Eligibility Requirement for an LMIA Owner Operator Program
An owner-operator status can only be secured by a foreign individual who has a controlling interest in the business. Controlling interest in the business means:
- Foreign Individual is involved in the day-to-day operations of the business,
- Foreign Individual must be the sole proprietor of the business,
- Foreign Individual should holds majority shares in the business i.e. more than 50%,
- Foreign Individual cannot be fired or dismissed from his position,
- Foreign Individual must be the highest position within the business,
- Foreign Individual has a majority interest in business and are also confirmed by an official document,
- Foreign Individual must be able to showcase the ability to generate employment for Canadians and local residents.
In the owner-operator program, foreigners who do not meet these requirements would not be eligible for the exemptions. However, if the arrangement has a neutral or positive impact on business and labor markets overall, these candidates may receive a positive LMIA without advertising the position.
LMIA Owner Operator Application Process
To get LMIA in Canada under the owner-operator program, the foreign individual must follow the following application process:
Step 1: Start by undergoing a business and immigration profile evaluation.
Step 2: Create an elaborative and convincing business plan showing in detail how you will fund the business and generate/maintain employment.
Step 3: Receive a positive LMIA which can be further used to obtain a work permit (WP).
Step 4: Create an Express Entry profile under the Federal Skilled Worker Program (FSWP) and add the work permit to it.
Step 5: Get an Invitation to Apply (ITA) to obtain a permanent residence in Canada.
In the LMIA Owner Operator Program, it usually takes about 5 to 8 months of processing time, which also includes the work permit application.
In order to qualify for an owner operator program, it is important for a foreign individual to submit a business plan along with the LMIA Owner Operator application. As part of the business plan, the applicant should describe their vision for the business, explain how they intend to expand, and show how the business will significantly benefit the Canadian economy and its citizens. Majorly, these benefits might include:
- Economic Development: Includes creating new jobs, growth of regional/rural areas, improving export of Canadian goods and services.
- Industrial Advancement: Includes innovating new products and services, technological advancement, and helping Canadian citizens improve their skill set.
Thus, it is very important that the LMIA Owner Operator business plan meets all the critical requirements as specified by the Canadian government body of Employment and Social Development Canada (ESDC).
What information does a successful LMIA Owner Operator Business Plan include?
When applying for an LMIA, it's important to provide a business plan that outlines your proposed operations. This document should include information that meets ESDC requirements and standards:
Every business plan should have an executive summary. It sums up your entire proposal in just a few paragraphs and includes key details about your company and what you need to make it succeed. Your executive summary doesn’t need to be long, but it should be detailed and compelling.
This analysis is a key component of your plan because it will help you determine how well-positioned your company is for success. This analysis is a key component of your plan because it will help you determine how well-positioned your company is for success.
Conducting industry analysis is an important part of creating an effective business plan as it describes your position within your industry and your competitors. It involves finding, analyzing and understanding data from sources including government and trade organizations, along with other publicly available data such as financial and demographic reports.
Market Analysis includes whether or not there is demand for your product or service. It will also determine if it has already been done before and what business model you intend to use. The market analysis must be done as part of an SWOT Analysis.
The business plan should include your approach to marketing. A good marketing plan lays out how you will market your goods or services, and is especially critical if you are seeking funding from investors. It includes detailed information about who your target customers are, why they should buy from you instead of your competition, and what tactics you’ll use to reach them.
Include an overview of how you plan to use your finances to build your business. Include five years of financial projections, such as sales revenue, cash flow and profit. This should be convincing enough and consider both short-term and long-term targets when creating these projections.
Improve Your Chances with a Successful LMIA Owner Operator Business Plan
Getting your LMIA Owner Operator application approved can be a daunting task. However, a well-written business plan can help an owner operator application stand out and demonstrate that the business is financially viable and has potential for continued growth.
A well-crafted business plan can also show that you have a clear understanding of your market, competitive landscape, and product/ service offering. Additionally, a professional business plan can provide detailed information on your company's operations (e.g., revenue & expenses), background research of your industry(s), management team, financial projections, etc. All of this can help demonstrate the feasibility of your business plan and put you in a better position for approval.
At OGSCapital, our team of professional business plan writers can help you develop a LMIA Owner Operator Business Plan that is tailor-made for your specific business and industry. We work with you to identify key metrics, benchmarks, and market trends to help gauge the viability of your business plan.
OGSCapital Professional Business Plan Writer to help you write LMIA Owner Operator Business Plan
If you are looking for professional assistance to help you write your LMIA Owner Operator Business Plan, our experienced business plan writers at OGSCapital can help. Our team of professional and experienced business plan writers have created many successful business plans, including some for L1, E1, E2 (USA), Startup, Innovator and Canadian visa applicants.
We have over 16 years of experience writing business plans where we have helped over 5,000 clients worldwide across 42 different industries attract over $4.2 billion in financing. Plus, our professional immigration consultant business plan services have a success rate of above 95%.