Canadian Business Owners are looking for the Buyers who can invest in their Business and Foreigner investors are having a greater chance of having it. Investing is an excellent chance for the investor to upgrade themselves From Work permit To Permanent Residency.
From Work permit To Permanent Residency- Foreign Investor need to Qualify Two-Staged Process
The first process is to Get Work Permit – for that investor should hold a degree in Management and should have experience in a similar field. An investor should have the required Finances to invest in the Business and a Business plan which will relate him with buying the Canadian Business.
The second stage is to Apply for Permanent Residency– to start the residency procedure one needs to go through the immigration programs and the selection the program will depend on the location of the business and other factors.
NOTE– As a Temporary Foreign Worker a Foreign Investor can acquire an already existed venture or can invest in it to increase the profits.
Criteria for Canadian Owned businesses to Opt for an Investor-
- Canadian business should have shown profitability in the past and promise to do the same in the future.
- Finances should be enough to join hands with an Investor.
- All the profitable business from industries such as retail, travel, leisure, IT can consider for the investors, but real estate is an Exclusion from the list.
Assessment by Labor Market Impact Assessment (LMIA)-
With these two mentioned conditions to be followed in any case-
- There should be no harm to Canadian Jobs.
- Canadian must know about the Acquisition.
When Acquisition is of 100% by the Investor-
LMIA will assess the Documents such as Share purchase, stakes certificate, CRA with other valid documents related to the ownership of the business. Investor cum Employee has to apply for LMIA for owner- operator management.
The purchase is in Limbo-
This case arises the suspicion of being genuine by the immigration authorities as well as LMIA. In this case, LMIA will assess the transactions pending, Role of the existing owner in the investor’s business plan and the intentions of the investor for giving jobs to Canadian Employers. Investor cum Employee has to apply for LMIA.
In this case, the existing employer can also apply for LMIA as he is hiring an investor for managing the business. On the completion of the purchase, the Investor cum Employee has to apply for new LMIA.
Payment is Partial-
When an investor has made half payment to the existing employer, this will also attract the suspicion of being genuine by the immigration authorities as well as LMIA. Same as above in this case also LMIA will assess the transactions pending and Investor cum Employee has to apply for LMIA
Process for the acquisition of the business-
- An investor looks for a Profitable business to purchase from the Canadian employer.
- An investor has to apply for LMIA with a valid business plan.
- On approval from LMIA, the investor will get a temporary work visa for 1 or 2 years.