Starting GC process in 6th year (H1B)

Hi Anil. My H1B max out is July 22nd 2022. Since my current employer is not filing GC, I’m moving to a different company who agreed to start my GC process as soon as I join them. They have also agreed to do my Canada work permit so I can work from Canada after my US max out. Currently my H1B transfer is in process. By the time my H1B transfer gets approved, I will have less than 365 days for my max-out. Can I still start my GC process? What are my options in this scenario? Are there any challenges in this scenario which I’m not seeing?

GC process is separate from H1B and can be started anytime. Green card job is a future employment and as far as there is a sponsoring employer has a bonafide job offer for you and willing to file your PERM, you can be anywhere in the world while your GC is under process.