- 184 York St, London, ON N6A 1B5, Canada
- info@immigrationtocanada.com
Many individuals are eager to move to Canada and run their own businesses here, attracted by the nation’s robust economy and supportive government policies. Fortunately, there are pathways available that allow you to purchase a business in Canada and use this investment to secure permanent residency. Various federal and provincial immigration programs make this possible. This guide will detail the process of acquiring a business in Canada as a means to achieve permanent residency.
Canada is recognized for its economic stability and government support of local enterprises, making it an appealing destination for aspiring entrepreneurs. By purchasing a business, you can take advantage of immigration programs that permit you to establish yourself and your business in this welcoming country.
To successfully purchase a business and immigrate to Canada through Immigration to Canada, you need to meet specific criteria for business immigration:
For those looking to become permanent residents in Canada through business ownership, understanding the process is crucial. This guide outlines the steps for foreigners to purchase a business in Canada.
Step 1: Conduct Thorough Research and Choose the Right Business Before buying a business in Canada, it’s vital to conduct in-depth research. Ensure the business you’re interested in meets certain criteria:
At Immigration to Canada, we understand the complex journey of buying a business as a pathway to Canadian Permanent Residency (PR). Here’s a step-by-step guide to help you make informed decisions.
Conduct Thorough Research and Choose the Right Business
Before purchasing a business in Canada, comprehensive research is essential. Here are some key criteria to consider:
Active and Established
Ensure the business you’re interested in has been operational for at least a year. This active status is crucial for your immigration application.
Substantial Gross Revenue
Aim to acquire a business with significant gross revenue from the past two to three years. While “substantial” is relative, targeting a business with at773Title: Steps for Buying a Business in Canada for Permanent Residency
At Immigration to Canada, we provide guidance on acquiring a Canadian business as a pathway to obtaining permanent residency. Here are the steps you should follow as a foreign investor:
Conduct Thorough Research and Choose a Business Before purchasing a business in Canada, it’s crucial to conduct comprehensive research. The business you’re interested in should meet these essential criteria:
Active Business Operations Ensure the business has been operational and active for at least the past 12 months.
Annual Gross Revenue Look for a business with substantial gross revenue over the last 2 to 3 years. While there isn’t a definitive benchmark for what qualifies as “substantial,” aiming for a business with at least $250,000 in annual gross revenue is advisable.
Additionally, assess whether the business is genuinely profitable by evaluating both its gross sales and its operating expenses.
Alignment with Your Expertise Choose a business that aligns with your professional background. For example, if you’re experienced in managing a restaurant in your home country, consider investing in a similar venture in Canada.
Acquiring a business outside your expertise can be risky and may negatively affect your immigration application if it’s not deemed suitable by Canadian immigration authorities.
Providing Significant Benefits Your business venture should deliver substantial benefits to Canada in one of the following ways:
-Opt for a business operating within significant economic sectors or industries. -Invest in a business that already contributes significantly to the Canadian economy through innovation, product development, boosting exports, or engaging in research and development. -Create new job opportunities for Canadian citizens and permanent residents by investing in a business.
Step 2: Develop Your Comprehensive Business Plan
The following phase involves crafting a detailed business plan that encompasses:
This business plan will serve as a crucial document when presenting your business concept to Canadian immigration authorities. Therefore, it must be thorough and well-prepared.
Step 3: Complete a Labour Market Impact Assessment (LMIA) and Obtain a Work Permit
After formulating a robust business plan, the next step is to undergo a Labour Market Impact Assessment (LMIA). A positive LMIA result will enable you to apply for a temporary work permit.
Step 4: Relocate to Canada and Launch Your Business
Upon receiving your work permit, you can relocate to Canada. It is then essential to operate your business in compliance with Canadian laws and regulations.
Step 5: Apply for Permanent Residency
Certain business immigration programs allow you to apply for permanent residency as soon as you’ve moved to Canada and started your business operations. Others may require you to run your business for a minimum of one year before qualifying to apply for permanent residency.
Every year, thousands of aspiring business owners and entrepreneurs aim to acquire businesses and relocate to Canada. Unfortunately, many applicants struggle to meet the stringent eligibility criteria set by Immigration, Refugees, and Citizenship Canada (IRCC), resulting in denied applications. If you are considering buying a business in Canada as part of your move, Immigration to Canada is here to assist you.
Our dedicated team of Regulated Canadian Immigration Consultants possesses the expertise needed to facilitate both the acquisition of a Canadian business and the attainment of permanent residency. With a proven track record, they have successfully guided numerous business owners and entrepreneurs through this intricate process. Reach out to Immigration to Canada today and take the first step toward establishing your business and life in Canada.
Yes, purchasing a business in Canada can be a pathway to immigration. Various programs, such as the Provincial Nominee Programs (PNPs) and the Owner/Operator Work Permit, allow foreign entrepreneurs to buy and operate businesses as a means of obtaining Canadian residency.
Requirements can vary by program and province, but generally, you need to demonstrate your ability to successfully manage the business, meet investment requirements, and create jobs for Canadians. Additionally, you must have sufficient language proficiency and experience relevant to the business you intend to operate.
The Owner/Operator Work Permit is a temporary work permit that allows foreign nationals to buy or start a business in Canada. To qualify, you must demonstrate controlling interest in the business and show that your management involvement will benefit the Canadian economy.
Various provinces have entrepreneur streams within their PNPs that support buying a business. These include British Columbia’s Entrepreneur Immigration stream, Ontario’s Entrepreneur Stream, and similar programs in provinces like Manitoba and Saskatchewan. Each program has specific criteria and processes.
The required investment depends on the specific program and location. Some programs may require investments as low as CAD 150,000, while others might require up to CAD 600,000 or more. It's important to research the criteria for the specific province and program you are interested in.
Yes, if you successfully obtain the necessary work permit or residency status through buying a business, your immediate family, including your spouse or common-law partner and dependent children, can often accompany you to Canada. They may also be eligible for work or study permits.
Need Any Help, Call Us 24/7 For Support
info@immigrtiontocanada.com
405-1275 Finch ave West, Toronto,ON M3J 2G5
Company services and contacts.
It all begins with a simple step – completing our immigration assessment form.
With a team of seasoned immigration professionals, we specialize in providing tailored solutions for your journey to Canada.
info@immigrtiontocanada.com
Mon – Sat: 8:00 am to 6:00 pm Sunday: Closed
405-1275 Finch ave West, Toronto,ON M3J 2G5
Discover everything you need to know about our services and how we can help you on your journey. Simply leave your email address below, and we’ll send the brochure straight to your inbox.