Looking to immigrate to Canada? There are many reasons why it might be smarter to buy an existing company rather than creating a new one for immigration purposes.
Faster processing time
If you buy an existing company in Canada, you may be able to use the Owner/Operator LMIA (Labour Market Impact Assessment) stream, which allows foreign investors to purchase and manage an existing Canadian business. The processing time for the Owner/Operator LMIA stream is typically faster than other immigration streams, which can be beneficial if you need to enter Canada quickly.
You get an established business…
When you buy an existing company, you are acquiring an established business with existing customers, suppliers, and processes. This can be an advantage over starting a new business from scratch, as you don’t need to build a customer base or establish your brand from scratch.
… With a proven track record…
An existing business has a track record of financial performance, which can be attractive to immigration authorities who are assessing your eligibility for immigration. If the business has a history of profitability and growth, this can demonstrate that you have a solid business plan and are likely to contribute to the Canadian economy.
… And existing infrastructure
When you buy an existing business, you are also acquiring existing infrastructure, including physical assets such as equipment and property, as well as intangible assets such as intellectual property and customer relationships. This can save you time and money compared to building these assets from scratch.
You also get access to talent
An existing business will have an established workforce with valuable skills and expertise. This can be an advantage if you need to hire employees quickly and don’t have the time or resources to recruit and train new employees.
Overall, buying an existing company can be a smart immigration strategy if you want to enter Canada quickly, acquire an established business with a proven track record, and access existing infrastructure and talent.
The good news is NAIA can help you find a business and guide you through the process! Ready to start your entrepreneurial journey to Canada? CLICK HERE to find out if you’re eligible and have a NAIA lawyer contact you!