When we talk of Canadian Immigration, we fail to see the new destination could either downturn or upturn your business in a jiffy. But with the 10th greatest economies in the world, everything seems like a cakewalk! The reason being, Canada has a fair share of markets, skilled workforce, adequate natural resources to comply with a ton of diversity and impeccable culture making it an ideal choice with entrepreneurs and seasoned businessmen across the globe. When the entire world saw a steady decline in the number of pay cuts, and joblessness during the COVID-19 breakdown; Canada was the only country with the second largest population in the world that saw its dents revved within a short period!
The road to business immigration can be in two ways- migrating to Canada with an existing business or buying a business in Canada and moving with it post-purchase. We have discussed both the ways in detail:
Migrating to Canada with an existing business
The steps to migrate your business to Canada are squarely simple and straightforward. While discussing those point-blank steps we would highlight those points that would highlight your business proposition for the welfare of your business.
a.Access to top-markets in the world (US & Mexico)
The recent North American Free Trade Agreement, a treaty (JULY 2020) between Canada, Mexico, and the US has lifted most of the tariffs giving more room to access the markets of the dorm. The lifeblood of Mexico is in the markets which can get you an original piece with no added tariffs adding well to the economic status of your firm with additional profits.
b.Corporate Tax Rate is a relief for the businessmen:
The Corporate tax rate of Canada is remained unchanged for the past two years at 15% as compared to other international markets, which is a huge relief to the Canadian businessmen and immigrants migrating to Canada with a start-up business venture or a proclaimed venture package.
c.Highly Skilled workforce:
Canada has the biggest pool of experienced, skilled, permanent, and temporary workers to suit your business culture and lifestyle, giving your business a competitive edge with a definite business aura.
d.Ease of doing business in Canada
One could easily spot plenty of natural resources in Canada, which makes it a perfect choice to invest in big plans. In the ease of doing business conducted by the World Bank, Canada has ranked 22 out of 192 countries. Moreover, the ease of finding credit is simply awesome!
Canada offers splendid culture and diversity which sure going to please any immigrant across the globe trying to switch his business to the lands of maple for a flourishing start. Moreover, the education policies and health benefits are quite pleasing for the immigrants to decipher.
e.Talk about immigration policies:
The Canada immigration services offers friendly and feasible policies based on merits, skilled and degree holder programs as well as for poorly skilled immigrants and non-skilled ones too. Well, there is scope and hope for all!
Buy a business and immigrate to Canada
Now, we come to the second ideal part of business immigration, where you are planning to buy a business in Canada and settle there for a revved-up future. We will be discussing this lifeline in detail. This buying process is not taken care of, which might make business making repulsive instead of rewarding! We are the best immigration consultants who have listed vital excerpts before you buy a business in Canada:
- The seasoned business will work better in your favour
An established business over 12 months or so will give you charged up profits if you are planning on buying a business in Canada.
Supposedly, if the business that you have bought has been in the market for less than 12 months, be prepared to provide sufficient documents to support that your business has sufficient funds to support your permanent residence application as well as not too rusty in the business making!
11.Detailed gross sales (2-3years)
It is always advisable to ask for minimum fundamental documents from the seller:
A.Articles of incorporation & shareholders agreements;
B.Official corporate tax filings for the past 3 years (T2), including Schedule 100 – Balance Sheet Information and Schedule 125 – Income Statement Information;
C.T4 Summary of Remuneration paid for the most recent year
D.GST/HST filings for the current year
E.Lease agreement for the premises meant for physical office
F.All other documents & agreements related to the operation of the business for better understanding
We advise you to pay close attention to Schedule 100 and Schedule 125 and check the reported gross sales numbers for the company in the past year is true or not! And reviewing the recent GST/HST fillings can give you a fair idea of checking the current sales volume. Your current business venture should have a minimum of $250,000+ of gross sales per year if you are planning to act as a support system for wages and dispensable operational costs.
111.Relevant to your business background:
Buying a business because it is profitable and having neither interest nor information about the same seems like being a part of IPL without knowing cricket! One of the main factors that the Canadian immigration process is going to check is that, will you be able to handle and manage your newly acquired business or not. Having experience in the relative and relevant field opens up ample opportunities to take your understanding of the project a notch up!
Avoid businesses that are completely new to you, as it will raise unnecessary issues that might act as a hurdle to get a clean chit while applying at the immigration gateway!
Canada is home to several business avenues offering security and diversity about the same. However, you need to be a tad bit cautious in picking the right province to immigrate to Canada or buy a seasoned business to migrate to Canada easily. The gross sales of your company will decide your total stay in Canada.
A business Visa and a great immigration consultant is your ticket to pass the immigration gateways with flying colors.