Paradox

If I was to buy an existing business in Canada where it has been for sale for some time, would I be entitled to any sort of residency status on the basis of the investment in the business etc.?
There is a business for sale that I am interested in but I am British and have no status in Canada at all.
Also, if I was to only put in part of the capital of the business, would there be any provision for borrowing the rest. My guess on that bit would be no!

Thanks for any advice
P

G586

http://www.cic.gc.ca/english/immigra...ness/index.asp

Probably borrowing money would be easier than gaining residency. There are no extra points or an expedited process for business owners, AFAIK.

Have a look at RICH's posts by searching the Members list and see how he did it but it's not easy.

Paradox

Thank you I will have a look at those

R I C H

Yes, you're entitled to buy or start a business. I secured a 3yr WP in order to do just that.

The investment itself isn't enough to justify any sort of residency status. You'll need to provide a detailed business plan, and illustrate how you're going to be delivering "substantial benefit" to the local economy (creating employment other than for yourself, for example).

I put in approx 65% of my own capital and got a commercial mortgage for the rest without a problem.

Paradox

Thanks, that's really helpful

Paul Wildy

Which province? Some Provinces have Nominee Programs that you could apply under if you buy and operate a business (you are not allowed to be a passive investor you have to actually run it). And that would get you permanent residency rather than just a work permit.

Paradox

I was looking at a very small business in Nova Scotia.

Paul Wildy

Nova Scotia used to have an "Entreprenuer Stream" within its PNP program. Unfortunately this got canned and the replacement hasnt been launched yet. It could be soon though. In the meantime, NS has been unofficially allowing would-be entreprenuers to go through the Community Identified stream, using a business plan and planned investment as eveidence of bringing a significant benefit to a particular community. Given this is really a process of forcing a square peg into a round hole the case needs to be prepared carefully in my opinion.

There are also some strategies that can be used to achieve a work permit in the meantime whilst the PR application is going through (as RICH did).