Owner Operator Canada
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What is An Owner/Operator LMIA?
There are certain types of jobs that are exempt from employers having to post job openings. An Owner Operator LMIA is an application that allows business owners to obtain work authorization within their own company and who have an active involvement in the operations. The individual must meet strict requirements that the ESDC has stipulated.
Qualifications for Owner/Operator LMIA
As with any employment opportunity that you wish to benefit from in Canada, owning or operating your own business and applying for the respective LMIA, is monitored by the Employment and Social Development Canada (ESDC) closely. This is to ensure that the business venture is positive and that you meet the requirements of the program.
Requirements for Owner/Operator visa
The qualifications stipulated by the ESDC concerning the LMIA for foreign nationals who wish to own or operate their business in Canada are as follows:
- Own a business located in Canada
- Hold 50 percent or more of the interest in the business
- Provide proof that through the temporary entry to Canada there will be a creation or retention of employment opportunities and/or skill transference offered to Canadians and permanent residents of the country
- Must hold a position within the business that cannot be dismissed or is answerable to a more senior member of the company
- Create a business plan that demonstrates how the business will be funded with the inclusion of at least a rudimentary financial plan and timeline of events, as well as an outline as to how the individual will create or maintain employment within the company
- Show proof of the active management of the business by means other than through passive investment, in which the foreign national can provide possession of the qualifications and experience to hold their intended position within the company that will allow them to earn a wage equal to or greater than the median wage requirements for the position
- Must agree to employ at least one Canadian citizen or permanent resident of the country within the first year. This must be described and included in the finished business plan
Most foreign nationals that are granted a positive LMIA for owning or operating their own business in Canada, soon after, seek the appropriate stream towards permanent residency.
With the complexity of these programs, you will find that working with the Canadian Immigration Group can be a positive factor in this process when you want to own a business in Canada.
The process of Owner/Operator LMIA goes as follows:
- Identification and Development of Business Concept (if purchasing, identification of business to be acquired)
- Corporate Prep-Work
Formation of Corporate Structure
Registration with CRA, obtaining Business Number
Engagement of Accountant
Organizing Banking Matters
If necessary, entering into MOUs, Purchase Agreements, Leases, etc.
If necessary, and applicable, setting up of virtual corporate office
- Business Plan with Pro-forma financials
- Preparation of LMIA Application – Use the regular High-Wage Form, Proof of Recruitment is exempted
This includes all corporate documentation, business plan, CRA docs, attestation letters from CPA, etc.
- Submit an application to ESDC
- Employer Interview with ESDC
- Decision from ESDC
BENIFIT
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