Wish to Run a Business in British Columbia?
Here’s How You Do It!
The Entrepreneur Immigration stream of the BC PNP (Provincial Nominee Program) is a way for experienced entrepreneurs who can support economic growth and bring innovation in the province, to immigrate to Canada and settle there.
REQUIREMENTS OF ENTREPRENEUR IMMIGRATION PROGRAM:
If you wish to immigrate to BC province and you’re ready to invest in, while actively managing a valid business there, you might be able to qualify for the Entrepreneur Immigration stream.
Here’s a broad overview of all the requirements:
Personal Requirements
In order to qualify, you must:
- Be able to show CAD $600,000, if no more, as your personal net worth,
- Demonstrate that you have enough experience in the field of management and/or business,
- Either have or else show eligibility for having legal immigration status in Canada
- Have legally been admitted into the country where you presently reside.
BUSINESS, JOB, AS WELL AS INVESTMENT REQUIREMENTS
In order to qualify, you must:
- Be able to establish a new business (an eligible one), or buy and then improve a business that already exists,
- Be able to personally invest CAD $200,000, at least, in this business
- Create, at the very least, 1 new full-time job for a citizen or permanent resident of Canada in this business
If the applicant is accepted for permanent residency in each of the classifications, then their spouse and as well as reliant kids get PR acceptance too.
Registration and application fees
Every applicant is required to pay fees as mentioned below:
- Registration fee – $300
- Application fee – $3,500
- Application for every key staff member – $1,000
STRATEGIC PROJECT:
Do you wish to run your own business operation in British Columbia?
The Strategic Projects category is a part of the Entrepreneur Immigration stream and falls under the BC Provincial Nominee Program (PNP). It enables a foreign-controlled company to set up either a branch office or any other operating facility in the province.
Under this category, the company can propose to have no more than 5 key staff members who are to actively manage the business operation in British Columbia, while intending to settle in the province.
Is my company eligible?
In order to qualify, your company must:
- Be able to show flawless financial health; provide proof of decent business practices and also business operations outside of Canada that have been successful as well as relevant to this proposed business,
- identify investment opportunities in British Columbia based upon sound commercial decisions and foundations that are credible.
- Be sure to demonstrate that the key employees they proposed, are senior employees that are qualified, and are crucial to both establishing as well as operating the company
Should the key staff members be eligible?
The proposed key staff members of a company must have or should be eligible to get immigration status in Canada. Key staff member applications that fall under any of the listed points will not be accepted.
- If they have been barred from entering Canada
- If they haven’t been legally admitted in the country where they currently reside
- If they’re in Canada, but out of status
- If an individual’s status has expired, and they’re not able to provide evidence showing they have applied for it
- If your status is expired, and you can’t show that you’ve applied for the restoration of status within the eligibility period of 90 days, you’ll be considered out of status
- If they have been working in Canada, even though they don’t have proper authorization
- If they’ve any unresolved refugee claim in Canada
- If they’re under a removal order either in or outside of Canada
What are the requirements for the business?
A business is needed to:
- Make $500,000 worth of minimum equity investment, at least, so as to establish or else purchase and then expand a business (an eligible one) in British Columbia.
- create at least 3 new job positions for permanent residents or citizens of Canada for every proposed foreign key staff member (up to a maximum of 5 key staff members)
- Either establish or buys and expands business in British Columbia.
HOW DOES IT WORK?
Immigration for business people takes around two months to have the Canadian government first review your preliminary proposal and then schedules an interview. And even before this, you will have about two to three months to successfully submit your business plan.
Once you are accepted by the Provincial Nominee Program, you will have a performance agreement to sign. Only after that can you get a 2-year visa. You will also need to select between fast track nomination and normal processing.
In case you want to go for fast track nomination, you’ll have to provide $125,000 to British Columbia in the form of a refundable deposit for them to nominate you instantly. Even though it will take you around 5 or 6 months to get your visa, becoming a permanent resident is more or less 20-month long process. Every 6 months or so, you will have to fill up reports received from the government.
At the end of 2 years, if you have successfully met with all the conditions of the agreement, you will get back your $125,000, but without any interest. If you don’t meet with the conditions listed in your agreement, you will lose the $125,000, but you will get to keep your Permanent Resident status.
If you go with normal processing, you will get to have a 2-year work permit.
You will be required to send in reports on your improvement at regular intervals. If at the end of 2 years you successfully meet with all the conditions of your agreement, your work permit gets extended, and you get selected.
As you fill up the federal form, you’ll become a permanent resident in about 9 to 12 months. If you won’t have met the conditions of your agreement, then your work permit won’t get an extension, and you will have to leave the country.
To learn more about business opportunities in Canada, do contact us at Immigration Canada Services. Our business and immigration advisors will get back to you as soon as possible to answer all your queries!
