Compared to other foreign countries, Canada is the most preferred destination for skilled workers due to the availability of several provincial immigration programs. Among the numerous options, the owner operator lmia program work permit is the best for foreign investors and entrepreneurs who want to begin a new business or acquire an existing business to run successfully in Canada. Canada’s efficient and powerful immigration system allows foreign entrepreneurs to get the incredible opportunity to set up a business.
An introduction to the owner operator lmia program
Unlike the standard immigration program, the owner operator lmia program policy is the special work permit granted under the Temporary Foreign Worker Program (TFWP). The entrepreneur has to invest a certain amount in starting the business with clear intent. The latest governing rules of TFWP have opened a path for the new business persons since they get considerable attention from the international entrepreneurs.
Why do foreign investors find the owner-operator lmia program the most promising?
Since Canada’s latest federal permanent immigration program opportunities are minimal, most foreign investors lose interest in running the business here. These investment reliable immigration schemes are generally operated under interest schemes. Hence, the applicants have first to fetch the temporary work permit to make an application for permanent admission. These programs are based on quota systems and let the candidates invest a hefty amount of money and time.
It results in pooling most international investors for applying for permanent admission to the different provinces of Canada. This way, these foreign entrepreneurs get the motivation to reside in a particular location, buy the most suitable business and get relocated to the preferred location before their PR is granted. Compared to meeting the eligibility requirements of the provincial immigration program, the owner operator lmia program is relatively advantageous.
Eligibility requirements for qualifying under the owner-operator Lmia Canada
If the foreign investors want to become successful owners and operators in Canada, they must meet the following qualifications:
Adequate language proficiency in French or English to manage the business actively
Authentic and interchangeable management experience
Have ownership more significant than 50% of shares to get control of the business interest
Possessing necessary assets to buy the chosen business in Canada
Control of your business
You have better control in the business for which you want to act as the owner and operator. It means you have to possess a more significant percentage of share in the said business or must be leading as the sole proprietor of the company. It can simply get to know your past events of getting fired from the business position. If this never happened to you, it’s your controlling interest for the business.
Actively managing business
Unlike the passive investment immigration program, in the own-operator work permit, the applicant must possess a robust business experience with active participation in it. Not only that, the aspirant must have to maintain a good record of running successful businesses. Suppose you can show a complete business plan and the ability to play the role of business execution in Canada. In that case, you will have a greater chance of qualifying as the owner/operator of a Canadian business.
Benefits to Canadians
Suppose you want to qualify as the owner or operator of your business. In that case, you must represent yourself not merely as an employee but the importance of your presence and participation in the industry for job creation and transferring skills to Canadians to positively impact the employment generation.
The authorities will also assess your business action plan to understand its viability and check your business expertise to make an informed decision about your capability to meet the exclusive requirements of successful business management.
How can you prove your potential to set up a new business in the provinces of Canada?
Getting involved in the active management of Canadian business seems complicated if you can’t prove your role in a successful business establishment. Here are some of the tasks that you can highlight to prove your efficiency:
Negotiating numerous business contracts, including equipment contracts, lease agreements, the appointment of workers, etc.
Forming a comprehensive business plan for showcasing your involvement in both the planning and implantation of the business venture
Completing the essential regulatory permits, licenses and formalities for prospering business establishment
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How long does it take to process the entire owner-operator lmia Canada?
If a foreign investor finds his targeted business in Canada, it will take hardly three months to complete the LMIA application. A foreign investor can get the work permit under owner operator lmia Canada within three months in most dominion.
How does Stepwise Immigration work as the proper guide for starting a business in Canada?
Once you identify the most suitable business for purchase, we at stepwiseimmigrations.com will assist you in forming the corporation and beginning the purchasing process. Once you are financially prepared, we get you the essential work permit for running an existing business under owner operator lmia Canada. After receiving the work permit, our following propaganda will be to help you acquire permanent residence. If you want to know more about our services, reach us for a free consultation.