Exploring Business Immigration in the United States vs. Canada: Converting a Business Plan for E2 t

Exploring Business Immigration in the United States vs. Canada: Converting a Business Plan for E2 to an Owner Operator LMIA Business Plan

Late in June 2020, a new Presidential Proclamation was issued in the United States that further limited business immigration. It was an extension and expansion to an earlier Proclamation issued at the end of April. These proclamations have so far excluded E2 visas. Yet, it is making some E2 applicants uneasy and leading them to consider immigrating to America’s northernly neighbor, Canada. The question for many is if they had a Business Plan for E2, would it be able to be converted to fit a similar Canadian immigration path such as an Owner Operator LMIA business plan?

The short answer: yes. With any business plan there are many items that will remain the same so you will not have to start from scratch. There are also several specific areas that will have to change.

In a business plan for E2 and an LMIA Owner Operator Business Plan, there is no legally required minimum investment. In case of an owner operator LMIA you must have a controlling interest in the

enterprise you will be purchasing or creating. Regarding the E2, it will vary based on the total cost of the enterprise. The higher the total value of the enterprise the lower percentage of capital you are expected to invest at a minimum.

Both countries have a list of which countries of origin that are eligible for the respective programs so, make sure your home country will allow you entry under either program before considering it.

If you are able to find a similar business to purchase or invest in, you will likely be able to use several portions of the business plan for E2 as a basis for the owner operator LMIA Business Plan. Especially if you are planning on overhauling the business.

Regardless how similar the business models may be, you will still need to adjust the market research section. Even if you sell a similar international product, you will still need to discuss the costs and reality of doing business in the home country.

It will also impact your financials. At the very least, the tax implications between the two countries will be different. There will more than likely be other areas, such as cost of various supplies and equipment and payroll costs where the price will vary due to location as well.

If you decide to convert to an owner operator LMIA business plan from a business plan for E2, you will also have to start from the drawing board in terms of key management. The idea in both cases is to retain as many domestic jobs as possible. As such, much of your management team – and other roles – will rely heavily on existing staff. This means getting new bios and determining how they will fit within the business under your leadership or involvement.

If you choose to invest via an owner operation LMIA business plan be aware that it is a work permit visa. Though it can lead to permanent residency, there will be additional steps after you enter under the work permit. This is slightly different than going forward with a Business Plan for E2.

Remember, there are various options for Canadian business immigration. In fact, in recent times, it is been dubbed one of the best countries for business immigration. Although Canada is undergoing temporary and necessary restrictions, their strong belief that good business immigration programs seems to be carrying through even in their reaction to the pandemic. Things could change, but currently, the owner operator LMIA Business Plan may be a safer option if you are concerned that your business plan for E2 will eventually be added to the list of restricted business and work immigration paths in the United States.