The British Columbia Provincial Nomination Program (BC PNP) recently launched a new pilot program for a period of two years to attract foreign entrepreneurs or senior managers to set up businesses in regional communities with less than 75,000 population across British Columbia. The main focus of this pilot program under Business Immigration category of BC PNP is to boost the economic development of the local communities by attracting investment and creating new jobs. This could well be a new evolutionary pathway for entrepreneurs to immigrate to Canada and become permanent residents by investing as less as $100,000 in a new business.
How to apply for this BC PNP program?
- Interested entrepreneurs will make an exploratory visit to the community to set up a new business which is in line with the three focus sectors suggested by each participating community. This exploratory visit is important to understand the community better and meet the designated community representative responsible for this pilot program.
- Each applicant will be interviewed by the representative and a business plan has to be submitted as part of this process. The concerned representative will assess the business plan and may issue a referral to the applicant whose business idea is genuinely helpful to the local economy.
- After receiving the referral, candidates are required to register themselves with BC PNP and they are scored for different factors such as business experience, education, language ability, net-worth and business proposal.
- Highest scoring candidates will be invited by British Columbia Provincial Nomination Program to submit a full application through monthly BC PNP draw.
- Experienced entrepreneurs that are approved through the BC PNP receive a temporary work permit of up to 24 months for starting their business and, if those entrepreneurs meet the conditions mentioned in their performance agreement, they can apply for Canadian permanent residency at a later stage.
Program Eligibility:
Experience:
The applicant must have:
- At least 3 years of experience as a Business Owner, OR
- 4+ years of experience as a Senior Manager, OR
- A combination of 1 year of experience as a Business Owner-Manager and 2 years of experience as a Senior Manager.
Investment & Net Worth:
The applicant must invest a minimum of $100,000 in a business and have a net worth of $300,000 or more.
Education:
- The applicant should have earned a post-secondary credential, OR
- Have experience as an active business owner-manager for at least 3 of the last five years with 100% ownership in the business.
Other Criteria:
It is mandatory for the applicant to submit a business proposal to set up a new business in B.C. and must be referred by a participating community.
Ownership Percentage:
At least 51%
Language Requirement:
The applicant must have scored a minimum of 4 on the Canadian Language Benchmark. He/she must submit a copy of the language proficiency test at registration.
Partner with Co-Registrant: No
Partner with a local business/person:
The applicant must be able to work together with the local community and partners and work towards boosting the local economy.
Job Creation:
Create jobs for at least one citizen or permanent resident of Canada.
Program Highlight:
Those applying for the Entrepreneur Immigration but not the Regional Pilot program are required to have an investment of at least $200,000 and a minimum net worth of $600,000!
When Does the Pilot Open?
The regional pilot opened on March 14th, 2019 and aims to help the smaller, remote communities in the province to create jobs and attract new businesses.
How Long Will the Program Run?
As for now, the program will run for two years but sources suggest that it may become a permanent BC immigration program, depending on its success!
What Happens After You Register?
Based on the Regional Pilot grid assessment, applicants will be scored out of potential 200 points. The highest scorers will be called upon for submitting a full application to the BC PNP via draws that invite new monthly applicants.
Parameters Based on Which the Scores Are Awarded:
- Business owner experience
- Ownership percentage
- Transferable skills
- Age
- Net worth & personal investment
- Number of permanent jobs created
- Local population size
- Language ability & education level
- Family members in BC
- Work, business experience or previously studied in Canada
- Viability of your business model/ market services & products
- Personal investment & assessment for the proposed investment
- Economic benefits & job assessment
Do You Qualify for this new pilot program?
Want to know if you qualify to immigrate to Canada through this entrepreneur immigration program? Please fill up the free assessment form on our website elaarimmigration.ca or reach us at info@elaarimmigration.ca
