Ample room for business investment in Canada
Ample room for business investment in Canada
Plenty of opportunities have opened up for Vietnamese investors to do business in Canada after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) took effect.
Local investors can switch from a passive investment format to an active one with more benefits buoyed by commitments made under the CPTPP as well as the Government of Canada’s policies calling for investment in the country, heard attendees at a conference themed “CPTPP – What are the business opportunities with Canada?” held in HCMC today, June 28.
The event was co-organized by Thoi Bao Kinh Te Saigon magazine of the Saigon Times Group, Vietnam Asia-Pacific Economic Center and Vietnam Consulting Group at the head office of the Saigon Times Group in HCMC’s District 1.
Addressing the event, Vince Lalonde, director of Immigration and Investor Services at Pace Law Firm, said that the trade pact has offered local firms the chance to boost their investment in Canada more conveniently than ever before. They now can establish businesses, set up branch offices or buy companies in the North American country.
Ladonde, a long-term resident in Asia, pointed out that this new investment format is relaxed and appropriate for local investors.
Canada now does not require Vietnamese investors who are company founders or owners in Canada to stay for 24 months in the country to get a permanent resident card or up to 36 months to gain Canadian citizenship. Instead, their relatives or staff members can represent them and stay in the country for the given period.
Also, local investors earlier had to wait four to six years to be eligible to receive the Canadian resident card under the old investment format. Meanwhile, investors who establish firms, set up branch offices or buy companies in Canada will have a shorter wait of 3-6 months before they can travel to and run a business in the country.
Under the new investment format, investors must hire a certain number of Canadians, according to the head of the Pace Law Firm.
In addition, the Canadian Government encourages individuals who are not company owners in Vietnam to invest in businesses in Canada if they hold managerial positions, such as team leaders or heads of sales departments.
Ladonde added that each province in Canada will have their own investment regulations, requirements and preferential policies for foreign investors. Accordingly, Vietnamese investors should hire experienced consulting firms and study Canadian laws thoroughly to map out feasible investment plans and avoid risks.
