Investing in a business in Canada is a very lucrative option for foreign investors. Canada is very welcoming of immigrants who add value and contribute to the progress of the country and its provinces. This makes Canada immigration opportunities for business people highly desirable.
There’s a very favorable situation developing in Canada for investors. Close to 75% of small businesses are expected to quit their businesses in the next decade. They will need a potential investor to buy the business from them and keep it going. This challenge will be met by inviting those business people ready to take over their business and continue the business.
Here’s how these foreign businessmen can come to Canada and take over or invest in a lucrative Canadian business.
An interested applicant can apply to work in Canada while owning a business. This is known as the owner-operator program. It consists of an LMIA based on an owner-operator system. The associated work permit is issued accordingly.
LMIA is an application submitted to Service Canada with the purpose of establishing that there is no Canadian PR or citizen capable to fill the position vacant and up for grabs to a foreigner.
For eligibility in this program the applicant must:
- Be a foreign investor with verifiable management experience
- Have management experience that can be transferred to the business operated in Canada
- Have enough assets to buy a business already in operation in Canada or start a new business in Canada
- Have sufficient language skill in English or French to become active in operating a business in Canada
The application process
These are the steps in the application process where an investor will
- First, determine the target business
- Negotiate the purchase of a business and close the deal
- Submit a suitable business plan with along with the LMIA application
- Apply for a Canada work permit once he/she gets approval of the LMIA and business plan
The LMIA decision normally takes 2-3 months. The decision and processing of the work permit application will also take 2-3 months. The work permit is valid for 12-24 months.
Getting Permanent Residency
After approval of the LMIA and work permit, the investor can arrive in Canada with or without family. After arrival, they can apply for PR through either of:
- Federal Skilled Express Entry
- Provincial Nominee Program
For this, they must be eligible and must have received an ITA or a nomination. These programs are designed for high-skill workers. These include owner-operators, especially the ones retaining or creating jobs in Canada.
Other ways like Significant Benefit Work permits are also available to entrepreneurs. The right program to enter Canada as an investor must be chosen after consulting a legal advisor.
Getting legal advice
As immigration involves a big investment in money and effort, it is necessary to get the plans and steps right. To protect and profit from what is at stake, professional legal advice is vital. Such a professional can guide you with knowing the rules and regulations attached to the owner-operator system in Canada. Also, taking over businesses from an aging population in Canada involves a legal process that only a legal professional can handle smoothly for you.
Thus, the opportunity to expand or initiate promising business endeavors is close at hand in Canada. It’s the right time now to migrate and invest in Canadian businesses.
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PR – Permanent Resident / Permanent Residency
LMIA – Labour Market Impact Assessment
ITA – Invitation to Apply