Canada Entrepreneur LMIA requirements for 2024

Nationwide Visas
[Published 05 Sep, 2023 | 11:34 AM]
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In Canada, there are new opportunities for immigrants who want to start their own businesses. The country has a strong economy, skilled workers, and special programs for immigrants who have innovative business ideas. These programs are attracting entrepreneurs from all over the world.

One of these programs is called the Canada Entrepreneur LMIA, which stands for Labour Market Impact Assessment. It's a part of the Temporary Foreign Worker Program, allowing Canadian employers to hire foreign workers when there's a shortage of workers in specific industries or areas.

The Owner-Operator LMIA is a special type of application within this program. It's a quick and straightforward way for foreign entrepreneurs to start a business and become permanent residents of Canada at the same time.

Check Eligibility for Canada PR as an Entrepreneur

But here's the thing: there aren't many federal programs for immigrant entrepreneurs, so this is a big deal.

Here are the basic Canada Entrepreneur LMIA requirements:

• You can either buy an existing Canadian business or start a new one.
• You need to create a job for yourself as an employee in your business.
• Get a work permit and start working in your business.
• You can also apply through the Express Entry system to become a permanent resident.
• Your business must have enough money to pay you.
• You have to actively manage your business; you can't just invest passively.
• You need to show that you have the work experience and education to meet the requirements.
• You must have control over the business and can't be fired from your job.
• If there are multiple owners, the one with the most control should apply for the LMIA for the others.
• You'll need to provide documents proving you bought the business, like contracts and ownership records.

So, if you're an immigrant with a great business idea, Canada might be the place for you to make it happen.

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Benefits of Canada Entrepreneur LMIA

• There is no requirement of holding a some amount of total net worth or being able to make any non-guaranteed investment in a government of Canada.
• Even a person who is an overseas national can apply for a work permit which can be based on their positive LMIA which is of owners or operators.
• The one which is Owner/Operator LMIA provides you with an additional 200 points which is under the Comprehensive Ranking system and an overseas investor can apply for permanent residency in Canada via the Express entry system.

The Canada Entrepreneur LMIA processing time is somewhere between 2 to 3 months, which is why it stands out and makes it a unique kind of federal immigration category. Once your work permit is issued, it is valid for a period of 2 years - giving you a chance to set up & operate your business.

The main goal of this visa is to help businesses grow in Canada. Usually, it takes about 10 business days to process, but sometimes it might take longer due to delays. You will be required to pay $1000 for each employee request as the government has promised to process these visa applications in 10 business days.

How to apply for  Canada Entrepreneur LMIA?

Step 1 - Decide on a business in Canada that you want to buy or start. It's up to you whether you want to buy an existing business or start a new one. You also need to make a clear business plan for how you'll run it.

Step 2 - Get ready for a positive assessment and provide your business plan to Employment and Skill Development Canada (ESDC) for their help.

Step 3 - The applicants who hold a positive LMIA assessment can even submit their application for a work permit with the IRCC. Once you get a work permit you can start your business operations in Canada.

Step 4 - Once your business starts, you can even apply for permanent residence either through the Canada Express entry system or through the provincial nominee program. 

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The Canada Entrepreneur LMIA welcomes immigrant entrepreneurs to start or buy businesses in Canada. It offers a straightforward path to work and live in Canada while managing your business. It's a unique opportunity, especially since there aren't many similar federal programs. So, if you have a promising business idea, this program can be your gateway to success in Canada.

Good Luck!

Read More: Is getting LMIA approved difficult for Canadian immigration?

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