Start a business in Canada
Foreigners looking to invest in a business in Canada must undergo a two-stage process:
In the first stage they will have to apply for a temporary work permit while complying with the federal owner operator rules.
In the second stage, they can apply for a permanent residence in Canada under any of its various immigration programs.
Another option for business immigrants looking at investing in a business in Canada is using the Owner Operator policy offered by the Canadian government
What is the Owner-Operator Policy?
The Owner-Operator policy is not a formal immigration program, but it is a work permit issued under the Temporary Foreign Worker Program (TFWP).
Under this policy, foreign entrepreneurs who wish to acquire an existing business or start a new business in Canada must first apply for a work visa for the position of manager. They can qualify for a work permit as a Temporary Foreign Worker. They must be hired by an employer recognized as a business entity by the government.
In order to qualify as an owner-operator, the foreign employee/investor must be able to acquire a controlling interest in the business he has been hired for. He can qualify as an owner-operator provided he gets the required immigration approval and displays sufficient interest to run the business.
The Owner-Operator policy has gained considerable attention from many foreign business entrepreneurs and investors.
Why is this new policy attractive to foreign investors?
The existing federal investment-based immigration programs have a very limited scope.
The provincial investment-based residence immigration programs work under the Expression of Interest scheme. Under this program, candidates must first apply
for a temporary work permit and then apply for a PR visa. The programs are quota-based which leaves a large pool of investors who are also applicants for a PR visa subject to a relatively small number of quota-based openings.
These factors decrease their chances of getting a PR visa. However, under the Owner Operator policy, candidates interested to settle down in an area of Canada, can buy a suitable business in that area and subsequently get a permanent residency to live there.
What are the eligibility conditions?
Foreign investors must have:
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- Adequate experience in managing a business.
- Have sufficient assets to buy the business they wish to own.
- Have a controlling interest in the business which means they should own more than 50% of the shares.
- Have the required proficiency in English or French.
What is the process to own a business under the policy?
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- Identify the Canadian business to purchase.
- Submit a business plan with a Labor Market Impact Assessment (LMIA).
- After receiving a positive LMIA, the investor will apply for a temporary work permit at the management level valid for one to two years.
The whole process will take about six months
- Qualification / Education Assessment
- Customized Document Checklist and critical document templates
- Guidance on key documentation requirements
- Filing of an online application form to create a profile for Invitation
- IELTS Guidance document
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