There is a lot of talk recently around Owner Operator LMIAs, and despite how it might sound, this is not exactly a program or category of its own. However, this can be a great way to enter Canada if you’re looking to purchase and run a business.
In Canada, almost anyone can buy a business. It doesn’t matter if you are living in the country or if you are buying it from outside of the country. The problem is that just buying a business in Canada doesn’t mean that you can come to the country. However, what can be done as an owner is to open a position for a worker that can be filled by a foreigner. This is similar to how the Skilled Workers program is done.
To explain further, lets get into the details of the two categories involved in this process, business owners with LIMAs, and foreign workers.
LMIA
The Labour Market Impact Assessment (LMIA), was enacted by the Canadian government to ensure jobs in Canada were not unnecessarily being filled with foreign workers. It’s important to mention that the company you purchase must also create jobs for Canadian citizens. How is this done?
An LMIA is a labor market verification process whereby Employment and Social Development Canada (ESDC) assesses an offer of employment to ensure that the employment of a foreign worker will not have a negative impact on the Canadian labor market.
Canadian Immigration
Employers fill out the forms required of them by the government, the Canadian government suggests this to be done through an IRCC registered immigration consultant. Following this a job can be posted for the position you are trying to fill. This job listing should be up for at least one month. However, for this situation as an owner there is there is no need to list the job online. You must simply hire yourself in a leading management role.
Skilled Workers
The Canadian government offers a program for skilled workers looking to settle in Canada. To apply to the Skilled Worker Program, you must work in an occupation that requires a specific skill set. You must also be able to prove that you have at least two year of work experience in this skilled labour position. These are the same requirements needed by the Owner Operator LMIA.
*Keep in mind that these are just a few of the case specific factors.
Each applicant is scored on a 600-point grid. This grid is based on how well you score in the following 6 categories,
- income
- age
- education
- work experience
- whether you have a valid job offer
- English and/or French language skills
It’s important to note that there is a basic passing score. However, the passing mark occasionally changes, and is dictated by the Canadian Government. As of October 22nd, 2020, this score stands at 486 points (this score changes every 2 weeks so make sure to check with the government site. Each of these categories also includes a further breakdown of how the points are distributed and marked. If you meet this criteria, the Owner Operator LMIA is the program for you.
Summary
In short, if you have enough funds to purchase a small business, university education, and industry experience, you can enter Canada through the Owner Operator LMIA. What sets this apart form the BC PNP Entrepreneurship program is that the cost is much lowers. This requires no minimum investment, which for BC PNP stands around $200,000 Canadian. As for the Start-up Visa program, this path also requires considerable investment and time. (See our pages on Start-up Visas and the BC PNP Entrepreneurs to learn more).
Remember that you must also be applicable for a Skilled Workers Visa.
For more information, you can contact us through the link below.