEBARRED, it will not have an effect on the EB-5 petition of the foreign investor. The investor will not lose the priority date if the amendment to the business plan and removal of conditions is filed within 180 days of the notification received from the government for the termination of RC. 

  1. How will my money be invested in an EB-5 project?

Ans: The investment amount will be transferred to a separate account maintained by the regional centre. It will be transferred to the project only when it is certified by designated FUND MANAGERS (such as a public accountant, attorney, broker-dealer, investment advisors, etc.)

NOTE: In order to protect investors, various checks and balances have been introduced in the new EB–5 Reform and Integrity Act of 2022. Please refer to the full text of the Act for details.  

This is a very simplified FAQ for a general understanding of the new EB-5 Reform and Integrity Act. You are advised to refer to the complete text of the ACT or consult a qualified attorney for more information.

About Ajmera Law Group:

Ajmera Law Group (ALG) is an Indian law firm that assists Indian students and parents to plan for their or their child’s foreign education and subsequent settlement in a foreign country by offering various options including Residency and Citizenship by Investment and/or global investment.

 

July 4, 2023
July 4, 2023

Foreign Education Loan in India – A Boon or Bane?

Author By Prashant Ajmera Categories Canada, Express Entry of Canada, Immigration Consultants, Immigration Visa, Student Visa, Study Abroad & Planning

Foreign Education Loan in India – A Boon or Bane?

There are numerous government schemes, both at the central and state levels, that promote foreign education loans for Indian students aspiring to study abroad. Additionally, several major Indian banks are also offering favorable terms and conditions for these loans.

Recent data from the Reserve Bank of India (RBI) reveals that Indian parents have remitted a substantial amount of money for foreign education, indicating a growing trend. The total remittance includes fees for foreign education, financial gifts to children, and other expenses, amounting to a significant sum.

Given the increasing demand for foreign education, financial institutions are actively vying for a share of this market by providing education loans to Indian students.

However, it is essential to assess whether these loans are a blessing or a curse based on the success rate of Indian students in achieving their educational goals and the potential for career prospects and settlement abroad.

To understand the foreign education market, one must recognize that it is predominantly dominated by unregulated agents and consultants across India.

In the past, many Indian professionals who immigrated to various countries believed that studying abroad guaranteed a successful life. While this may have held true a decade or two ago, it is certainly not the case in 2023.

Historically, students primarily pursued master’s degrees abroad for a duration of one year at university-level institutions. During this period, the cost of education was manageable for families, and students often worked part-time jobs. After completing their master’s degrees, they were well-positioned to secure jobs, particularly in English-speaking countries like the USA and Canada.

However, the current trend in studying abroad extends beyond master’s degrees. Students now consider pursuing undergraduate studies, including postgraduate diploma programs, or enrolling in private colleges and universities. Unfortunately, many overlook crucial factors such as the cost of education, English language proficiency requirements, and relevant work experience in India.

Let’s consider an example of a typical middle-class Indian student aspiring to study abroad and settle in Canada or a similar country.

Several factors need to be considered:

  1. Foreign Education Cost Consideration: The cost of a typical four-year university education can range from 1 to 1.5 crores in terms of tuition fees and related expenses. This financial burden is often unaffordable or undesirable for many families. As a result, these students and parents are lured into pursuing the “foreign dream” by opting for private or semi-private colleges, which offer education similar to Indian polytechnic or diploma programs. The cost of education in such institutions ranges from 8 to 15 lakhs, significantly lower than that of universities.

 

  1. English Language Consideration: Many students aiming to study abroad face challenges with English language proficiency for various reasons. Consequently, the demand for English language classes has grown in India. Low scores in English language proficiency tests often hinder Indian students’ admission into university programs, whether they have completed their 12th grade or hold three or four-year bachelor’s degrees. These students are then redirected to the aforementioned private or semi-private foreign colleges.

 

  1. Rushing Abroad without Indian Work Experience: The prevalent belief that studying abroad guarantees a successful future has led students, parents, teachers, professors, and career counsellors to advise immediate relocation. Unfortunately, much of this advice fails to consider the crucial aspects of studying abroad, settling, and understanding the immigration rules of the respective countries.

Now, let’s examine the immigration systems of the three most popular destinations for studying and settling abroad: Canada, Australia, and New Zealand.

These countries’ immigration processes typically involve criteria and point-based systems. If applicants meet or exceed a certain score threshold, they become eligible for permanent immigration.

The criteria for permanent immigration generally include the following factors:

  1. Education in India and abroad
  2. Age
  3. Minimum 1 to 4 years of relevant work experience in India and abroad
  4. English language proficiency score
  5. Blood relatives residing in the respective countries
  6. Job offer from a company
  7. Spouse’s education, work experience, and fluency in the English language

The strong belief among Indian students and parents that studying abroad guarantees a successful life is often fuelled by unregulated agents and consultants. These agents promise low-cost education, admission with low English language proficiency scores, and no requirement for prior work experience in India.

Unfortunately, these three factors can lead to disastrous career outcomes for Indian students. They struggle to find employment related to their education, face challenges with English language proficiency, and realize that the courses they pursued are not in demand in their host countries. These factors collectively hinder their job prospects, immigration prospects, and ability to settle abroad.

Foreign education loans obtained from Indian financial institutions can become a curse rather than a blessing for students and parents. When students are unable to secure employment or immigration status in their host country their families in India are unable to repay the loan EMIs, which can result in financial hardship, leading to the loss of family property.

It is alarming to note that in the past 3-4 years, a significant number of Indian students in Canada have resorted to extreme measures such as suicide, falling victim to immigration fraud, or engaging in criminal activities due to the inability of their Indian families to support them.

Similarly, studying in the USA can lead to disappointment for many students as they face challenges in obtaining an H1B visa. Moreover, the waiting period for a USA green card for Indian students as of July 2023 is 12-20 years, and without an increase in the green card quota by the US government, this waiting time may further escalate.

Consequently, studying and settling abroad should be a decision made after carefully exploring ALL available options rather than rushing into a foreign country without considering the long-term implications.

About the Author:

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

June 15, 2023
June 15, 2023

Doing business in Canada or Self-employed in Canada without IELTS, LMIA, minimum investment or net assets

Author By Prashant Ajmera Categories Canada, Canada Business and Work Permit, Canada Business Immigration

A work permit issued under Sec 205 (a) of the IRPA rules known as a significant benefit to Canada work permit is a temporary work permit that allows foreign entrepreneurs and self-employed individuals to work in Canada without having to obtain a Labour Market Impact Assessment (LMIA).

This work permit is designed to attract entrepreneurs and self-employed individuals who can make a significant contribution to the Canadian economy.

To be eligible for the work permit, you must meet the following requirements:

  • You must be a citizen of a country that is eligible for the work permit program.
  • You must have a valid passport and visa if required.
  • You must have a business plan that demonstrates that you have the skills, experience, and resources to start or operate a successful business in Canada.
  • You must have enough money to support yourself and your family while you are in Canada.

If you are eligible for this work permit, you can apply for one through the Immigration, Refugees, and Citizenship Canada (IRCC) website. The application process typically takes several months.

Once you have been granted a work permit, you can live and work in Canada for up to two years. You can also apply to extend your work permit for additional two-year periods, as long as you continue to meet the requirements of the program.

If you are successful in establishing a successful business in Canada, you may be eligible to apply for permanent residence through the Self-Employed Immigrant Program (SEIP). The SEIP is a points-based immigration program that assesses applicants on factors such as their business experience, education, language skills, and ability to contribute to the Canadian economy or under Canada express entry program.

This work permit is a great opportunity for entrepreneurs and self-employed individuals who want to start or operate a business in Canada. If you have the skills, experience, and resources to succeed, this work permit can help you make your dream a reality.

Here are some of the benefits of obtaining a work permit:

  • You can live and work in Canada for up to two years.
  • You can extend your work permit for additional two-year periods, as long as you continue to meet the requirements of the program.
  • You may be eligible to apply for permanent residence through the Self-Employed Immigrant Program (SEIP) or Express Entry Program.
  • You can gain valuable experience working in a Canadian business environment.
  • You can network with other entrepreneurs and business leaders in Canada.
  • You can build a strong foundation for your future business in Canada.

If you are considering applying for this work permit, here are some of the things you need to do:

  • Research the Canadian business environment.
  • Develop a business plan that demonstrates your skills, experience, and resources.
  • Gather evidence of your financial support.
  • Apply for this work permit through the IRCC website.
  • Prepare for an interview with an IRCC officer.

This work permit is a great way to start or operate a business in Canada. If you are an entrepreneur or self-employed individual, I encourage you to explore this option and other options.

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

June 8, 2023
June 8, 2023

Canada Express Entry New Occupation List – 31 May 2023

Author By Prashant Ajmera Categories Canada, Express Entry of Canada
Applicants in the following occupations will be invited to apply under the New Express Entry Rules for the Canada Skilled Worker program. 

The applicant who has French skills will be getting preference and will get additional points.

1. Healthcare Occupations
Audiologists and speech-language pathologists311121
Chiropractors312011
Dentists311101
Dieticians and nutritionists311211
Education counsellors413201
General practitioners and family physicians311021
Instructors of persons with disabilities422032
Kinesiologists and other professional occupation in therapy and assessment312041
Licensed practical nurses321012
Massage therapists322012
Medical laboratory assistants and related technical occupations331013
Medical laboratory technologists321202
Medical radiation technologists321212
Medical sonographers321222
Nurse aides, orderlies and patient service associates331023
Nurse practitioners313021
Nursing co-ordinators and supervisors313001
Occupational therapists312031
Optometrists311111
Other assisting occupations in support of health services331093
Other practitioners of natural healing322092
Other professional occupations in health diagnosing and treating312091
Other technical occupations in therapy and assessment321092
Paramedical occupations321022
Pharmacy technical assistants and pharmacy assistants331033
Physician assistants, midwives and allied health professionals313031
Physiotherapists312021
Psychologists312001
Registered nurses and registered psychiatric nurses313011
Respiratory therapists, clinical perfusionists and cardiopulmonary technologists321032
Specialists in clinical and laboratory medicine311001
Specialists in surgery311011
Therapists in counselling and related specialized therapies413011
Traditional Chinese medicine practitioners and acupuncturists322002
Veterinarians311031

 

 

2. Science, Technology, Engineering and Math (STEM) occupations
Architects212001
Architecture and science managers200110
Business systems specialists212211
Civil Engineers213001
Computer and information systems managers200120
Computer engineers (except software engineers and designers)213111
Computer systems developers and programmers212301
Cybersecurity specialists212201
Data scientists212111
Database analysts and data administrators212231
Electrical and electronics engineers213101
Engineering managers200100
Industrial and manufacturing engineers213211
Information systems specialists212221
Land surveyors212031
Landscape Architects212011
Mathematicians, statisticians and actuaries212101
Metallurgical and materials engineers213221
Natural and applied science policy researchers, consultants and program officers414001
Software developers and programmers212321
Software engineers and designers212311
Urban and land use planners212021
Web designers212331
Web developers and programmers212341

 

3. Trade Occupations
Residential and commercial installers and servicers732003
Elevator constructors and mechanics724062
Machine fitters724052
Heating, refrigeration and air conditioning mechanics724022
Construction millwrights and industrial mechanics724002
Carpenters723102
Plumbers723002
Electricians (except industrial and power system)722002
Welders and related machine operators721062
Contractors and supervisors, other construction trades, installers, repairers and servicers720142

 

4. Transport Occupations
Aircraft assemblers and aircraft assembly inspectors932003
Transport truck drivers733003
Railway traffic controllers and marine traffic regulators726042
Engineer officers, water transport726032
Deck officers, water transport726022
Air traffic controllers and related occupations726012
Air pilots, flight engineers and flying instructors726002
Aircraft mechanics and aircraft inspectors724042
Railway carmen/women724032
Managers in transportation700200

 

5. Agriculture and agri-food occupations
Contractors and supervisors, landscaping, grounds maintenance and horticulture services820312
Agricultural service contractors and farm supervisors820302
Butchers- retail and wholesale632013

For an assessment of your case for Canada immigration contact our law firm – AJMERA LAW GROUP

June 1, 2023
June 1, 2023

Is RBI Data of Foreign Remittance an Indication that Indian HNIs are not Managing Their Wealth Properly?

Author By Prashant Ajmera Categories Indian Regulatory Updates, RBI on FEMA , LRS and ODI

Recent data from the Reserve Bank of India (RBI) shows that Indian high-net-worth individuals (HNIs) remitted a total of US$27 billion out of India in the financial year 2022-23. This is a significant increase from the previous year’s figure of US$19.5 billion.

The RBI data shows that the majority of this remittance was used for foreign travel (US$13.5 billion), followed by education (US$10 billion) and gifts to relatives (US$3 billion). Only a small portion of the remittance (US$2 billion) was invested in foreign assets, such as equity, debt, and real estate.

This data raises the question of whether Indian HNIs are managing their wealth properly. On the one hand, the high level of remittance suggests that Indian HNIs are confident in the Indian economy and are willing to spend their money on foreign goods and services. On the other hand, the low level of investment in foreign assets suggests that Indian HNIs are not taking advantage of the opportunities available in global markets.

There are a number of possible explanations for this discrepancy. One possibility is that Indian HNIs are simply not aware of the investment opportunities available outside of India. Another possibility is that they are concerned about the risks associated with investing in foreign markets. Finally, it is also possible that they are simply not comfortable with the idea of investing their money outside of India.

Whatever the reason, the RBI data suggests that Indian HNIs have a significant opportunity to improve their wealth management. By investing in foreign assets, they can diversify their portfolios and protect their wealth from the risks associated with a single currency. They can also take advantage of the higher growth rates and lower taxes that are often available in foreign markets.

The RBI data is a wake-up call for Indian HNIs. It is time for them to start thinking about their wealth management in a more globalized way. By investing in foreign assets, they can improve their financial security and ensure that their wealth lasts for generations to come.

In addition to the reasons mentioned above, there are a few other factors that may be contributing to the low level of investment by Indian HNIs in foreign assets. These include:

·        Lack of information and resources: Indian HNIs may not have access to the same level of information and resources as their counterparts in developed countries. This can make it difficult for them to identify and evaluate investment opportunities in foreign markets.

·        Regulatory hurdles: The Indian government has put in place a number of regulatory hurdles that make it difficult for Indian HNIs to invest in foreign assets. These hurdles can add to the cost and complexity of investing and can discourage some HNIs from investing altogether.

·        Taxation: Indian HNIs are subject to a number of taxes on their foreign investments. These taxes can erode the returns on their investments and can make it less attractive to invest in foreign assets.

The RBI data highlights the need for the Indian government to take steps to make it easier for Indian HNIs to invest in foreign assets. This could include providing more information and resources to HNIs, reducing regulatory hurdles, and simplifying the tax regime. By taking these steps, the government can help Indian HNIs to improve their wealth management and protect their wealth from the risks associated with a single currency.

May 18, 2023
May 18, 2023

Study in Canada after 12 grade from India

Author By Prashant Ajmera Categories Canada, Student Visa, Study Abroad & Planning

Financial and Child’s Foreign Education & Settlement Options and Planning

“Your options and issues for study in Canada after 12th grade from India” 

Planning for a child’s foreign education particularly in Canada and settlement options after completing 12th grade in India, requires careful consideration and financial planning.

While studying in Canada offers a plethora of opportunities for Indian students, it is crucial for students and parents to thoroughly evaluate the available options and make informed decisions rather than rushing into the process solely based on the desire to reach Canada quickly.

Canada, with its esteemed universities, wide-ranging academic programs, and inclusive environment, has emerged as a preferred destination for students aspiring to receive a top-notch international education.

However, the path to studying in Canada entails various factors that must be carefully weighed and understood before making a decision.

One essential aspect that requires thoughtful attention is the financial implications of studying abroad. Pursuing higher education in Canada involves tuition fees, living expenses, and potentially other costs such as accommodation, transportation, and healthcare. It is crucial for students and their families to evaluate their financial capacity and explore available scholarships, grants, and financial aid options to ensure a sustainable and well-planned educational journey.

Moreover, settlement options and long-term planning also play a significant role in the decision-making process. It is important to consider the potential avenues for career development, post-graduation work permits, and opportunities for permanent residency in Canada.

Understanding the immigration policies, eligibility criteria, and requirements for staying and working in Canada post-graduation will assist in making informed choices that align with the student’s aspirations and future plans.

Furthermore, it is essential to prioritize a comprehensive evaluation of the available academic programs and institutions in Canada. Students should explore the courses, specializations, and co-op/internship opportunities provided by universities to ensure that their chosen program aligns with their interests, career goals, and industry demands.

Conducting thorough research and seeking guidance from immigration lawyers or mentors can help students make well-informed decisions about their academic path in Canada.

In conclusion, while studying in Canada after completing 12th grade in India presents exciting prospects, it is essential to approach the decision-making process with careful consideration and planning. Financial implications, settlement options, and the alignment of academic programs with career goals should be thoroughly evaluated to ensure a successful and well-prepared educational journey.

By taking a thoughtful and informed approach, students and parents can navigate the path to studying in Canada and set the stage for a rewarding and fulfilling future.

The above charts in the image give you your quick six options.

-The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer, Canadian citizen, and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

 

May 9, 2023
May 9, 2023

Working or Doing Business in Canada Without LMIA and Without IELTS Test Result

Author By Prashant Ajmera Categories Canada, Canada Business and Work Permit, Canada Business Immigration

Typically, if you want to work in Canada, you need to find a Canadian employer who can offer you a job that matches your education and work experience. The employer then needs to apply to the Canadian government for approval, which involves a Labor Market Impact Analysis (LMIA). This LMIA approval allows you to apply for a work permit in Canada.

However, there are some job offers or job categories exempt from the LMIA requirement. This means you can start working for a Canadian employer or even start your own business and work for yourself, which can eventually qualify you for immigration to Canada under the Canada Experience Class.

Following are three categories of workers or professionals or businesspeople who can work or start businesses in Canada without LMIA and without IELTS. This category is different from the Canada PNP business immigration program and the Canada Start-Up Visa program.

1. Significant Benefit to Canada: If you can demonstrate that the job offer presented to you will bring substantial economic, cultural, or social benefits to Canada in your work permit application to the Canadian government, you and the Canadian company are exempt from obtaining LMIA. This type of work permit is known as a C-10 work permit, and you may begin working for the Canadian company as soon as your application is approved.

2. Entrepreneur and Self-employed person: This class has two subcategories. The first is for those who seek temporary entry, typically for seasonal purposes, to operate their existing business, often self-employed individuals. The second is for those who want to start or run a business to meet the requirements for provincial nomination or selection as an entrepreneur, including Quebec, or for the federal Start-up Business Class.

The International Mobility Program (IMP) created this Work Permit, enabling foreign entrepreneurs and investors to obtain a work permit in Canada as self-employed individuals. The initial work permit is typically valid for two years and can be renewed multiple times, provided that the business in Canada remains active and profitable. Self-employed entrepreneurs and business owners operating under this work permit may eventually qualify for permanent residency in Canada. This is also referred to as a C-11 work permit.

3. Intra-company Transfer: (similar to USA L1 A & B Visa): The Canada C-12 work permit, also known as the intra-company category, enables international companies to temporarily relocate skilled employees to Canada to enhance management effectiveness, expand Canadian exports, and improve competitiveness in foreign markets.

To be eligible for a work permit under this category, intra-company transferees must meet certain requirements. Firstly, they must be currently employed by a foreign or Indian company and seeking to work in a parent, subsidiary, branch, or affiliate of that company in Canada. Secondly, they must be transferred to a position in an executive, senior managerial, or specialized knowledge capacity. Lastly, they must have been continuously employed by a foreign or Indian company that intends to transfer them to Canada in a similar full-time position.

Each of these immigration categories requires extensive documentation, including a detailed and realistic business plan, market research, and evidence of the applicant’s education, relevant experience, and English language proficiency. If you are a successful businessman in India and wish to expand your business in Canada, one of these categories could be ideal for you to move to Canada immediately and eventually obtain permanent residency.

Obtaining permanent residency in Canada could also result in an 80% reduction in university education fees for your children and the opportunity to apply for Canadian citizenship after two years of permanent residency. Canadian citizenship may also allow you to apply for E1 and E2 business visas for the United States.

The author of this article/blog is Prashant Ajmera, an Indian immigration lawyer and the founder of Ajmera Law Group. He has been a Canadian citizen for the past 30 years and is also the author of two books: “Millionaire of the Move” and “How to Plan for Your Child’s Foreign Education: Myth vs. Reality”.  He has been assisting and advising Indian businessmen to establish businesses in Canada since 1993.  Consult us

 

April 20, 2023
April 20, 2023

The Reality Check on USA EB-5 Visa & processing time for Indian Investors

Author By Prashant Ajmera Categories EB-5 US Investor Visa, USA

After the Canadian government closed its federal investor program in 2010, many Chinese agents and their counterparts in Canada looked for an alternative program for the Chinese market. The EB-5 program gained popularity in China from 2010 onwards, and by 2014, the first 10,000 EB-5 visa quota was mostly used up by Chinese investors.

However, changes in the US government policy and delays in the EB-5 process for Chinese investors forced EB-5 regional centers and marketing agents to look for alternative markets. Due to the size of the Indian population and their interest in the USA, India became an obvious choice for these regional centers and marketing agents.

Since 2014, the USA EB-5 visa has gained popularity among wealthy Indian families, as their children pursue higher education and the American dream. However, their dreams were shattered when they realized that regular student visas to the USA green card had a processing time of 20 years or more.

In this unregulated residency and citizenship by the investment market in India, many immigration lawyers, regional centers, and marketing agents for small and medium-sized American companies visit India regularly. They organize events in five-star hotels and continue social media marketing to attract investors from India.

In November 2022, the Indian EB-5 visa went into retrogression, meaning that petitions were approved, but the EB-5 visa quota was not available. As we know, there are 10,000 worldwide quotas per year for the EB-5 visa, and 7% (700 visas) will be available for each country, including India. This retrogression made headlines on social media, stating that the Indian EB-5 visa will have a several-year-long wait.

According to the recently published data by the USCIS for December 2022, only 89 files for Indians under the EB5 class have been decided and are awaiting visa allocation, which will happen in October 2023. In comparison, China has 23,020 decided files, and their long wait time is evident.

To see this data on the government site – click here

So the reality is EB-5 petitions by Indian citizens from India or from within the USA are nowhere near China market for a variety of reasons such as the source of funds, currency restriction, and lack of Indian professionals who can give Indian investors confidence for global investment, etc.

Each Indian investor should take time to consult an immigration lawyer, and other professionals, refer USCIS website, and then make informed decisions to make an investment for an EB-5 investor visa.

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