Purchase A Business In Canada
1. Focus on Businesses Preferred by IRCC
If you plan to move to Canada as a business owner or owner-operator, you must demonstrate to Canadian immigration authorities that your business activities in Canada will bring “significant economic benefit” to the country. You can show this benefit in several ways, including:
- Option 1: Purchasing a business in a key or high-demand economic sector;
- Option 2: Acquiring a business that is engaged in activities considered to bring “significant benefit”; or
- Option 3: Investing a substantial amount into a business that will create jobs for Canadians.
Option 1: Key or high-demand economic sectors
- Agriculture, including food/beverage production and food processing
- Information and Communication Technology
- Aquaculture
- International Education
- Aerospace
- Mining/Resource Development
- Life Sciences (including research and development, manufacturing, etc.)
- Natural Resources & Forestry
- Cybersecurity
- Registered Patents
- Cultural Industries
- Transport
- Energy or Natural Gas Sector
- Tourism, tourism products, attractions, services, and facilities
- Export Goods
- Fintech
- Agriculture
- Film and Video Production
- Financial Services
- Green Economy
Option 2: Significant Economic Impact
- Invest at least $250,000 in a business in Canada;
- Create or maintain employment for at least 2 Canadians; and
- Establish a viable business capable of generating sufficient revenue to pay all its employees.
Types of Businesses Generally Not Favored by IRCC
- Bed & Breakfast accommodations
- Automated car washes
- Hobby farms and home-based businesses
- Scrap metal recycling
- Short-term lending businesses, cheque cashing, currency exchange, and ATM businesses
- Used goods sales businesses (excluding those offering value-added services such as repair, refurbishment, or recycling)
- Pawnshops
- Real estate, insurance, or business brokerage
- Tanning salons
- Real estates development operations
- DVD rental stores
- Trading businesses (e.g., import/export), unless clear value-added services are demonstrated
- Coin-operated laundromats
- Businesses involved in the production, distribution, or sale of pornographic content, adult products or services, or those offering sexually oriented services
2. Research & Choose the Right Business
When searching for a business, start with the all-powerful Internet. There are several websites where owners list their businesses for sale, such as Business for Sale, Business Sell Canada, BuyAndSellBusiness.com, and even the Canadian Real Estate Broker websites. On these platforms, you can narrow your search by the province or even the city of your choice.
While those websites are generally reliable, you shouldn’t trust every site that claims to list businesses. Scammers often target unregulated platforms like Kijiji and Craigslist, as they are less controlled and make it easy for fraudsters to appear legitimate.
Are you an entrepreneur seeking immigration opportunities in Canada?
Explore provincial immigration programs designed specifically for investors and entrepreneurs! Contact TTN immigration today to get personalized advice on the best immigration pathway for you and your family!
