LMIA stands for Labour Market Impact Assessment and is an application that is assessed by Employment and Social Development Canada department.
Owner-Operator LMIA is an application specifically catered for foreign entrepreneurs who intend to own and operate a business in Canada.
Key selection criteria for this LMIA is as follows, but not limited to:
- Applicant has qualifying business experience in a qualifying business;
- Intention and ability to create jobs in Canada; and
- Be an active shareholder with 51% or more shareholding in the Canadian business.
- The applicant must prove they have the net worth to invest in Canada and be able to operate the business acquired.
- It is recommended that the applicant must establish or purchase Canadian business that is relevant to their prior experience as an entrepreneur.
- One of the key requirements is a business plan. A well-defined business plan is imperative for the success of this application.
- The applicant may have to invest in the business before this LMIA application is submitted.
- The applicant must provide documentary proof of their verifiable net worth.
AFTER THE OWNER-OPERATOR LMIA APPROVAL:
The applicant will be allowed to apply for a work permit subsequent to Owner-Operator LMIA approval. Usually the LMIA is approved for 2 years and the work permit is also approved for the same duration.