Buy a business in Canada as a non -citizen
MAY NON-CITIZENS AND FOREIGNERS PURCHASE BUSINESSES IN CANADA?
Foreign businesspeople interested in buying or launching a business in Canada have a variety of possibilities. In accordance with Canada’s federal and provincial regulations governing corporations, a non-resident or foreign entrepreneur or investor may register a company in Canada from scratch, or by establishing a branch office or a subsidiary.
However, you must first determine whether you want to start a business in Canada by immigrating or without residing there.
Most opportunities for non-citizens to purchase a business in Canada may also lead to temporary or permanent immigration.
First:
With the backing of a designated investor group or venture capital fund, you may be qualified for Canada’s Start-Up Visa program.
In order to qualify for this program, you must have a qualifying business, be fluent in English or French, and have the means to maintain yourself and your family in Canada.
Second:
If you have an established business that you desire to extend into Canada, each province and territory has its own registration procedures and fees for extra-provincial incorporation.
If you desire to extend into many provinces, you must contact each province’s provincial register and fulfill each province’s extra-provincial corporate criteria.
The extra-provincial incorporation process often requires you to appoint an Agent for Service who is a resident of the province and at least 18 years old, or a corporation having a registered office in the province.
However, if you are not a Canadian citizen and do not already have a business in your home country, you still have possibilities for opening a business in Canada.
Foreign investors and entrepreneurs who seek to purchase an established firm in Canada or start their own business are eligible for a temporary work visa under Canada’s owner-operator laws.
The entrepreneur or investor can then apply for a work visa under Canada’s Temporary Foreign Worker (TFW) program as an owner or manager.
Once a non-citizen has selected a Canadian business to acquire, they must submit a Labour Market Impact Assessment (LMIA) and a viable business plan.
This business plan must, among other requirements, demonstrate that the purchase of the business by a foreign national will result in the retention or creation of Canadian jobs.
After submitting the evaluation and business plan and receiving a good LMIA opinion, the foreign investor may subsequently apply for a renewable temporary work permit.
The noncitizen may apply for permanent residency as a federal skilled worker under Canada’s Express Entry program or under a provincial immigration program after arriving in Canada with a temporary work permit.
Importantly, it may take between two and three months (depending on the applicant’s country of origin) to submit the LMIA and finish the application process for a work visa.
If you are a non-citizen or foreigner interested in purchasing a business in Canada, experienced business immigration attorneys, such as those at Hadson Immigration, can help you explore your possibilities.
Our experts will guide you through the procedure and Canada’s corporate immigration system in order for you to successfully purchase a business.
The first step towards moving to Canada is to get an assessment of your specific situation. Call us today at +1 613.222.7154 for an assessment to see if you are eligible to move to Canada, or fill out our online assessment form.
