Canada is one of the best countries to start a business as a foreigner because it offers so many benefits to foreign investors. That is why a lot of foreign investors want to buy a business in Canada.
Buying an established business in Canada is very beneficial as you don’t only get a well-established profitable business, but you can also get Canadian citizenship by investment.
To complete this process, you need to have a temporary visa to Canada so that you can complete the legal procedure. Here you can learn how to get a Canada visa online. You can start the process to buy a business in Canada before you get your visa to travel to Canada.
Identify Your Skills and Business
Before you purchase a business, you have to be sure that you can run that business efficiently. It is only possible if you have the relevant skills required for that business.
For this, you need to first identify your skills. If you are a skilled person and have a professional degree as well, then you should look for a business that can relate to your professional degree and skillsets.
Never try to buy a business for which you don’t have any knowledge and skills. Even if it is a profitable business, you can’t run that if you don’t have the required skills.
Hire a Business Broker
Though you can buy a business in Canada on your own. But it is good if you consider hiring a business broker in Canada. A local business broker in Canada will be able to guide you properly about the local laws.
Make sure that the broker understands and speaks your own language as well so that there shouldn’t be any communication gap. When both of you speak the same language, you can understand each other better.
A business broker will also guide you about the local market and the scope of the business that you identify.
Create a Business Plan
By law, it is compulsory to have a written business plan before you buy a business in Canada. This business plan should state what steps you can take to grow the business. It should also mention how will you be able to create local jobs for Canadian citizens.
The government of Canada would like to make sure that when you take over a business, it would be beneficial for the country and its citizens. You can consult a business lawyer to create an acceptable business plan.
Decide the Price
Now you need to decide what should be the best price for that business that you can offer. The current business offer will obviously ask for a higher amount of money. Here comes the role of a business broker.
A local business broker will negotiate on the price even if you are not in Canada. Moreover, a trusted broker will do the business inspection and will make sure that all the legal documents are signed.
Apply for LMIA Document
Now you have to apply for an LMIA document So that you can officially get the business in Canada. LMIA stands for Labour Market Impact Assessment document. You need to get this document from Employment and Social Development Canada.
To get your LMIA document you need to apply for it along with a business plan. This document will state that this business needs a foreign worker. Anyone who wants to buy a business in Canada must present an LMIA document.
Get Your Work Permit
Now, you are almost done, so you need to visit Canada to finalize the process. You need to apply for a temporary work permit. Anyone who has an LMIA document can apply for a 1 to 2-year temporary work permit in Canada.
You need to get this Canada visa application and in 2 to 3 months you will get your temporary work permit for Canada. In most cases, the applicant gets a Canadian work permit in less than 3 months.
After getting this work permit, you can legally buy the business in Canada and own that business.
Apply for Canada PR Status
Though you can operate your business as a non-resident as well, it is good if you can operate it yourself while living in Canada. Here you can check the requirements for Canadian citizenship.
To get Canadian citizenship, first, you need to apply for Permanent Resident status. Whoever owns a business in Canada can apply for PR status as soon as he or she arrives in Canada.
This is Kyle Thomas, a professional writer, and a news editor. I started my career as a blogger who writes on various topics and then I decided that I should join a NEWS agency where I can work as a NEWS reporter. So, I joined a renowned agency in the town as an internet and after getting 2 years of experience, now I am working as a senior NEWS reporter for The Daily NEWS Times.