Business Owner Operator Program
The owner-operator program offers foreign investors a chance to operate their company in Canada on a work permit with a good probability of becoming Canadian permanent residents.
For foreign investors who want to start a new business or buy an existing one in Canada, this work visa under the Business Owner operator Program is available. To be eligible to become an owner-operator, a foreign investor must possess the necessary assets to buy the target business in Canada, appropriate language proficiency in either English or French and verifiable, transferrable experience as a business owner or manager.
This choice is appropriate for those who:
1. Have not yet attained the necessary number of points to pass in the category of "a self-employed specialist" for whatever reason
2. lack assistance of from recognized organizations, such as business incubators.
3. Cannot use the Startup Visa program for startup entrepreneurs to apply for immigration.
Alternatives to Owner/Operator in Canada for immigrant business owners
As of April 1, 2021, the Owner/Operator category has been eliminated from the Temporary Foreign Worker Program (TFWP). This category permitted candidates to submit a work permit application without having to fulfill the Labour Market Impact Assessment's advertising requirement (LMIA).
This year, there have been more developments that affect immigrant entrepreneurs. Since January 1, Canada has stopped processing applications from the United Kingdom for CETA Investors. They are now being handled in accordance with the new Canada-UK Trade Continuity Agreement.
A work permit is required for foreign nationals who want to start a business in Canada. Depending on your country of origin, your position within the organization, or the potential influence your venture may have on the Canadian labor market, you may require a different type of work visa.
For business owners who want to bring their current international operation into Canada, there is a work permit called the Intra-Company Transfer. This program can be a choice for business owners who desire to relocate to Canada. Multinational firms typically use it to transfer management and key personnel between overseas offices.
Owners of businesses can use this work visa to split their time between running their current operations abroad and opening a branch, subsidiary, or affiliate in Canada.
The followings are some of the fundamental requirements for eligibility:
- The brand-new Canadian company must pass a viability test by supplying details about its finances, proof that its physical location has been secured, and a business plan that promises to provide at least one Canadian job opportunity in the first year.
- The foreign corporation and the Canadian enterprises must have a parent-branch, parent-subsidiary, or affiliate relationship in order for their ownership structures to be associated.
- The individual who will oversee the new Canadian company must have worked for the foreign company that is transferring them for at least a year in a comparable full-time senior, managerial, or executive position.