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how complicated and difficult is it to buy or start your own business
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Topic: how complicated and difficult is it to buy or start your own business (Read 1257 times)
smurf4t
Member
Posts: 11
how complicated and difficult is it to buy or start your own business
«
on:
May 15, 2007, 11:51:52 am »
We are self employed business people who have a passion for our own business. When moving to Canada we would like to buy our own business's and were wondering how complicated and how difficult it would be to buy our own business, and be independent ?
Any suggestions
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aimcomm
Newbie
Posts: 2
Re: how complicated and difficult is it to buy or start your own business
«
Reply #1 on:
May 21, 2008, 06:41:35 pm »
HI, DO U HAVE AN IMMIGRATION ATTORNEY? I AM IN THE SAME SITUATION AND IS LOOKING FOR ONE.
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M.zubair
Newbie
Posts: 1
Re: how complicated and difficult is it to buy or start your own business
«
Reply #2 on:
June 05, 2008, 06:11:58 am »
Quote from: aimcomm on May 21, 2008, 06:41:35 pm
HI, DO U HAVE AN IMMIGRATION ATTORNEY? I AM IN THE SAME SITUATION AND IS LOOKING FOR ONE.
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lewvisalew
Newbie
Posts: 1
Re: how complicated and difficult is it to buy or start your own business
«
Reply #3 on:
July 02, 2008, 03:34:27 am »
I found an existing business in Canada that I wanted to buy along with a business partner who is a Canadian citizen. It was the same process I find in the US as far as credit worthiness when financing the purchase. My partner had very little financing to contribute but would fill the position as full time manager and I knew without her talent and energy, there was no chance the business would work. The information I received from a Canadian Lawyer was that if I purchased the business outright without financing, 25% ownership by a Canadian Citizen was required and one Board Member was to be Canadian. When I arranged financing with a Canadian Bank, The Bank's requirement was that there be 51% Canadian ownership and the majority of Board members were to be Canadian Citizens. Also, the bank would finance a smaller part of the purchase than if the ownership was 100% Canadian. Since I furnished all the required down payment and acquired only 49% of the ownership, I was in fact loaning her the funds for the purchase of her part and would repay me according to the loan documents we drew up. There are partnership agreements to be drawn up providing for the eventual division of assets if the business is sold and how one Partner could buy out the other. I found nowhere in the process where the Canadian Government was involved. As a non-citizen, if I spend half or more of the year in Canada, or collect compensation from the business, I would be required to pay Canadian Income Tax on ALL my income regardless of the source.
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