The Owner Operator LMIA Work Permit allows entrepreneurs to open a new business, buy an existing business or a franchise – anywhere in Canada.
The company must be running before sending the work permit application which is why we prioritize the purchase of existing businesses or franchises rather than a brand new business.
With corona virus and many businesses closing and laying off employees, this type of application, if well done, can have high chances of approval since it will help Canadian economy restart, maintain businesses, and create jobs for Canadians.
Most entrepreneurs want to invest in Canada in order to obtain permanent residency for themselves and their family. But in Canada, most permanent residency programs are based on points; the more points you have the more chances you have to be selected.
As a business owner having an Owner Operator LMIA Work Permit, you will get +200 points for your permanent residence and this, as soon as the LMIA is received. For immigration each point counts so this program is sometimes the best strategy for entrepreneurs to achieve permanent residency faster than through other immigration programs.
In addition, most entrepreneur programs will require that you first manage the business for at least 1 year in a specific province, and invest a minimum amount (anywhere from $100,000 CAD to $600,000 CAD), and pass an interview, before being able to apply for permanent residence. With the Owner Operator Work Permit, you can choose where to open your business, there is no minimum investment or net worth amount (anywhere between $100,000 CAD and $900,000 CAD) required, neither an interview. You must show that you and the company you are buying have the financial capacity to incur the costs associated with at least the first year of doing business in Canada.
Lastly, there is no need to pass an IELTS test until you are eligible to apply for permanent residence. At that time, you will need to obtain IELTS 6 minimum on all four language skills (reading, speaking, listening and writing). But, at least, you are already in Canada and can apply for permanent residence either right away after the LMIA is issued, or before 1 or 2 years after coming to Canada.
There is no language condition although you must be able to communicate in basic English or French to start a business in Canada.
We help you from beginning to end, step by step.
By law, there is no minimum investment amount, however it will be difficult to buy a business for less than $150,000 CAD, which means that you should have a net worth of at least $400,000 CAD.
You cannot spend all your money into a business in Canada, and must have room to pay for legal fees, marketing fees, office rent, etc. Most importantly, you must be able to pay your own salary (approximately $100,000 CAD per year) and the salary of at least 1 other employee during year 1.
Depending on the type and scope of business, we will be looking for funding as well. This does not change the fact that you should have a decent net worth in order to undertake any business immigration program.
The entire process takes approximately 8 months.
We first ensure that this program is actually the best strategy for our clients. If not, then we will suggest more suitable immigration programs.
We then discuss the industries, types of businesses you wish to manage, and the potential location of the business.
The location depends usually on different factors:
There is of course an important difference in the overall cost of living between a small and big city. In either case, we find the province and city which best suits the entrepreneurs’ industry, needs, and financial capacity.
While we find the best business opportunity, we review your documents, and prepare a complete application package to be submitted to the government.
We work with business consultants, real estate brokers, chartered accountants, corporate lawyers, business plan writers, bankers, and even with the government to help you bring your business and immigration projects to life.
We guide you before, during and after coming to Canada.
Once you have enough points, you can apply for permanent residence under the Express Entry program.
Depending on your profile (age, level of education, years of skilled work experience, language skills, family in Canada), you will obtain a number to which you can add +200 points. If at that time you have enough points, then we can start the permanent residence application when:
Please note that the Owner Operator’s spouse who received an open work permit, can in some cases become the Main Applicant at the permanent residence stage if for example he/she has a job offer.
Although these explanations provide an overview of the Owner Operator LMIA Work Permit, each case is truly unique, which is why it is important to meet with an immigration professional to help you setup the appropriate immigration and business strategy right at the beginning.
To see the summary of this program in an easy to read table, and to compare this program with other very advantageous entrepreneur immigration programs, please see the table on my previous article called “What are the best 3 ways to immigrate to Canada as an entrepreneur?”.
This is just one of the numerous immigration program for entrepreneurs who want to open a business in Canada. Book a consultation to know what is the best way for you to immigrate to Canada.
We help entrepreneurs set up their business and immigration strategy and execute on it.
We believe immigration is more than just a visa. We accompany our entrepreneurs during their entire immigration journey: from business set up to the first work permit, then permanent residency and finally, citizenship.
To book a consultation with a lawyer and explore your business immigration options, email us.