EE + LIMA Employer Financial Requirements？？

[MLBxx1010]

Hi everyone,
I am trying to apply the PR through EE + LIMA, my employer is willing to support me.
However the thing is my employer took over the ownership not longer for a year, and I heard in order to get the LIMA approved, the business has to gain profit, which is normally not the case for a first-three year new business.

Is what I heard true? ??? :'(
The requirement here at (sorry link can't be posted) Hiring Skilled Workers and Supporting their Permanent Residence (Jan 11 2016) does not say anything about the profit.

I know it does have to have a good financial situation, but is earning profit a must?
What kind of financial situation is sufficient for a first-year business?
Thank you very much!

 

[MLBxx1010]

Hi everyone,
I am trying to apply the PR through EE + LIMA, my employer is willing to support me.
However the thing is my employer took over the ownership not longer for a year, and I heard in order to get the LIMA approved, the business has to gain profit, which is normally not the case for a first-three year new business.

Is what I heard true? ??? :'(
The requirement here at (sorry link can't be posted) Hiring Skilled Workers and Supporting their Permanent Residence (Jan 11 2016) does not say anything about the profit.

I know it does have to have a good financial situation, but is earning profit a must?
What kind of financial situation is sufficient for a first-year business?
Thank you very much!

Anybody can help me Please??~~

 

[JoacRy]

Yes, the business must earn a profit to show that it is operating as a Going Concern.

 

[Asivad Anac]

Yes, the business must earn a profit to show that it is operating as a Going Concern.

Might well be true as it helps avoid LMIA frauds but do you have a source for this information?

 

[JoacRy]

Might well be true as it helps avoid LMIA frauds but do you have a source for this information?

Have a look at P12 on this PDF. They require the following:

They require the Balance Sheet and Income Statement from the 2 most recent tax returns filed. I think is to compare the financial position and performance of the organization to see if the company can operate as a going concern.

My thought is that CIC would consider a loss making business would not be in a position to employ a new person let alone sustain existing staff. Happy to be corrected if I am wrong.

http://www.servicecanada.gc.ca/eforms/forms/esdc-emp5602(2015-06-002)e.pdf

 

[JoacRy]

Hi all, for those of you thinking about asking your employer to file an LMIA, this may assist you to see the requirements. Hope it helps.

My takeaway though is go the PNP route if you can. Most employers are not going to want to do all of these things as specified in the requirements.

http://www.servicecanada.gc.ca/eforms/forms/esdc-emp5602(2015-06-002)e.pdf

 

[MLBxx1010]

Hi all, for those of you thinking about asking your employer to file an LMIA, this may assist you to see the requirements. Hope it helps.

My takeaway though is go the PNP route if you can. Most employers are not going to want to do all of these things as specified in the requirements.

Hi, JoacRy
Thank you very much, your answer helped a lot.

My employer told me he is going to report profit in the statements, which is a good thing, and
I also wonder that how likely is an LMIA approved given that everything required is provided.

The business is in Kistlano, near UBC. I heard the ESBC is pretty harsh, the rate of passing is lower than 60%?

 

[JoacRy]

Hi, JoacRy
Thank you very much, your answer helped a lot.

My employer told me he is going to report profit in the statements, which is a good thing, and
I also wonder that how likely is an LMIA approved given that everything required is provided.

The business is in Kistlano, near UBC. I heard the ESBC is pretty harsh, the rate of passing is lower than 60%?

The success of the application depends on how many other professionals are living in the area. Remember this is a documented way of the employer proving to the government that they are employing a foreigner because they are unable to employ a Canadian citizen or Permanent Resident to do the job.

Wishing you all the best with your application.