Currently express entry is the fastest way to obtain Canadian residency. One way to assure this is through the Owner-Operator LMIA (Labor Market Impact Assessment) work permit, which allows the applicant to gain permanent residency by setting up a new business in Canada.
The applicant will have the right to live and operate the business anywhere in the country and also receive health insurance their whole family. The main applicants children will be able to attend any public school for free. In addition the spouse is also eligible for a work permit.
The process involves developing a business concept by putting together a business plan with financials, including formation of the company and registration, engaging an accountant, opening bank accounts as well as entering into a purchase agreement and lease if necessary. The applicant must also prove sufficient funds in their bank account to operate a business (typically CA $100,000 to CA $150,000).
All documentation is submitted to ESDC (Employment and Social Development Canada) who will conduct a telephone interview with the candidate prior to making a final decision on their application. After obtaining the work permit, the owner/operator is able to apply for permanent residency through the express entry program.
To qualify for this program, the foreign national must prove intention to live in Canada, and that they recently became a business owner or have held a senior management position for the past 2 years and must have graduated with a Bachelor’s degree. In case the applicant does not hold a degree they can live in Canada for 1 year under a Temporary Residency visa after which they must obtain a minimum score of 6 in the English language test IELTS before applying for permanent residency.
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