The BC PNP program offers several pathways within the entrepreneur immigration stream for those who would like to obtain a Canada business visa and move to the province of British Columbia. One of them is the Entrepreneur Immigration – Base Category Program, aimed at people with high net worth and relevant experience in establishing and managing a business.
To qualify for this program, you will be required to meet several personal, job, business and investment requirements and follow a specific process to receive Canada PR. Make sure you understand this process well and start getting ready for the application as early as possible to increase your chances.
Basic requirements for candidates:
- Investments. To obtain a Canada investor visa, you will need to demonstrate that you have a personal net worth of a minimum of $600,000. This money can include assets in bank accounts, cash, real estate, property, investments, etc. You should also be prepared to make at least $200,000 of investment in a business in BC.
- Education and experience. You must have work experience as an active business owner or a senior business manager. You must have a post-secondary educational credential or experience as a business owner or manager with 100% ownership of the business within at least three years.
- Business. To immigrate to Canada as an entrepreneur, you should have the intention of building a new business or purchasing and improving the existing business. You will need to develop a business concept that will entail creating at least one full-time job for a Canadian citizen or a permanent resident. You should also demonstrate your active and continuous participation in the management process of this business.
- Language proficiency. To qualify for Canada immigration under this program, you will need to show basic command of English or French equivalent to the CLB (Canadian language benchmark) level 4 or higher.
- Eligibility. You must either already have legal immigration status in Canada or be admissible to the country. You must also have been lawfully accepted in the country in which you currently reside.
The process of applying for a Canada work visa and permanent residence under the BC PNP program in the Entrepreneur Immigration stream consists of several stages. Get familiar with the details of the process and follow the requirements carefully to succeed with your application.
Stage 1 – Registration
The first step is to determine what type of business you would like to build and/or develop while on Canada investor visa. Considering your previous experience and your interests and aptitude, do research on the BC economy to find a business opportunity. A good source of information to refer to is the WorkBC website. It can provide you with extensive data and information about the primary industries and the labour market in BC.
Once you have a business idea, create a brief business plan that you will need to submit together with your registration information. Your profile will be assessed based on the business concept you provide. Make sure you explain commercial viability, benefits for the BC economy and your ability to operate this business.
Next, you will need to take the following steps:
- Create a profile with the BC PNP Online system.
- Provide registration information that will include your business concept.
- Pay a non-refundable $300 registration fee.
- Submit your registration.
Once your registration is full, it will be assessed and will receive a score. If you meet the basic requirements, your profile will be added to the pool of qualified candidates. Your profile will be ranked in comparison with other registrants, and you will receive the final score.
BC PNP regularly invites the highest-ranking candidates to submit their complete application. The candidates can stay in the pool for up to 6 months or until they are invited to apply. The successful registration doesn’t guarantee that you will receive an invitation to apply.
Stage 2 – Invitation
The most qualified candidates can apply for Canada PR under the BC PNP Entrepreneur Immigration stream. Once you receive an invitation, you will have four months to prepare all the required information and submit your application through the BC PNP online system.
There are no set quotas for invitations from the BC PNP. The annual provincial nomination allocations are determined by the IRCC that defines the frequency and the number of invitations issued by the BC PNP. It also depends on their ability to process the applications.
If you do not get an invitation to apply for a Canada business visa, you can try to improve your registration score and re-submit your information again. You may want to suggest a new business idea or improve such components of your profile as age, Canadian work experience, English or French language level, etc. You can submit a new registration if you are not invited to apply within half a year since your first one.
Stage 3 – Review of net worth
After you were selected to proceed with your application, BC PNP will want to review your personal net worth and verify proof of funds you claimed to have when submitting your registration information.
An authorized accounting firm will conduct a financial review by assessing your supporting documentation. Read and follow the instructions provided by the chartered accounting professionals in your invitation to apply. When the assessment is completed, BC PNP and you will receive a report.
Stage 4 – Application
Once invited to apply for Canada immigration, you will have four months to finalize and submit your application.
You will be required to submit the requested documentation to support your registration profile and pay a non-refundable $3,500 processing fee at the application stage. BC PNP may also invite you for an in-person interview to discuss your business plan in further detail and assess your business and work experience. The final opinion regarding your application will be made based on your application, business plan and interview.
If your application is accepted, you will be asked to sign a Performance Agreement with the province of British Columbia. After you sign it, you will have up to 20 months to implement your business plan in BC.
Stage 5 – Establishing your business in BC
You will need to build your business according to the terms and conditions of the Performance Agreement you signed with the provincial government.
The BC PNP will issue you a letter of support, which you can use to apply to the IRCC for a Canada work visa for a two-year-period. Your dependents can move to BC with you.
Within a given period of up to 20 months, you will be expected to implement your business plan in BC. You should demonstrate that you can actively operate your business and meet all the requirements set for you by the BC PNP. Within the period of 18 to 20 months, you will need to submit your final report to BC PNP.
Stage 6 – Nomination
Once you send the final report to the BC PNP, they will assess whether you have met all the terms of the Performance Agreement. If the BC PNP is satisfied by the report evaluation, you will be required to sign a Conditions of Nomination Declaration.
After you sign it, you will receive a confirmation of nomination as a provincial nominee. You can then submit your application for Canada PR to the IRCC under the Provincial Nominee Class.