When starting a business in Canada, there is a way for you to become a permanent resident via the Owner Operator stream. This blog will help you understand the process of how you can start a business in Canada as a non-resident and as a newcomer. It also shows you how to be the principal stockholder of a Canadian corporation. Our outline is brief and serves as a general guide to answer your questions on this topic.
1. Identify the kind of business you like
Research and analyze what industry you would like to start your business with. You can also buy an existing business or a franchise. This can be done through brokers who offer listings or families/relatives in Canada who can search for you. Also, determine your business type if you want a sole proprietorship, partnership, corporation or cooperative. Most likely, we would suggest sole ownership to have a faster immigration procedure with lesser requirements than the latter options. Consider your desired province and location for your business as well. For certain jurisdictions, a Canadian resident must be part of a company like British Columbia or Quebec.
2. Complete the necessary requirements
Once you decided on the business, gather all the essential documents you need to start your application. This can be the business plan, skills you rendered to run a business, proof of financial capability and assets, and so on. Next, make sure you apply for an Owner Operator LMIA (Labor Market Impact Assessment) through the ESDC (Employment and Social Development Canada). It is a lengthy process, but it is not simple to get a work permit without an approved LMIA. LMIA needs to prove that a foreign national will not resentfully impact the labour market of Canada and its economy. For example, giving Canadians lesser job options bringing the unemployment rate rise. Moreover, you need to convince that your business will produce occupations.
3. Apply for a work permit to run your business
Once you get an approved LMIA, you can now apply for a work permit to manage your business. You apply this at Immigration, Refugees, and Citizenship Canada (IRCC). This can take up to six months or more (Covid time processing varies). You should consider a small margin of error when applying this as it may entirely fail your whole struggle. You can apply without an Educational Credentials Assessment (ECA) or language tests (IELTS) through the Owner Operator LMIA stream. Otherwise, another pathway for permanent residency is Express Entry, but this will require ECA and language testing.
4. Apply for permanent residency
Once you got an approved Canadian work permit, you can successfully start your business. You can continue to work and live in Canada with a valid work permit. Then, after a few months or years, you can apply for permanent residency. This is what most people want. For a better quality of life, they choose to migrate and find a legal residence to enjoy their career or for the future of their families. It may take time, but your hard work will pay it all in due time.
It is that simple! Once you have decided to proceed, we are here to help you every step of the way. We will give you a list of businesses to choose from and help you make the most informed decision you can. In addition, we will handle the stress of the paperwork so that you can focus on your smooth transition to life in Canada. If you wish to learn more about the Owner/Operator program or how you can start a business in Canada, you may fill out our free evaluation form through this link https://loftimmigration.com/free-assessment/business-immigration/, or you may call us at 647-495-3724. Our friendly immigration specialists will be very eager to assist you.