A foreign investor wishing to relocate to Canada should consider applying for work permit under the Temporary Foreign Worker (“TFW”) Program. This is also a path to permanent residence under a provincial program or as a federal skilled worker under the Express Entry.
A foreign investor who can create a new business, acquire an existing business, or invest 50% or more in an enterprise will qualify for a work permit as a TFW. Such a collaboration and establishment of business must create jobs for Canadian citizens and there must be knowledge transfer to Canadians. A foreign investor must be involved actively in the management of the business. This will be reflected in the business plan. A foreign investor should have a prior managerial experience in operating business, similar or different from the proposed business. Any sale and purchase transaction of the investment in Canadian entity will be conditional to the issuance of the work permit.
In all work permits, Labor Market Impact Assessment (“LMIA”) tool is used by authorities to determine if a Canadian citizen or a permanent resident exists to perform specific job, with some exemptions. A foreign investor is also required to obtain a positive LMIA but is exempted from advertisement requirements. It focusses largely on creation of Canadian jobs and skill transfer.
For a foreign investor with a bona fide investment and prior experience in management of a business, TFW is a suitable program to enter Canada and pave way for permanent residence eventually.
At NPZ, our U.S. and Canadian Lawyers seek to assist clients with regard to employment and family immigration issues. If you or your friends or family should have any questions, please feel free to contact us at email@example.com or you can call our offices at 201-670-0006 (x 100). We look forward to being able to assist you.