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Most foreign workers require an LMIA (Labour Market Impact Assessment) supported job offer to stay and work in Canada.
A Labour Market Impact Assessment is a process through which Employment and Social Development Canada (ESDC) verifies an employer’s need to hire foreign workers because no eligible Canadian Citizens or Permanent Residents can be found to do the job.
Getting an LMIA is usually a cumbersome task, but in some cases, IRCC eases down the required formalities. One of these cases is the Owner-Operator LMIA. The Owner-Operator LMIA is designed for foreign entrepreneurs who run/want to run a business in Canada and now want to come to Canada to initiate. A positive Owner-Operator LMIA can grant you a Canadian Work Permit without needing to run job advertisements.
Main requirements for the LMIA Owner-Operator program Canada
The owner-operator must:
- Own more than 50% share in the Canadian Company
- Show how his entry in Canada will result in more jobs for Canadians
- Not report to anyone and should be the highest in the power hierarchy
- Present a fully detailed and convincible business plan showing how sustainable the potential business/growth could be. The ESDC would be responsible for assessing the business plan and deciding on an approval
- Prove that the job offer is genuine as the owner will perform the duties of the senior management and thus prior relative experience as an owner/senior manager in a similar industry is needed
Benefits of the Owner-Operator LMIA
This specific LMIA is exempt from the advertisement requirements, and this makes the process faster
It grants 200 extra points to the Express Entry program calculations, which makes it easier for applicants to become Permanent Residents of Canada
This LMIA allows you to bring along dependants and family members of the principal applicant if the fund requirements are met
It also qualifies for expedited processing service, which means that ‘Economic and Social Development Canada’ may process the application within ten business days
While the permanent residency of the applicant gets approved, they can receive a work permit for 1-2 years to come and settle down and start working in Canada
The applicant is not required to make non-guaranteed investments in the Canadian Government investment fund, unlike some other investment programs
No specific minimum net worth requirements are to be met to qualify under the LMIA Owner-Operator Program Canada