Business Investment - Owner - Operator Program Explained!

On account of the many opportunities presented by the Canadian economy, the country has become an immigration hotspot. At the same time, it is used as a tool to source talent for the development of Canada. However, any Canadian employer who wishes to employ a temporary foreign worker must first go through the Labour Market Impact Assessment (LMIA) process. It is essential to engage in this process for an employer to obtain authorization from the Government to bring a foreign worker to Canada.

The purpose of the LMIA is to ensure that before hiring a temporary foreign worker, every effort was made to hire a Canadian citizen or a Canadian permanent resident. That way, unemployment among residents can be reduced.

One of the most critical requirements of the LMIA process is advertising. The position available must be advertised through various online resources to prove that recruiting efforts took place, they were extensive, and covered many potential applicants from Canada. That said, some LMIA applications may be exempted from advertising requirements; one such example is the Owner-Operator LMIA.

This specific immigration program has been created for foreign business people who wish to either establish or purchase a business in Canada and manage it from Canada. The role of the simplified procedure is to attract business people to the country and make the transition process smooth, easy, and quick.

The Owner-Operator LMIA program targets foreign investors who want to run a business in Canada and have verifiable, transferable management experience, and sufficient assets to purchase a particular company in Canada. Additionally, they require adequate language abilities in either English or French to actively work as a manager in the business.

When purchasing a business, there’s no minimum investment amount. But the Canadian company must show sufficient funds in its bank account to pay the salary of the foreign owner (we recommend around CAD$100,000).

A businessperson can also obtain a work visa, which is usually valid for up to two years. Once a work visa is received, the businessperson will, in most cases, be in a position to apply for permanent residence through the Express Entry program.

On the other hand, the Owner-Operator work visa generates a substantially better chance for business people to permanently immigrate to Canada under the Express Entry. Their family members can join them as well. For example, the spouse may get a work permit, and children may obtain a study permit. During the validity of their visas, the main applicant’s children may attend a public school for free. At the same time, the applicant and their family members can get access to free health care for as long as their visas are valid.

How does this immigration project work?

To initiate the Owner-Operator application process:

1. The foreign investor must identify a Canadian business to purchase.

2. Develop a business plan. They must show in detail how they will fund the business and create or maintain employment. The business plan must be elaborate and convincing. They must show the officer of Employment and Social Development Canada (ESDC) that they know what they are doing.

3. Submit a Labour Market Impact Assessment (LMIA) application along with a suitable business plan.

4. In the business plan, show an intention to hire Canadian citizens or permanent residents (ideally, in the first year of the business)

5. Once a positive LMIA opinion is issued, the foreign investor must apply for a twelve to twenty-four-month renewable temporary work permit at the management level.

6. They must be actively involved in the business. They should show that they are not making a passive investment but intend to run and develop the business further. They are the architects behind their projects.

What is the cost of immigrating through the Owner-Operator LMIA program?

Generally, the expenses an applicant needs to incur for the Business Investment-Owner-Operator LMIA application are likely to be around $25,000 to $30,000 for legal fees to apply for the initial visas and permits (for the whole family of the business person). Additionally, they’ll need to spend around $150,000 for a minimum set up and operating costs of the business in the first year. We suggest investing at least $150,000 to $200,000 into the new Canadian corporation so that your application is strong.

For more information on the Business Investment-Owner-Operator LMIA application, reach out to Life Ashore Immigration Consultancy Inc by giving us a call at Tel: +1 416) 827-6265 or emailing us at [email protected]. We are an immigration consulting firm in Toronto, ON. We assist you throughout the procedure of finding a business opportunity in Canada. That includes preparing a business plan, setting up meetings with the real estate lawyer, establishing contracts for new business, assisting the work permit issuance, PR assistance, etc.

In addition to this, we also offer other immigration programs for students, skilled professionals, tourists, and families. Our immigration consultants can help you choose the best immigration options for your situation. Similarly, they save you valuable time by educating you about the process, paperwork, and by connecting you to the right experts. Our personalized services come with confidentiality protection, and in the event of mistakes from our end, you do not need to bear the costs.

For more details about our services, please visit our website or get in touch with us by clicking here.