Canada has a unique investment environment with many business opportunities for entrepreneurs. But, you must have heard that international workers often need a positive Labour Market Impact Assessment (LMIA) to get a work permit. However, there is a great program that allows international business owners to establish their companies in Canada. The Owner-Operator work permit LMIA.This specific stream is created for foreign business people who wish to establish or buy a business in Canada and manage it. This work permit aims to attract business individuals to boost the economy and help them to make a smooth transition to Canada. More accessible and faster. Overall, the essential condition for the Owner-Operator Work Permit LMIA is that an applicant must possess and control at least 50% of the company.
Owner Operator Requirements
All in all, it is essential to know that before applying for the Owner-Operator Work Permit, foreign entrepreneurs should first do some steps. For example, have a business plan, prove their intention to hire Canadian residents or citizens, and design their website, among others.
- To qualify for an Owner-Operator Work Permit, an international entrepreneur must be an exclusive owner or have 50.1% of the shares in a Canadian business.
- You must prove that your entry into Canada will create jobs for Canadian permanent citizens and residents.
- As the principal applicant, you must have the highest position in the company. So, you should not have any superiors.
Owner-Operator Work Permit
Consequently, as a business owner, you will perform the duties described in NOC 00 – Senior Management Occupations. Therefore, an entrepreneur’s prior work experience should have been managing a business. Indeed, it is critical to successfully operate a company with an Owner Operator Work Permit.
- Create a business plan: Here you must demonstrate how to fund the business and create employment. The business plan must be elaborate and effective. This is your chance to convince the Canadian government that you know what you are doing.
- Be involved in your business: For the Owner-Operator Work Permit, you must demonstrate that you intend to run and develop your company. Then, you are not making a passive investment. Rather, you plan to run it.
- Your business plan must establish an intention to hire Canadian citizens or permanent residents.
- After all, a business must bring significant economic benefits to Canada. Then, you should satisfy the demand for a service or product and create jobs for Canadians.
Advantages of the Owner-Operator Work Permit LMIA
One of the main advantages of the Owner-Operator Work Permit LMIA is that it is exempted from the job advertisement condition, which is needed to get a regular LMIA. Therefore, business individuals don’t require to go through this process. Indeed, it certainly means a faster and easy application if the business idea is viable and authentic.Overall, the Owner-Operator Work Permit is an immigration pathway for business people and their family members. A positive LMIA grants the business owner 200 CRS points in their Express Entry profile. Indeed, it will boost their options to receive an invitation for their Permanent Residence. Also, keep in mind that spouses and dependent children, can immigrate with the principal applicant and settle in Canada.To sum up, under the Owner Operator Work Permit, you can come to Canada as a temporary worker to operate and run your own business. There is no minimum net worth, and you can purchase an existing business or open a new one.Another great advantage is the fast processing time of this program. It only takes approximately four months.
The Labour Market Impact Assessment (LMIA)
An LMIA is used by Canadian authorities to determine if a Canadian person can perform that specific job. Then, a positive LMIA allows an employer to bring a foreign worker, whether temporary or permanent. However, in the Owner-Operator Work Permit, this requirement is specifically exempted.So, when assessing LMIAs for owner-operators, the first focus is on the authenticity of the job offer. Furthermore, it is also on creating and retaining employment and skills transfer. Therefore, the employer must have a well-documented transition plan and demonstrate a controlling interest in the business. As a new owner, you also need to demonstrate practical communication skills to ensure the viability of the existing business. Then, to qualify under the Owner Operator Work Permit, you should include a language test results with at least a CLB of 5.0. It is not mandatory, but it will boost your application.
Buy an Established Company or Start a New One Under the Owner Operator Program?
If this is your situation, it depends on each case. A company that exists for less than one year is considered a “start-up.” and even for a start-up, specific evidence of operation should be provided with the application. Like invoices, agreements, continued negotiation, and marketing initiatives, among others. On the other hand, buying an “existing company” that is fully working, may need investment and put money before your LMIA and Work Permit are authorized.When deciding between these two options, you should focus on the one that brings more economic benefits to Canada, with a realistic forecast, and that aligns with your interest. After all, it will depend on your budget and situation. In either case, you should always ensure to meet the requirements of the owner-operator work permit.
Process Of The Owner-Operator Work Permit:
– Develop a viable and complete business plan– Submit your LMIA application–Once you have a positive LMIA, proceed with your work permit application
However, if you are wondering what is the best company to work for as an owner-operator. There is certainly not a straightforward answer for that. Indeed, it will depend on your background and needs. Still, you can always check what are the local needs of the province you live in and how could you solve them. Still, after meeting the requirements you can also meet owner operators looking for work or for a place to start their business.
Pathway to Permanent Residence:
You can apply for permanent residence after one year of receiving the LMIA Owner-Operator work permit. There are several options. However, you can make it under the Federal Skilled Worker Program (FSWP) or under a suitable provincial immigration stream in the Express Entry pool.Again, this program gives you up to 200 additional CRS points for the job offer. So, it will undoubtedly increase your chances of getting an Invitation to Apply. Then, after receiving the ITA, submit the complete application and receive your permanent status.