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Buying a business.

Highlands

Newbie
Aug 11, 2017
5
0
Hi all,
I would like to ask for advice on the procedure of buying an existing business in Canada, and would be very gratefull of any information you may be able to offer.
My wife and I own and operate a holiday park in the Scottish highlands. We bought the property 14 years ago, in a very run down state, and have invested a whole lot of time, money and effort in bringing the property up to a really good standard.
We're now ready to move on to the next project. We would like to immigrate to Canada, with the aim of buying a similar property in need of refurbishment, that would benefit from new owners, and much investment.
Our immigration application would be under the entrepreneur stream, and based on a chosen existing business, with the current business owner's agreement. My question is, how do we secure the business whilst we're going through the immigration process?
Our concern is that the owners of the business may receive an offer for their property whilst we're still going through the immigration process, and if it was sold, what would happen to our application?
We really like where we are at the moment, and would need to be sure that we would be accepted for immigration to Canada before we would consider selling the property that we have, as we don't want to end up with no business, and no way in to Canada.
Many thanks.
Highlands.
 

scylla

VIP Member
Jun 8, 2010
92,537
20,360
Toronto
Category........
Visa Office......
Buffalo
Job Offer........
Pre-Assessed..
App. Filed.......
28-05-2010
AOR Received.
19-08-2010
File Transfer...
28-06-2010
Passport Req..
01-10-2010
VISA ISSUED...
05-10-2010
LANDED..........
05-10-2010
Which immigration stream are you planning on applying under? From a Federal perspective, the closest thing is the Start Up Visa. However this requires you to start a new and innovative business in Canada - not buy an existing business. So this isn't a fit for what you're looking to do. Have you been looking at one of the Provincial Nomination Programs? If so, which one?
 

Highlands

Newbie
Aug 11, 2017
5
0
Scylla,
Thank you for your response. We've been looking at the Entrepreneur stream PNP.
We made a visit to BC this time last year, and Nova Scotia in August 2015, and have found that both provinces are running the entraprenuer stream, with slightly different requirements. I may be mistaken, but I think that to apply for this stream, we must either prupose to start a new business, or base our application on a chosen existing business?
We did look at a couple of properties whilst we were visiting NS and BC, one of which is still for sale.
Thanks.
 

Highlands

Newbie
Aug 11, 2017
5
0
We have assessed our score, and compaired it with the most recent scores that have achieved an ITA, and we do match those points.
If we were to get an invitation, purchase a business, move to Canada, and work at the business for the first year, I would be confident that we would be allowed to continue, as we would meet everything that was asked of us during that period. However, I do agree that there would still be an element of risk.
I would most definitely employ the services of an immigration lawyer to guide us through the process. We have looked in to the entrepreneur stream quite extensively, but failed to find any clear information on the question of how secure the proposed business would be during the whole process.
I guess I was hoping that someone that had already been through this scenario may pick up this thread and pass on their experience of it.
If we were to lose the property to a third party offer, it would be a real set back to have the application suspended, however, if we were given the opportunity to find another suitable business in a set time, at least we would have a chance of keeping the application on track.
Many thanks for your advice, we really value your response.
 

Beltex

Star Member
Jan 24, 2017
191
46
Category........
PNP
Visa Office......
London UK
We have assessed our score, and compaired it with the most recent scores that have achieved an ITA, and we do match those points.
If we were to get an invitation, purchase a business, move to Canada, and work at the business for the first year, I would be confident that we would be allowed to continue, as we would meet everything that was asked of us during that period. However, I do agree that there would still be an element of risk.
I would most definitely employ the services of an immigration lawyer to guide us through the process. We have looked in to the entrepreneur stream quite extensively, but failed to find any clear information on the question of how secure the proposed business would be during the whole process.
I guess I was hoping that someone that had already been through this scenario may pick up this thread and pass on their experience of it.
If we were to lose the property to a third party offer, it would be a real set back to have the application suspended, however, if we were given the opportunity to find another suitable business in a set time, at least we would have a chance of keeping the application on track.
Many thanks for your advice, we really value your response.
You would be ill-advised to buy in Canada or sell in Scotland until you have COPR. Does the stream you are applying for provide PR based on a business plan and a refundable deposit or is it a work permit to PR stream? If the latter then you will have had a medial and security screening for your work permit so your PR would be fairly assured assuming you carry out the business plan - but you can never be 100% on these things, one more benefit is you will have moved / be working while your waiting for PR. If the former is your stream then the best you could do would be to agree a sale on condition you get PR but the vendor unless very reasonable would probably want a long stop date on the agreement and the time frames for getting PR are anyone's guess so you could miss out.
 

Highlands

Newbie
Aug 11, 2017
5
0
The stream that we would apply to would be the latter, work permit to PR.
We would like to limit our risk by keeping our property in Scotland for as long as we could, but would also like to show commitment to the process.
Would you think it possible that we could get to the point of receiving a work permit before selling our property in Scotland?
 

Beltex

Star Member
Jan 24, 2017
191
46
Category........
PNP
Visa Office......
London UK
The stream that we would apply to would be the latter, work permit to PR.
We would like to limit our risk by keeping our property in Scotland for as long as we could, but would also like to show commitment to the process.
Would you think it possible that we could get to the point of receiving a work permit before selling our property in Scotland?
I'm no expert but it shouldn't be a problem, after all you couldn't be expected to go all in in Canada without the guarantee of PR and if you can fund your Canadian business startup without selling up in Scotland then all the better.
 

Highlands

Newbie
Aug 11, 2017
5
0
Yes, that does make a lot of sense.
I think what we need to do now is speak to some estate agents, they may be able to put us in touch with property owners that would be willing to accept an offer based on us getting in.
Many thanks for your help on this subject, I'm seeing things a lot clearer now.