Buying a Canadian Business
Buying a Canadian business is one of the methods of immigration to Canada that many applicants choose due to its special conditions, such as not requiring a language or university degree. In this method, it is enough for the person to enter Canada with a 2-year work permit, manage the purchased business, and after one year, apply for permanent residency for themselves, their spouse, and children.
To do this, you must choose a suitable business with your work experience and abilities and present a strong business plan to immigration authorities to demonstrate your plan for managing this business. Obtaining this document can be said to be the most important part of this program because your visa issuance depends on this document.
Obtaining this document is a specialized task that is performed by professional consultants to properly demonstrate the following points in this document:
- Maintaining the current employees’ positions in the business
- Creating job opportunities in the area
- The possibility of growth of this business in the Canadian market and its positive impact on the country’s economy
- Future plans, including business development plans
- Review of competitors in the market and marketing plans
After presenting the business plan, you must obtain an LMIA (Labour Market Impact Assessment) document for your business or an assessment of the impact of the job market. This document is provided by the Canadian Labour Department (ESDC). Then you can apply for a 2-year work permit.
The following are some topics related to buying a business in Canada:
Are you looking to invest in Canada?
Canada is a safe country for your investment
Table of Contents
Business buying conditions in Canada
| Table Header | Table Header |
|---|---|
|
Minimum Investment |
CAD 150,000 |
|
Purchase of Shares |
At least 50% of the company's shares |
|
Work Experience |
At least 3 years of managerial experience |
|
Education Degree |
At least a diploma |
|
Language Certificate |
Not mandatory, but relative command of English is necessary for business dealings and managing businesses in Canada |
Required documents for buying a business in Canada
Costs of buying a business in Canada
| Table Header | Table Header |
|---|---|
|
Minimum investment amount |
CAD 150,000 |
|
Applying for Work Permit |
CAD 155 |
|
LMIA |
CAD 1,000 |
|
Biometrics |
CAD 85 for each person, CAD 170 for the whole family |
|
Tourist visa if desired for exploratory travel before buying a business |
CAD 100 |
Different methods of buying a business in Canada
- Buying a franchise in Canada:
Buying a franchise is one of the popular methods among immigration applicants. Companies can sell their brand name to individuals and companies so that they can continue to operate in that field under their name. By buying a franchise, you become a new branch of that business and you can do the same activities.
- Buying shares of a Canadian business:
Buying shares of a Canadian company is another popular method that has less risk for investors, although applicants have to pay more to have at least 50% of the shares of a Canadian business.
What type of visa will you get by buying a Canadian business?
By buying a Canadian business, you participate in a program called Owner Operator, in which individuals who wish to manage their Canadian business will receive a two-year renewable work permit. Applicants of this method can apply for permanent residence after one year.
