Canada, like many countries these days, has introduced stay home orders to flatten the COVID-19 curve. Over 2 million workers lost their jobs in April 2020 alone, and oil prices have seen the negative for the first time in history. Canada is probably headed for a recession too. Yet all of this adds up to an extraordinary opportunity for individuals looking to move to Canada.
Here is why we think so:
1. You Can Buy Good Businesses at Discounted Prices
Countless industries are negatively affected by COVID-19, including hospitality, leisure, restaurants, and gyms. The decrease in economic activity caused many companies to readjust their sale prices. This adjustment is fantastic for foreign investors looking to acquire solid businesses for a very reasonable price.
Check websites like https://www.thebizex.com/ or https://canada.businessesforsale.com/ to find companies that are for sale now. With a solid plan, you can identify a suitable business for your immigration in plans and profit.
2. Higher Chance of Immigration Application Approval
In general, COVID-19 has forced Canada to adjust its immigration policies. However, the owner-operator LMIA category is likely to be one of the most desirable application types for the Canadian government to approve. Bringing in business immigrants historically boosted the economy and created more jobs for Canadians, and the Government will likely be eager to achieve the same results once the stay at home restrictions are loosened.
With so many Canadians losing their jobs, the possibility of creating more jobs for Canadians is what will make foreign investors’ applications more appealing to immigration officials even if the pandemic curtails other economic activities.
3. Benefit from All of Canada’s Government COVID-19 Help
Right now, the Canadian Government offers numerous incentives and support programs to counteract the effects of COVID on small businesses. Once you own a business in Canada, you can take advantage of these programs to get your business going without requiring excessive capital. There is also expanded access to credit. For example, The Canada Emergency Business Account is offering interest-free loans of up to $40,000 for small businesses. Taking advantage of these programs can help you jump start or expand your new Canadian business.
The Risks of Business Buying During COVID-19
There are also risks associated with buying a business during this time. There is no guarantee that your new business will generate a profit, especially during a pandemic that affects so many consumers. You may also face delays in hiring, lockdown restrictions, and even a decrease in consumer confidence.
By finding these risks, you can begin to formulate mitigation plans before buying a new business. With this in mind, you have more opportunities to bring the company you purchase in Canada to its pre-COVID-19 success as well.
Contact Our Team for Guidance
In what may be the most uncertain market of your lifetime, many investors will hesitate or even feel paralyzed. History shows that people and businesses who see downturns as opportunities to get ahead have succeeded. Right now, there are many options for buying companies in Canada and starting on your path to Canadian immigration with fewer risks involved.
If you’re interested in taking advantage of this time to put your capital to work and achieve your goal of Canadian immigration, contact Sobirovs Law Firm. Our skilled team of immigration lawyers can help you navigate every aspect of the immigration process so you can start your new life in Canada as soon as possible.
This article is not a substitute for legal advice. Please consult with a licensed lawyer and accountant prior to making decisions.