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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.
Labour Market Benefit Plan and Transition Plan: Complete Immigration Guide
If you have heard about LMIA, then you must have heard about a Transition Plan or Labour Market Benefit Plan, which could be applicable to...Our Clients Say…
Lucia LuI cannot say enough good things about Sobirovs Law Firm’s exceptional team. My work permit application was quite complex and underwent numerous tests, including a rejection from the first attempt. Feruza developed a tailored strategy that contributed to the best chance of success in the resubmission, and her entire team presented my case with unparalleled expertise and genuine care. I want to express my heartfelt gratitude to Maggie, a phenomenal consultant who supported me in every step of the application, took the time to understand my unique situation and answered all my questions patiently. Her in-depth knowledge of the work permit program, proficiency in preparing my application and professional communication were reassuring and truly remarkable. Thanks to your team’s extraordinary work, I can now pursue my business goals in Canada with peace of mind. I am grateful for your hard work and the compassionate support you provided throughout this journey. You have my highest recommendation without any reservations.Nomin DunbureeI had the pleasure of collaborating with the highly skilled professionals at Sobirovs to achieve my goals. Feruza's extensive expertise was invaluable, as she guided me through the most suitable pathway for my business immigration. I am profoundly grateful for choosing Sobirovs and highly recommend their exceptional services!Bimal BanikI really appreciate Sovirovs professional services ,I am truly happy and satisfied with their team work .I wish them all the bestAmirov TemurI am happy with the help I got from Sobirov Law Firm. They were always there for me : answering my questions and giving me support through the visa application process and with general immigration related questions. They made everything easier and were quick to respond whenever I needed them. I would recommend Sobirov Law Firm to anyone needing visa assistance for Canada. I trusted them, and did not regret! Thanks for all your help! I hope for further cooperation with you.Yuri lI would like to express my sincere gratitude to Ms. Feruza Djamalova, Ms. Judy Le and the entire team of Sobirovs Law Firm for their highly professional and excellent work in the complicated process of obtaining approval of our application for the business immigration program. I had several previous refusals over the course of 5 years. At that point, I contacted Sobirovs Law Firm. Their knowledge, competence, and perseverance turned my application into a success! My case was dealt by Feruza and Judy and I sincerely appreciate what an incredible job they have done and how much they have helped us. I believe they have a special gift and talent for assisting their clients. I want to particularly thank Judy for her patience and attention to detail in our case and also for thanks to her diligence, skill and attention to detail. I highly recommend Sobirovs Law Firm to anyone who wants to move to Canada using Business Immigration Programs and is looking for an immigration law firm capable of making a dream come true. They are highly professional and specialized in this field. I would like to extend my heartfelt thanks for their support.Syed Namdaar AliMy experience with Sobirov's was very rewarding. Starting from LMIA to Work permit it was a smooth sail. The entire team especially Yulia prepared my case painstakingly. They guided me on every little detail. Special thanks to Feroza, Farukh, Madina and the entire team for making this happen.Bhrushank VedI had an amazing experience with the Sobirovs in applying for my C11 Work Permit. Feruza, Maggie, Judy and Yulia planned every step of the way and made the process a breeze. Benjamin was also quite knowledgeable and assisted me with the business plan for my application. I recommend Sobirovs team if you plan to expand your existing business or start a new business in Canada. Highly recommended!Senol ErcetinDear Sobirovs Team, I would like to thank you (Yulia, Faruk, Feruza, Madina) for taking care of us closely in obtaining the necessary work permits for the establishment of the Canadian branch of our company and the necessary visas for our family. You have carried out a flawless process. With sincere regardsRakesh ShrivastavaI had a great experience working with the Sobirov Law Firm. The entire team was professional, prompt, and meticulous in their approach. We started working with them on LMIA under GTS of the Temporary Foreign Worker Program. The time it took from creation of an Incorporation to submission and approval of our application was around 8 weeks. Work Permit approval took another 2 weeks. They also helped us get shared office space since it was a new experience for us. They guided us in finding a payroll service provider and a realtor to help with the relocation of the foreign employee. My sincere thanks to Feruza Djamalova and Rakhmad Sobirov (Attorneys), and Yulia Kan (Team Lead).
(189 reviews)
