To be eligible for the program, you must have a net worth of at least CAD 300,000, have business management experience, and be able to make a minimum investment of CAD 200,000 in a Canadian business.
Buy A Business & Relocate to Canada (as Foreign Investor)
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Buy A Business & Relocate to Canada (as Foreign Investor)
If you are interested in buying a business and moving to Canada, there are a few things to consider. First, the Canada Entrepreneur Program is a Canadian immigration program that aims to attract experienced entrepreneurs who can contribute to the Canadian economy by launching or managing a business in Canada. Canada offers several immigration streams for businesspeople, including the Start-up Visa program, the Self-employed program, and the Entrepreneur program. This program is designed for businesspeople with the skills and experience necessary to create new jobs in Canada and contribute to the country’s economic growth.
If you are interested in buying an existing business in Canada, you can apply through the Entrepreneur program. This program is designed for individuals who have previous business ownership or senior management experience and are willing to invest in and actively manage a qualifying Canadian business.
To be eligible for the Entrepreneur Program, candidates must meet specific criteria, including:
– Have a minimum net worth of CAD 600,000 and the ability to invest at least CAD 200,000 in a qualifying Canadian business.
– Have at least two years of business ownership or senior management experience
– Obtain a minimum score of Canadian Language Benchmark (CLB) 5 in either English or French in reading, writing, speaking, and listening
– Plan to establish or acquire at least 33% ownership of an eligible Canadian business
– Provide a written Business Plan outlining their proposed business in Canada and how it will benefit the Canadian economy
Successful candidates who meet the criteria will receive a work permit and be able to work in Canada to manage their new or existing business. After meeting specific entrepreneurial milestones, such as job creation and investment requirements, entrepreneurs may be eligible to apply for permanent residency in Canada.
It is important to note that purchasing a business is a complex process that requires careful research and due diligence. Therefore, before making any decisions, it is essential to research, seek professional advice, and thoroughly evaluate potential investments.
The Entrepreneur Program is a competitive program that only accepts a limited number of applicants yearly. If you cannot meet the Entrepreneur program requirements, you may still be able to move to Canada and purchase a business through other immigration streams. For example, the Federal Skilled Worker program and the Provincial Nominee program are other options to explore.
Benefits - Canada Entrepreneur Program
The Canada Entrepreneur Program offers several features and benefits for experienced businesspeople who are interested in immigrating to Canada:
- Permanent residency: Successful candidates who meet the program requirements can obtain permanent residency in Canada, allowing them and their family members to enjoy the freedoms and benefits of Canadian citizens.
- Work permit: Candidates approved for the Entrepreneur Program receive an initial work permit, allowing them to establish and run their new or existing Canadian business.
- Financing: Businesspeople approved for the Entrepreneur Program may be eligible to receive financing and investment from the government or other entities.
- Access to professional business networks: Entrepreneurs approved for the program have access to professional business networks in Canada, providing them with valuable contacts, knowledge, and resources to grow their businesses.
- English or French language training: The program offers candidates access to English or French language training to help them adapt and integrate into the Canadian society and the business community.
- Fast-track processing: The Entrepreneur Program offers a fast-track processing option for approved candidates, providing them with expedited processing times to start their business in Canada as soon as possible.
- Flexibility: The Entrepreneur Program allows applicants to start or manage a business in any sector or industry in Canada if the company creates jobs for Canadians and contributes to the growth and innovation of the Canadian economy.
- Invest in a qualifying business: Applicants to the Entrepreneur Program must invest in a qualifying business in Canada. This investment can be used to purchase or start a business or to fund the growth and expansion of an existing business.
- Business support: The Canadian government offers support and resources to entrepreneurs through various programs and initiatives, which can help to navigate the legal and regulatory requirements of doing business in Canada, access expertise and mentors, and connect with potential partners and customers.
- Access to the Canadian market: Canada offers a competitive and thriving market, with a highly skilled workforce and robust infrastructure, making it an attractive location for entrepreneurs to launch or expand their businesses.
Eligibility Requirements - Canada Entrepreneur Program
To be eligible for the Canada Entrepreneur Program, applicants must meet the following requirements:
- Business Experience: Applicants must have at least two years of business ownership or management experience in the past five years.
- Meet the net worth requirement: Applicants must have a minimum net worth of CAD 600,000 acquired legally and legitimately.
- Invest: Applicants must invest at least CAD 200,000 (or CAD 75,000 if the business is in a designated area) into a qualifying Canadian business.
- Business plan: Applicants must have a business plan that outlines the proposed business venture, its potential for success, and how it will contribute to the Canadian economy.
- Meet language requirements: Applicants must provide language test results that show they meet the minimum language requirements in either English or French.
- Medical and security checks: Applicants and their families must undergo medical and safety checks to ensure they are admitted to Canada.
Documents Required - Canada Entrepreneur Program
To apply for the Canada Entrepreneur Program, applicants must provide a range of documents as part of their application. These include:
- Personal documents: This includes a valid passport and any other government-issued identification. Additionally, applicants may need to provide birth certificates, marriage certificates, and other personal documents.
- Language test results: Applicants must provide results from an approved language test that demonstrate their proficiency in either English or French.
- Education and work experience: Applicants should provide records of their education, including transcripts and diplomas, and detailed information about their work experience.
- Business plan: Applicants must provide a detailed business plan that outlines their proposed business venture, it's potential for success, and how it will contribute to the Canadian economy.
- Financial documents: This includes bank statements, tax returns, and investment records that demonstrate the applicant's net worth and financial resources.
- Proof of investment: Applicants must provide proof of their investment in the Canadian business, including records of any funds transferred and contracts related to the acquisition.
- Medical and security checks: Applicants must undergo medical and safety checks to ensure they are admitted to Canada.
Additionally, applicants may need to provide other supporting documents, such as letters of reference, business licenses, and proof of ownership or management of other businesses.
It’s important to note that all documents and forms must be provided in English or French or accompanied by a certified translation. Provide all required documents to avoid delays or refusal of the application.
The Alberta Opportunity Stream requires the applicant to work full-time in Alberta in an eligible occupation, with a suitable job offer from their employer.
The Employer-Driven Stream requires the employer to meet the specific requirements of the AAIP to hire foreign workers.
The Self-Employed Farmer Stream requires the applicant to have work experience in farm management, a minimum net worth, and invest money in an Alberta farm.
Process - Canada Entrepreneur Program
- Determine eligibility: The first step is to determine if you meet the eligibility requirements for the program, including having business experience, meeting the net worth and investment requirements, and having a viable business plan.
- Submit an Expression of Interest (EOI): If you meet the eligibility requirements, you can submit an EOI to the Canadian government. The EOI is a summary of your business plan and background.
- Invitation to apply: If your EOI is accepted, you will receive an invitation to apply for the Entrepreneur Program. You will have 90 days to submit a complete application.
- Apply: To complete the application, you must provide detailed information about your business plan, finances, personal and family information, and more. You will also need to undergo medical and security checks.
- Wait for a decision: The government will review your application and decide whether to approve it. This can take several months.
- Landing and starting the business: If your application is approved, you will receive a confirmation letter and be required to land in Canada within a specific time frame. Once you arrive, you will have two years to launch and operate your business in Canada.
- Permanent residency: After successfully operating your business for at least one year, you may be eligible to apply for permanent residence in Canada.
Steps - Canada Entrepreneur Program
Provided that you plan to move to Canada as a business owner or an owner-operator. In that case, you must demonstrate to Canadian immigration authorities that your business activities in Canada will bring “significant economic benefit” to Canada. You can show “significant economic benefit” in several ways, including:
Option 1: buying a business in Preferred Industries & Sectors
- Agriculture, including food/beverage production and food processing
- Aquaculture
- Aviation/aerospace
- Biomedical (includes research and development, manufacturing, etc.)
- Cybersecurity
- Cultural Industries
- Energy or Natural Gas Sector
- Exports
- Farming
- Financial Services
- Information and communication technology
- International Education
- Mining/Mineral Development
- Mining & Natural Resources, Forestry
- Registered Patents
- Transportation
- Tourism, tourism products, attractions, services, and facilities
- Film and Video Production
- Green Economy
Option 2: buying a business that is engaged in “significant benefit” activities like
- Adopting new technology
- Developing new products & services
- Developing innovative approaches to traditional business
- Value-added businesses
- Increasing exports from Canada
- Increasing research and development, and technology commercialization
- Providing products or services to an under-served local or regional market
- Transferring technology and specialized knowledge
Option 3: Significant Economic Impact
- Investment of at least $250,000 into a business in Canada;
- Job creation/retention for at least 2 Canadians; and
- A viable business that can generate sufficient revenue to pay wages to all its employees.
Frequently asked Questions
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Who is eligible for the Canada Entrepreneur Program?
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What is the application process for the Canada Entrepreneur Program?
The process involves submitting an Expression of Interest (EOI), receiving an invitation to apply, submitting a complete application, undergoing medical and security checks, and waiting for a decision.
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How long does it take to process the application?
The processing time can vary, but it typically takes several months to a year to receive a decision on your application.
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4. How long does it take to process an AAIP application?
The processing time for an AAIP application can vary depending on the stream and the number of applications.
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Can I bring my family to Canada through the program?
Yes, you can bring your spouse or common-law partner, as well as any dependent children under the age of 22, to Canada.
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Should I speak English or French to be eligible for the program?
Yes, you must have a minimum level of language proficiency in either English or French to be eligible for the program.
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Can I change my business plan after I receive approval?
Yes, you can change your plan after approval, but you must notify the government and obtain approval for any significant changes.
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Will I receive permanent residency immediately after approval?
No, you will receive a temporary work permit first, allowing you to come to Canada and start your business. Then, after meeting certain conditions and operating your business for at least one year, you may be eligible to apply for permanent residency.
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Do I need to live in a specific province or territory to apply for the program?
No, you can apply for the program from any province or territory in Canada. However, you must provide a business plan demonstrating why your business will benefit the Canadian economy
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Can I participate in the program if I have previously been involved in bankruptcy or fraud?
Applicants who have previously been involved in bankruptcy or fraud may not be eligible for the program. However, each application is considered on a case-by-case basis.
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Can I purchase an existing business through the program?
Yes, you can purchase an existing business in Canada through the program. However, the business must meet specific criteria, including demonstrating growth potential and creating jobs for Canadians.
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Do I need to provide proof of my net worth and investment?
Yes, you will need to provide proof of your net worth and investment as part of your application. You will also need to show that your assets are lawfully obtained.
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Can I bring employees with me to Canada?
Yes, you may be able to bring key employees with you to Canada. However, they will need to meet specific eligibility criteria, and you will need to provide a detailed business plan showing why these employees are necessary for your business.
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Can I apply for the program while living in Canada as a temporary resident?
Yes, you may be able to apply for the program while living in Canada as a temporary resident, provided you meet the eligibility requirements.
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