British Columbia Entrepreneur Immigration Stream
British Columbia PNP offers a future entrepreneur a number of unique business opportunities, allowing experienced business people to become permanent residents of Canada, allowing them to invest in OR to manage a viable business on the market and likely to provide significant economic benefits to the province of British Columbia.
Westernmost province of Canada, British Columbia is well known for diversification in culture and economic stability. Canada’s third-largest city, Vancouver, British Columbia, is considered to be one of the most prosperous provinces in Canada. The province has a stronghold on natural resources, particularly in the fields of forestry and mining.
British Columbia offers potential industrialists a wide range of resources, low taxes, an established and well-regulated financial system, competitive operating costs, a competitive labor multinational enterprise, and a fiscally responsible government.
For businessmen wishing to immigrate to British Columbia, the Entrepreneur Immigration stream provides an immigration pathway to these entrepreneurs who want to invest and actively manage an existing business in the province.
To be eligible, interested persons must be investment ready, have experience of corporate ownership and/or management, and prove that they can establish and contribute to British Colombia’s significant economic growth.
The application will be evaluated on a number of factors, such as:
- Business and/or work experience;
- Personal net worth and source of funds;
- Adaptability; and,
- The business proposal, which includes your proposed investment and number of jobs created in the province
In order to prioritize the applicant with the highest impact and align the program requirements closely with those of the province’s economic priorities, the BCPNP has reviewed and updated the program requirements for the program. This is done by introducing an Entrepreneur Immigration stream under BC PNP.
The Entrepreneur Immigration Registration (EIR) will help BC provincial immigration officers to prioritize candidates with the highest potential for success. Once all the requirements have been met, applicants will be invited to apply under the Entrepreneur Immigration stream at regular intervals, depending on the program’s processing capacity. British Columbia will able to make faster decisions when finalizing a candidate’s application and ensures that will be no excess of a number of applicants in the pipeline for processing under the program.
Following are the requirements for the applicants that need to be fulfilled in order to be eligible to apply under BC PNP’s Entrepreneur Immigration stream:
- Personal net worth: Candidate must have at least $ 600,000 (including cash, bank account holdings, term deposits, real estate, investments, etc.) under their name or their spouse. Net worth must be obtained legally and must be verifiable when needed;
- Educational Qualification: At least two years of post-secondary education or experience as an active business owner-manager with 100% ownership of the business for at least three of the past five years; and
- Work Experience: Candidate has to show that they have the knowledge and experience necessary to successfully establish a business in the province. The candidate must have at least:
- More than three years of experience as an active business owner, or
- More than four years of experience as a senior executive, or
- Combination of at least one year of experience as an active business owner and at least two years of experience as a senior officer.
When submitting the application, it must include a short business concept for which you will be awarded points based on the proposed commercial viability, transferability of the candidate’s skills, and economic benefits. If subsequently, the candidate is invited to apply, he will have to submit a detailed business plan. BC PNP will consider enrollment to start a new business, buy an existing business, partner with an existing business, and partner with a local or foreign entrepreneur to start a new business.
In order to be eligible, the applicant must demonstrate that they will make an eligible minimum personal investment of $200,000CAD in the proposed business. In case the applicant nominates a key staff member, they must make an eligible personal investment of $400,000CAD.
Job Created requirement
The proposed business must create at least one new permanent full-time equivalent job for a Canadian citizen or permanent resident. The requirements for job creation differ for applicants who have nominated a key staff member in their application.
Once the candidate lives and works in the province successfully, they must demonstrate the following in order to apply for permanent residence under the BC PNP:
- Active and continuous management of daily business operations
- Proven residency in BC
- Permitted to live in Canada
Exploratory visit under BC PNP program for Entrepreneurs
Zone guidance did during a “preview trip” or “observation tour” is a valuable tool that has many benefits through immigration plans. This can help you become familiar with the country; understand the new location, its business practices and your visit to the province will earn you points when applying for the PNP program. More importantly, you will have the opportunity to have hands-on experience of discovering businesses and real estate options for sale, as well as educational institutions. In short, this tour will help you decide if immigration under the program is a good idea or not. It includes the following-
- Overview of the accompanied area. This means that our experienced local partner will stay with you during the scheduled 5-day program.
- Information on the region
- Detailed discussions on the options of the companies with our partner and the planned visit of suitable and pre-selected commercial options that may be available for sale.
- Residential Overview in Key Vancouver and Greater Vancouver Regions
- Daily life tips
- Meetings and appointments, subject to availability on visiting days, with appropriate government officials (upon prior request), bankers (Canadian Banks and ICICI Bank, Canada), and mortgage brokers.
- Visits to major educational institutions
- Set up a meeting with accountants to better understand business and tax laws
Additional charges to be paid by the customer (in addition to the aforementioned package costs) during the exploratory visit:
- All types of transportation, refreshments, and entertainment: include all costs such as airfare and local transportation while in British Columbia; all meals and entertainment during the visit.
- Accommodation: please plan costs according to the choice of your hotel.
Step by Step process to apply for Entrepreneur Immigration for BC PNP
To apply under BC Provincial Nomination Program (BC PNP)’s Entrepreneur Immigration stream, you just have to follow the below mentioned six simple steps and you will be able to live in Canada as a permanent resident:
Step 1: Registration
The very first step is to complete the online registration via BCPNP Online. For this candidate, has to include a short business concept. The candidate will be required to submit a non-refundable registration fee of $300 CAD.
When the candidate is able to fulfill the minimum requirements, their profile will be submitted into the pool with the profiles of the other candidates. Profiles will be ranked based on the scores. The highest-scoring registrant will be invited to apply.
Step 2: Invitation
Eligible candidates will receive an invitation to apply online to BC PNP under the Entrepreneur Immigration stream.
By regularly held draws, BC PNP invited candidates to apply from the qualified pool. The frequency and number of invitations issued are based on the annual nomination allocation that is set by IRCC. If the candidate is invited to apply, they will have four months to submit a complete application.
Step 3: Net worth Review
Once the candidate is invited to apply, BC PNP will authorize an accounting firm that reviews your personal net worth and will verify your accumulation of funds.
An authorized accounting firm is a professional chartered accounting service supplier that is qualified by BC PNP. You are responsible for all the costs that are related to this verification service.
On the completion of the review, the authorized accounting firm will produce a report of the candidate’s personal net worth and will send the report to you and BC PNP.
Step 4: Application
On getting the invitation, the candidate will have four months (120 days), to submit their complete application through BCPNP Online. The application will be assessed based on the criteria of the program. Candidate can be required to attend an in-person interview.
If the application is approved, you will be required to sign a Performance Agreement with the B.C. Performance Agreement will be based on the candidate’s application, business plan an interview.
After signing the performance agreement, you will have 20 months or 610 days, to implement your proposed business in the province.
Step 5: Establishing your business in B.C
You will have to build your proposed business in the province based on the terms and conditions of the Performance Agreement.
British Columbia will provide you with a letter of support with the help of which you will be able to apply for a work permit to IRCC. You must arrive in the province with your work permit within 12 months, or 365 days, of the date of the letter of confirmation.
On arriving in the province, you will have 20 months or 610 days to meet all the terms and conditions of the signed Performance Agreement. You will be required to submit a final report to BC PNP between 18 and 20 months, or 550 and 610 days, after your arrival in the province.
Step 6: Nomination
You will receive a provincial nomination and apply it to IRCC for a permanent resident visa.
If you are able to meet the terms and conditions of the Performance Agreement within 20 months, or 610 days, BC PNP will nominate you, and if applicable, your key staff members, for permanent residency. BC PNP will send you a:
- Confirmation of nomination
- Nomination package advising you the next steps to submit your application for permanent residence to IRCC