Do you wish to buy a business in Canada as a non-resident? You can apply for Canada Business Visa to purchase your new business and eventually you can achieve permanent residency status in the country. Most precisely, you need to apply for the Canada Owner Operator Program to acquire an existing business in Canada with exploratory visa, due diligence, purchase agreement and other formalities. The program does not have any quota on the applicants and much easier than the provincial based entrepreneur programs.
To apply for the program, you need to meet the below requirements:
Must demonstrate the transferable business management experience and skills
Have sufficient assets to purchase the proposed Canada Business Database .
Sufficient language abilities in English or French to manage the business and actively work in the business.
Must have controlling interest with more than 50% of the shares
Unlike Canada Startup Visa, applicants must purchase the business and apply for temporary work permit
Under the process, applicant must first identify the business in Canada. They can conduct an exploratory visit to identify the business and meet the sellers. Upon identifying the business, applicant must apply for Labor Market Impact Assessment (LMIA) application by submitting a detailed business plan. Once you receive a positive LMIA, you can apply for temporary work permit. Once you get temporary work, you can move to Canada to start business operations. Unlike the Canada entrepreneur visa, you are not required to set up a business from the scratch.
How to attain Canada Permanent Residency by purchasing a business?
The temporary work permit is given for one to two years and you can enter the country to manage the business operations as an employee in your own business. You must employ yourself in your business in the senior management position, draw a salary and spearhead the operations. After the expiry of the work permit under Canada Business Visa, you can renew the permit and continue your business ventures. Once you attain minimum one year of Canadian experience in running the business, you can apply for Canada PR Visa under many pathways such as Canada Express Entry, Canadian Experience Class Program and PNP program. Your Canadian experience will enhance the CRS score required for the Canadian Permanent Residency.
To know more information on Canada Business Visa process and business incorporation, you can sign up for our free counselling. Call us at 8595338595 or mail us at [email protected]
