Want to own a business in Canada? It may be easier for you to acquire a Temporary Work Permit if you can invest in a business in Canada. The owner/operator LMIA is an international mobility program in which entrepreneurs and business owners seeking to make a living in Canada can benefit highly.
Under this program, a foreign investor can acquire a Canada work permit by establishing a business or sharing the ownership of an existing profitable Canadian business. It allows candidates to apply for Canada permanent residence through any immigration pathway. For example, applicants can choose the Federal Skilled Worker Program (FSWP) or any suitable Provincial Nominee Programs (PNPs) business stream to get settled in Canada.
Owner/Operator LMIA: What is it?
The Owner/Operator LMIA can not be considered as a regular immigration program. It is rather a work permit than a visa. The program operates within the Federal Temporary Foreign Worker Program (TFWP). It requires an investment from the part of aspirants. However, it should be noted that the business plan should meet all the requirements to prove its authenticity. Officials should find a clear intent to run a business on Canadian soil with an ability to sponsor the business.
Why Owner/Operator LMIA Program Attracts Foreign Investors?
Within the TFW program, new business owners with the latest rules are gaining considerable international and local attention for interested foreign entrepreneurs and investors.
Most provincial investment-based residence immigration programs operate on the expression of interest scheme. Where candidates are required to begin with a temporary work permit and then apply for permanent admission. These programs operate highly under quotas and require applicants to invest a lot of money and time in the process.
However, a foreign investor or entrepreneur who wishes to live in Canada can purchase or be a part of an existing business and relocate to his choice of the province before the Canada permanent residency status is allocated. This pathway is far more desirable and advantageous than trying meeting requirements for various immigration programs.
Who Can Apply for Owner/Operator LMIA?
To be eligible for Owner/Operator LMIA, the foreign entrepreneur-investor must have:
Transferable and variable management experience.
Sufficient funds to operate a business in Canada.
Sufficient language abilities. An investor should either be fluent in English or French.
Own more than 50% of the shares.
Share ownership does not in itself ensure that an applicant qualifies as an owner-operator. The job offer has to be made to a foreign investor who will be actively involved in company management. This should be evaluated by evaluating the intention of the foreign national to operate the business, as well as previous expertise in organizing or running a business.
Process of Acquiring Owner/Operator Work Permit
The foreign investor must identify a Canadian business to buy.
It is necessary to submit a Labour Market Impact Assessment (LMIA) along with the business proposal.
After getting a positive LMIA, the foreign investor must apply for a 12-24 months Canada temporary work permit which is renewable too.
Once an appropriate business is found, completion of the LMIA application process takes 2-3 months. It'll take less than 3 months to get a work permit in most jurisdictions.
Processing Fee: 155 CAD Approx
When Can an Investor Apply for Canada PR?
Anytime. There is no minimum time before you apply for your Canada PR under this work permit. You and your family can apply for permanent residence during the first year. You just need to qualify for either one of the Express Entry programs or PNPs.
Any employer who is hiring foreign national needs an approved LMO/LMIA (Canadian Government Approved Labour Market Opinion/Labour Market Impact Assessment) from HRSDC that means that the employer did not get a
suitable candidate for this job in its own country, neither a Canadian citizen nor Permanent resident was suitable for the particular skill shortage even after several advertisements hence
the employer had to hire a foreign national.