Top 3 Tips to Buy a Business in Canada for Immigration Purposes

Watch a video about buying a business in Canada for immigration and profit below and then read the article below.

Our Tips for Buying a Business for Immigration Purposes

Tip No. 1: Buy an active business that has been operational for at least 12 months

If you want to buy a business in Canada for your immigration purposes, the rule of thumb is to buy an established company with several years of operational history behind it and loyal employees.

Canadian immigration authorities, in general, do not like ‘job offers’ made by start-up companies under the Express Entry program. If the company you plan to buy has been in business for less than 12 months, be prepared to provide sufficient documents to show that your newly acquired business is actively engaged in business and has sufficient revenue to support your permanent residence application. Alternatively, operate your business for 12 months before applying for permanent residence status in Canada.

Tip No. 2: Buy a business with good gross sales for the past 2-3 years

When buying a business in Canada, always request that the seller of the business provides you with some fundamental documents related to the company, including the following:

  • Articles of incorporation & shareholders agreements;
  • Official corporate tax filings for the past 3 years (T2), including Schedule 100 – Balance Sheet Information and Schedule 125 – Income Statement Information;
  • T4 Summary of Remuneration paid for the most recent year;
  • GST/HST filings for the current year;
  • Lease agreement for the premises, and
  • All other documents & agreements related to the operation of the business.

When reviewing the corporate tax filings, pay close attention to Schedule 100 and Schedule 125 and check the reported gross sales numbers for the company in the past year. Also, make sure to review the most recent GST/HST filings to have an idea about the current sales volumes.

Since your business in Canada must have sufficient revenue streams to support your permanent residence application, always aim to buy a company that has $250,000+ of gross sales per year. Make sure to check the net profit number to ensure whether the company you are buying is profitable as well. However, the Canadian immigration authorities are not strictly concerned with the company’s profitability, but rather review if the gross sales are sufficient to support your wages and operational costs.

Tip No. 3: Buy a business that is relevant to your background

 One of the factors that Canadian immigration authorities will check when assessing your immigration application is whether or not you can manage your newly acquired Canadian business.

The officers will also assess if your business purchase in Canada makes sense given your background and previous business experience. That’s why we recommend avoiding businesses that are completely new to you as this might raise questions about your fitness to operate that business. For example, do not buy a restaurant in Canada if you have no experience in the food or hospitality industry in your home country.

If you need assistance with buying a business for immigration purposes, we are here to help you.

At Sobirovs Law Firm, we focus only on business immigration. That is, we help entrepreneurs, business owners, and investors with sufficient funds and business experience to relocate to Canada using the most suitable immigration programs. We take time to learn about you, your goals and capabilities, and choose the best pathway(s) to Canadian permanent residence and, ultimately, Canadian citizenship for you and your family.

Contact us today and see how we can help you and your business!

 

 

Bringing You, Your Tech Talent & Your Business To Canada

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Immigration to Canada can be very complicated for businesses, business owners, and foreign employees. Hiring business immigration lawyers with the skill, experience, and patience is often crucial to successfully navigating this complex process. The experienced professionals at Sobirovs Law Firm offer tailored legal services in all business and corporate immigration matters. Contact us for more information on how we can help you meet your immigration needs.

We have worked with & represented clients from all walks of life. Always just one call – or click – away, weʼre happy to help you begin your & your familyʼs journey to Canada.

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Lucia Lu
Lucia Lu
I 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 Dunburee
Nomin Dunburee
I 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 Banik
Bimal Banik
I really appreciate Sovirovs professional services ,I am truly happy and satisfied with their team work .I wish them all the best
Amirov Temur
Amirov Temur
I 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 l
Yuri l
I 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 Ali
Syed Namdaar Ali
My 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 Ved
Bhrushank Ved
I 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 Ercetin
Senol Ercetin
Dear 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 regards
Rakesh Shrivastava
Rakesh Shrivastava
I 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).

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