Buying a business, Owner - Operator
Foreign investor entrepreneurs who want to relocate to Canada with their immediate families, can buy an established business or launch a new business in Canada. Then, qualified investors can apply for a work visa as a management level employee under the federal Temporary Foreign Worker (TFW) program. Revised rules governing new business owners under the TFW program is gaining considerable local and international attention.
After a period of less than 1-year, successful temporary work visa holders and their families can change to permanent residence under a provincial immigration program or as a federal skilled worker under Express Entry.
The purchase of the business by the foreign national must be supported by a suitable business plan, minimum required investment is CAD $200,000 that will, along with other conditions, result in the creation or retention of Canadian jobs.

Note: The Owner/Operator category has been removed from the Temporary Foreign Worker Program (TFWP) as of April 1, 2021. This category allowed applicants to apply for a work permit without having to do the advertising requirement of the Labour Market Impact Assessment (LMIA). There have been more changes affecting immigrant entrepreneurs this year. As of April 1st, 2021, there must be recruitment efforts made by the employer to hire Canadians/Permanent Residents. In order to start a business in Canada, foreign nationals need to get a work permit. The right work permit for you may depend on where you’re from, your role in the company, or what kind of impact your business will have on the Canadian labor market. It means like any employer or business owner applying for an LMIA to hire a foreign worker, there must be proof that reasonable recruitment efforts are made to hire Canadians/Permanent Residents beginning April 1st, 2021.

Ultimately, the application to come to Canada as a business owner through this pathway has become more challenging.

For more information, Contact us.