Foreign nationals wishing to come to Canada to operate a business can apply for a work permit under the Entrepreneurs/Self-employed category.
Who is an ideal candidate?
To qualify for an Owner work permit, a foreign national must demonstrate that they:
Own at least 51% of the business and hold a position where they cannot be terminated;
Verifiable, transferable management experience.
Sufficient language abilities in either English or French to actively work as a manager in the business.
Sufficient assets to purchase the targeted business in Canada.
Will have a wage that is equal or greater than the median wage for the position;
Will operate a business that will result in the creation or retention of employment opportunities for Canadians or permanent residents, or that it will provide the transfer of skills or knowledge to Canadians or permanent residents;
Have a viable business plan and have taken measures to put their business plan in place – such as financing, leasing office space, and obtaining a business number with Canada Revenue Agency
Have a skill set or experience that will improve the feasibility of the business; and
Will hire at least one Canadian or permanent resident in the first year of operating or opening the business in Canada.
Why is this Program Attractive to Foreign Investors?
There is no annual quota on the number of work-permits that can be issued.
The latest rules governing new business owners under the TFW program is gaining considerable local and international attention to many foreign business entrepreneurs and investors. Unlike most LMIA categories, there are no advertisement or recruitment requirements for this process.
Under this policy the foreign investor can receive a work permit following the sale and transfer to the foreign national, of the majority share ownership of an existing profitable Canadian business.
Once admitted on a work permit, candidates can at a later stage, apply for permanent residence to Canada under many immigration programs. This can include the Federal Skilled Worker Program, under the Express Entry system, or under a suitable provincial (PNP) business immigration stream.
An additional benefit of this program is that a foreign national can gain additional points under the Express Entry Comprehensive Ranking System (CRS) matrix. A foreign national who holds an Owner-Operator work permit based on a LMIA in a senior manager position (NOC 00) can gain 200 additional points. In most cases, gaining these additional 200 points will ensure that a foreign national will be selected from the Express Entry pool of candidates.
When can the work permit holder apply for Canadian permanent residence?
There is no minimum wait time.
During the first year of working in Canada, the foreign investor along with immediate family members can apply for permanent residence if they qualify under a suitable program, either the federal Express Entry or a provincial nomination program. In most cases, the process can be completed in less than 12 months.
How can we help?
We at CANADIAN VISA IMMIGRATION CONSULTANCY through our established network of licensed professionals, we can help foreign investor-entrepreneurs to identify suitable businesses for sale in Canada. Once a suitable business is identified and purchased, we rely on our legal experience, recognized in the Canadian legal community, to complete the required immigration formalities.
We will provide you with all the resources and support during all the stages to help you choose the right place to settle in Canada and support you with launching or purchasing your business.
We will assist you with all the resources and support you need to give you the greatest chance at having your application approved.
We will support and represent you in filing your work permit application with the government of Canada to avoid common mistakes and potential delays in your processing.
Please book an appointment for consultation and assessment