Canada has lately been a preferred destination for immigrants from all over the world. Thanks to the policies that are more favorable to immigrants, when compared to a country such as the United States, Canada is a stellar pick for skilled immigrants. However, there is one aspect that Canadian immigration considers vital for the process– the CRS score, under Express Entry system.
If this score is low, the delay in immigration processes can be frustrating. In such a scenario, you can target buying a business in Canada that negates the need to have a high CRS completely.
Look into how buying a relevant business will help you settle into the country, along with understanding the inside story-
In order to get permanent residency in Canada, buying a business is a targetable option. Relocating to a particular province when the CRS count falls behind, is a practical bet when intertwined with buying a local business.
The key things to remember if you want to immigrate faster to Canada by buying a business are as follows-
Make a Sound Decision
Since you are a foreign investor, choose wisely, as to what business you want to purchase. The suitability to your experience is essential. Since you will have to manage the business, having skill sets that meet the need of a business in question, is important. It might not be possible to scout through local businesses. Here is where the role of a broker becomes prominent.
Research and Rummage
Not just identifying a business for purchase, should be your priority. You must also research into how to select partners, advisors, industry contacts and so on. Make sure you grasp the local language when planning to immigrate to Canada, while buying a business.
A fine Business Plan
Framing a business plan too comes in as vital at this stage. Immigration law clearly states the need to attach a plan along with the business purchase application, by foreign nationals. One prerequisite here is that your business must create or retain local jobs for Canadians.
Negotiations and Work Permits
The next stage of immigration despite low CRS, once you take the business purchase route is the sale negotiation part. Once that is sealed, you get access to the labor market impact assessment document. Post issuance, you, as a foreign investor can apply for a renewable temporary permit for work. The permit usually spans a year or two. The permit issuance takes about a couple of months or even three, after the labor assessment document is available.
Finally, once you have been through all of these procedures, you can apply for a permanent residency. There is no specific waiting time. Despite low CRS, the process makes you eligible to become a resident of Canada.
Keep these pointers in mind, while planning to purchase a business to fulfill your immigration plans-
· In order to purchase a business in Canada, you must have management experience that can be verified.
- You must own assets that are ample to complete the purchase of a Canadian business.
- Fluency in local languages-French or English- is of utmost importance so that you can fulfill managerial roles in the business.
Once you understand the possibility of investing in a Canadian business, go ahead and dive into the process. a low CRS score will never come in the way, if you take this route for settling in Canada.