Most of the business immigrants purchase businesses and are making use of the temporary work visa of Ottawa – ‘owner-operator’ policies in order to enter Canada. International entrepreneurs and investors who wish to settle in Canada along with their families can purchase a business in Canada which is established or they can even start a new venture itself. Post this, the investors who are qualified can apply for the management level work visa under the Temporary Foreign Worker (TFW) program.
In a span of 1 year or lesser, holders of temporary work visa who are successful can switch to permanent residency along with their families, under either the provincial immigration program or the federal skilled worker via Express Entry. The business purchased by any foreign national has to be backed by a strong suitable business plan results in either creation or even retention of jobs in Canada, in addition to other conditions.
Who Qualifies to purchase a business in Canada?
A foreign national investor,
- With management experience that can be verified.
- With sufficient assets to either buy or set up a business.
- With good English skills or French skills to be able to function as a manager.
What is the process?
- The foreign national investor has to identify a Canadian business in order to buy it.
- Submission of a Labour Market Impact Assessment (LMIA) in addition to a strong business plan.
- Once the LMIA gets a positive opinion, the investor has to apply for a temporary work permit visa for 12-24 months which can be renewed.
Duration of this process?
Once the business is identified the LMIA process takes about 2-3 months. Mostly under many jurisdictions, the duration is less than 3 months.
When can the holder of the work permit apply for permanent residence in Canada?
As of now, the minimum wait time does not exist. Candidates who are qualified can apply for it once they come to Canada, along with their families.
Is it a formal program of the government?
The above process depends upon relies on the rules that govern the owner-operator policies, in addition to various programs related to immigration.
Who is the perfect candidate for this program?
A foreign entrepreneur or investor who wishes to live in a specific area of Canada can buy the business which is best suited and relocates. This is more beneficial than focusing on provincial immigration programs. Except for the Quebec Immigrant Investor program, other provincial immigration programs based on investment are not appealing to the crowd of foreign entrepreneurs/investors.