Over 23% of Canada’s population consists of temporary resident immigrant, and most new arrivals settle in Toronto, Montreal, and Vancouver. If you’re looking to gain permanent residency, buying a business in Canada might be a great path to achieve both your personal and business goals. You don’t have to start from scratch—you can purchase an existing business and follow the process to obtain permanent residency. In this article, we’ll explore how to You want to buy a business in Canada for PR and immigrate with your family.
Conditions for Buying a Business in Canada
Foreign investors and entrepreneurs can immigrate to Canada by starting or purchasing an existing business. The minimum investment required ranges between CAD 50,000 to CAD 250,000 to pave your way toward permanent residency and the acquisition of a profitable company.
However, costs can rise depending on your objectives. Profitable businesses are not cheap—you may need to invest CAD 500,000 in a company that generates CAD 100,000 in annual net profit.
Due to the effects of COVID-19, it may be possible to find businesses at more affordable prices. Some business owners may be looking to sell quickly to free up cash. Alternatively, you can consider buying a franchise in Canada—either an existing location or a new one.
However, not all brands are open to working with foreign investors or entrepreneurs. You may need to hire a business broker and a certified Canadian immigration consultant to facilitate the process.
Note: Business immigration is different from having a Canadian business visitor visa. The business visitor visa does not permit you to work in Canada’s labor market, operate a business, or manage one.
What Types of Businesses Can You Buy?
After purchasing a business in Canada and before receiving permanent residency, you’ll need to apply for a C11 work permit. However, you cannot act as the sole owner-operator. Instead, you must hold a role in the company, such as CEO.
You must ensure the business brings economic benefits to Canada. There are three main pathways:
- Buy a business in a key economic sector
- Buy a business that offers cultural or artistic contributions
- Make a significant economic impact
Key Economic Sectors
The Canadian government promotes key economic sectors that support national development. You can buy a business in these areas and apply for PR as an owner-operator. Examples include:
- Agriculture and food processing
- Natural resources
- Fintech
- Cybersecurity
- Aviation
Businesses That Provide Significant Benefits
You can buy a business that brings notable benefits to Canada to accelerate your PR process. Recognized beneficial activities include:
- Job creation
- Investment in research and development
- Development of new products/services
- Serving underserved local markets
- Facilitating new technologies
- Generating significant economic impact
Businesses That Create Significant Economic Impact
These businesses can speed up your path to permanent residency. Requirements include:
- Investing at least CAD 250,000 in a Canadian business
- Creating jobs for at least two Canadians
- Managing the business effectively to cover all employee wages
Warning: Avoid the following types of businesses if you’re aiming for successful immigration:
- Insurance brokerage
- Check cashing services
- Bed and breakfast inns
- Trading brokerages
- Hobby farms
The business you purchase must also:
- Employ at least one Canadian
- Be incorporated
- Have been operational for at least 12 months
- Show solid gross sales for the past 2–3 fiscal years
- Match your skills and professional background
Start Researching
It’s time to find a business you can buy. A business consultant can help you identify suitable options and save you from endless hours of research.
You can also explore online platforms listing businesses for sale. Examples include:
- Business for Sale in Canada
- Buy and Sell Businesses in Canada
- Ready-to-Sell Businesses
Avoid untrustworthy websites or forums, as they may lead to scams or fake listings.
Conduct Due Diligence and Purchase
Narrow your search and create a shortlist of businesses to consider. Use the following to evaluate them:
- Review company tax returns for the past three years
- Check GST/HST filings
- Assess profitability
- Look for bankruptcy filings, existing debts, and legal issues
- Analyze potential risks
Hiring professionals—business analysts and Canadian immigration lawyers—can help reduce risks and navigate challenges when buying a business in a foreign country.
Additionally, consider speaking with the seller and visiting the business location. This gives you a better idea of sales, market presence, and other important factors.
Move to Canada
Canada is ready to welcome you and your family. Your business immigration journey is nearly complete, and the final step is to apply for permanent residency.
Final Word
Buying a business in Canada is one of the fastest ways to immigrate with your family. You don’t need a massive investment, and affordable businesses are available—but the process can be legally complex and demanding.
That’s why working with a certified Canadian immigration consultant, such as Arnika Visa Services, can make the process smoother. They offer comprehensive advice and support to help you immigrate to Canada—a country known for its beauty, vastness, lakes, and healthy lifestyle.
