How can a BC Business Plan help you pass the Owner-Operator Program Requirements

1. How can a BC Business Plan help you pass the Owner- Operator Program Requirements A robust immigration program coupled with an ever-growing economy, British Columbia, Canada offers a conducive climate for aspiring entrepreneurs. So, if you are contemplating your options of purchasing an existing business in BC or starting a new one from scratch, the owner-operator program may be your best foot forward. Draft out an elaborative BC Business Plan and get started on your owner-operator program today! What is an Owner-Operator Program? Owner-operator program is considered as one of the most common routes of immigration for entrepreneurs. It provides the aspiring entrepreneurs with a work permit that progresses swiftly and can lead to permanent resident status over time. However, to apply under the owner-operator program, the applicant must receive a positive LMIA (Labour Market Impact Assessment) to obtain a work permit. It is possible only if the foreign entrepreneur meets the following critical requirements – among others - of an LMIA Owner Operator Program. · If purchasing an existing business in BC, the applicant must have a controlling share and interest in the enterprise. · The applicant must be involved in the daily activities/ operations. For instance, recruiting new employees, negotiating business contracts and so on. · Appoint a Canadian citizen/ PR in the first year of the business operations. · Official papers showing adequate assets to retain and sustain employment with

2. remunerations based on the BC’s minimum wage guidelines. · If you have a partner to co-register the business with, complete background information of the partner regarding the qualifications, business experience and net- worth is critical. · Support the owner-operator program application with a convincing BC business plan to prove the viability and scope of growth of the business. BC Business Plan Crafting a compelling and comprehensive BC business plan is one of the key factors to receive a positive LMIA. It plays a significant role in showcasing how the new or existing business will have a constructive impact on the local and national economy, followed by the role of the applicant in making the business succeed. This is the sole reason why the BC business plan is invaluable to the owner-operator program. Entrepreneurial journey through owner-operator program commences with meeting the requirements for a positive LMIA and then follows shortly after with a well-written BC Business Plan. However, there are certain mandatory requisites of BC that the applicant must fulfill to start a business in the province. These are - · Minimum personal net worth of CAD 600,000. · Invest a minimum of CAD200,000 in the proposed enterprise or business idea. · Credentials to back your business acumen and business management experience as an owner or senior manager. · Accreditation for new business idea or purchase of existing one. · Legitimacy of the employment letter when purchasing an existing business. · Employing at least one citizen or permanent resident in a full-time position. · Meet language proficiency of CLB4 in English/ French. If you meet all the above-mentioned criteria, then you are one step closer to getting selected for a work permit. It is recommended to make an exploratory trip to the province to get hands-on information about the business environment. It will aid in crafting a winning BC business plan, covering - · The Business Idea to elaborate on the business, its products/ services, ownership structure, goals and objectives. · In-depth Market Analysis to explain an effective marketing strategy to enter, position and place your brand in the market. It is imperative to win the customers and their loyalty. · Financial Plans focusing on numbers to add weight to the proposed business idea.

3. Providing a breakdown of the investment in terms of operations and wages followed by return over investment indicate your earnestness towards the business. · Employment Opportunities for Canadian citizens or PR to showcase how your proposed business idea will be benefitting the locals. In simpler words, if you have already made up your mind about starting a new business or purchasing an existing one, taking the help of professionals is a wise step. Get yourself a professionally written BC business plan to strengthen your Owner Operator Program application.