An OO LMIA is an application that allows foreign business owners to obtain work authorization within their own company and who have an active involvement in the operations. OO LMIA applicants must meet strict requirements that Service Canada has stipulated.
OO LMIA is an ideal program for applicants who wish to own and operate their own business in Canada.
OO LMIA is one of the most useful programs for Business Immigrants who can meet the Express Entry requirements as it helps in improving CRS (Comprehensive Score Rating) by 200 points.
What is an LMIA?
An LMIA is an authorization from Employment and Social Development Canada (ESDC), to employers, to hire foreign workers.
- Own a business located in Canada
- Hold at least 50 percent or more of the interest in the business
- Providing proof of the business will create employment opportunities and/or transfer skills and knowledge to Canadians and permanent residents of the country
- Hold a position within the business that cannot be dismissed or is answerable to a more senior member of the business
- Create a business plan that demonstrates how the business will be funded with the inclusion of at least a rudimentary financial plan and timeline of events, as well as an outline as to how the individual will create or maintain employment within the company
- Actively engage in managing the business by means other than through passive investment, in which the foreign national can provide possession of the qualifications and experience to hold their intended position within the company that will allow them to earn a wage equal to or greater than the median wage requirements for the position
- Canadian company must agree to employ at least one Canadian citizen or permanent resident in Canada within the first year of operation. This must be described and included in the finished business plan.
LMIA processing time: avg. 4 weeks
WP processing time: depends on the applicant’s country of residence. Avg. 8 to 12 weeks (depends on the applicant’s current country of residence)
Most foreign nationals that are granted a positive LMIA for owning and operating their own business in Canada, soon after, seek the appropriate stream towards permanent residency.
With the complexity of these programs, you will find that working with Global Migration Network can be a positive factor in this process when you want to own a business in Canada.
For more information, contact GMN today.