With investment immigration opportunities to Canada being quite limited, there has been a spike in foreign investors purchasing Canadian businesses before securing temporary work visas to enter the country as the owner or operator of the business.
The current programs Canada offer are struggling to compete in the investment immigration industry, with their Immigrant Investor Venture Capital (IIVC) Pilot Program barely registering on the radar of the main target markets in Asia and the Middle East.
Canada created this program in 2014 in an effort to boost their position in the business immigration industry. It targets entrepreneurs with a mid-range personal net worth, offering them a work visa in Canada and permanent residency.
Unfortunately, the initiative has gained little traction. Ottawa has even refused to release the figures, speaking volumes of its poor performance to date.
As a result, there is a large group of foreign investors who are seeking permanent residency in Canada compared to relatively few opportunities available in the business immigration directives offered by Canada.
Many foreign investors are drawn to Quebec, with places in the Quebec Immigrant Investor Program (QIIP) filling up fast.
The revised policies that govern new owners of businesses in Canada have made the TFW an attractive and popular choice for foreign investors. While there are complex rules, it is quite simple to achieve:
In order to be approved as the owner-operator of a Canadian business, foreign nationals seeking to avail of this route into business immigration to Canada must satisfy authorities of a couple of issues:
Furthermore, any foreign national hoping to use the TFW to get a foot in the door will also have their prior experience in business management examined.
As many business owners from the past two generations reach retirement, they are looking to sell their enterprise. Quite often this opens the door to foreign investment.
The TFW is proving to be an effective means of business immigration for many foreign investors. Once they secure a work visa, they can enter Canada and down the line they will qualify for permanent residency. This is typically available through either of the following:
While it’s not a complete breeze, it offers another option and it is becoming an increasingly popular one.
Join our Email Alerts