Canada is a dream country for many investors and high-profile entrepreneurs who wish to migrate to the country through investment. The country has a lot to offer in terms of high living standards, professional growth, and a balanced life. While there are many high net-worth individuals willing to invest a huge amount of money in return of Canadian PR, there is absolutely no harm in exploring the country and its potential opportunities before one kick-starts the immigration process.
So, what is an Exploratory Visit? It is nothing but a pre-arranged trip that prospective investors make to the Canadian province or territory where they choose to invest in order to explore business opportunities, establish professional connections, search employment opportunities, and research communities etc. The idea is to make an informed decision on whether there are enough business possibilities available within the province where they intend to start or purchase an existing business.
As part of the Canada investor visa, an exploratory visit allows an applicant:
- To have a first-hand experience of the country, its business environment, labor market, cost of operating a business, and knowledge of competitors
- The candidate can conduct a market research to equip themselves with the information they need to make the right choice on products, price, placement, and promotion.
- The visit also serves as an opportunity for the prospective investor to make relevant business connections that can help them to identify viable business options and ways to set them uninterruptedly.
- During the exploratory visit, the aspiring investor will have an opportunity to explore various other places and cities to live and work in Canada as a permanent resident, plus they can also schedule an interview to personally meet with government officials or lawyers to know about ways to establish a business in Canada.
- Investors who intend to migrate with their family members can also look for schools for the accompanying children and job opportunities for their partners.
In some instances, using an Exploratory Visit is also a part of Canada Permanent visa requirements for potential investors to earn more points. How much time they spend in Canada for research determines their overall score and probability to receive nomination certification from the selected province. In fact, some authorities demand a complete report on the Exploratory Visit taken by the applicant that highlights their purpose of visit and details of research during the entire stay. Therefore, it is highly recommended for prospective investors to keep daily records of their meetings with officials, topics of discussion, and findings of market research.
Although the exploratory visit is optional, we strongly advise our clients to experience it irrespective of the province they choose to invest in. It is recommended to make the most of this visit to come out with a rewarding conclusion.
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