Is Your Business OINP-ready?
More and more business owners in Ontario are considering selling to international buyers. The list of benefits to transitioning in this fashion is expansive, here’s why.
The Canadian Federation of Independent Business released an updated report on retiring business owners that shows succession planning continues to be an issue.
The report, titled “Getting the transition right,” observes that nearly half (47%) of Canada’s business owners are expecting to transition in the next 5 years, and nearly three quarters (72%) in the next 10. That’s an estimated $1.5 trillion changing hands, or disappearing, if those transitions are mismanaged.
Meanwhile, there are countless successful, high-capital, experienced entrepreneurs around the globe hoping to purchase a viable business and immigrate to Canada through a Provincial Nominee Program.
SuccessionMatching has been changing Canada’s transitioning business owners from risks into assets by marketing them to an exciting and expanding pipeline of international buyers. Every international buyer in our pipeline meets immigration and provincial eligibility standards to ensure they are capable of successfully purchasing and operating a business in Canada.
So what does it take for a business to be “OINP-ready”?
The following is a list of the OINP requirements:
- The business is not an ineligible type – such as laundromats, automated car washes, or pawnbrokers (a full list can be found on the Ontario Immigration website).
- The business has been in continuous operation by the same owner or group of owners for the last 60 months.
- The business has a year-round cash stream, is not project-based or seasonal.
- The business has not been previously owned/operated by a former Provincial Nominee.
- The transition timelines are beyond 24 months, allowing for the international buyer to work through the OINP.
For businesses that meet the OINP criteria, an international buyer might be the perfect fit! By utilizing programs like the OINP and SuccessionMatching’s services, chances for positive matches are dramatically increased.
If you know of a business that might benefit from SuccessionMatching’s services, and would be interested in selling to an international buyer, send an email to firstname.lastname@example.org.
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