Saskatchewan Entrepreneur Program
Saskatchewan immigration nominee program (SINP) allows individuals with entrepreneurship experience to settle in Canada permanently. Applicants must show interest in starting a new business, acquiring an existing business, or becoming a business partner in the province. Interested individuals must actively participate in the management of the company.
After operating the business for at least six months, candidates can apply for a nomination to Immigration, Refugees, and Citizenship Canada (IRCC) for permanent residence status.
Financial Net Worth
Applicants who want to apply for the Saskatchewan business visa program must have a net financial worth of at least C$500,000. They must show intent to invest C$300,000 in relevant businesses in Saskatoon and Regina, or C$200,000 in other communities in the province.
Conditions for a New Business
Prospective immigrants who want to establish a new business must create a business establishment plan (BEP) that details business strategies in the province. The business plan must meet the requirements of the eligible business under the entrepreneurship category.
The suitable companies for the Saskatchewan Entrepreneur stream include:
- Any sole proprietorship, partnership, or corporation that meets community legal requirements
- For-profit businesses that earn profit through the sale of goods and services
- A permanent establishment as per the definition of the Canadian Income Tax Regulations, 1985
Applicants must show intent to own one-third of the new business unless the investment amount is over C$1 million. Moreover, the business should hire at least 2 Canadians / permanent residents in a new business.
Conditions for Purchasing an Existing Business
Applicants can purchase an existing business to become eligible for the Saskatchewan business visa program. However, the company should be in continuous operation for at least the past three years. The applicant has to provide proof of making a reasonable effort to establish the fair market value of the existing business.
A key criterion when purchasing an existing business is to commit to maintaining the employment of Canadian residents and citizens. Moreover, the applicant should show the intent to keep existing employment terms and wages.
The business’s buy-out should result in a complete change in management with the applicant assuming full ownership. In case the previous business owner is a SINP Entrepreneur nominee, the applicant has to show that the business has been profitable for at least two of the last three years.
Conditions for Joint Venture Businesses
Applicants who propose to enter into a joint venture agreement to purchase an existing business must indicate the same in the application. Each applicant has to submit an individual EOI at the same time. The immigration authority will assess the application of the applicants for a joint venture business separately.
The criteria for the joint venture business are the same as for purchasing an existing business. The company must be in operation for the past three years in Saskatchewan province. Moreover, the applicants have to indicate maintaining the employment terms and wages of existing Canadian residents or citizens.
In case the application of one of the partners is rejected, the remaining partners must update the application. They must update the application to reflect changes to the investment amount required for the program.
Not all businesses are eligible for the Saskatchewan entrepreneurship program. The following is a list of the companies that are not eligible for the business visa program.
- Real estate construction, brokerage, and development
- Property investment, rental, and leasing
- Professional services that require accreditation or licensing
- Credit unions
- Payday loans
- Home-based business
- Passive investment
Contact a licensed Canadian immigration consultant to know more about the eligible and ineligible businesses for the Saskatchewan Entrepreneur Stream.
Saskatchewan Business Visa Requirements
|Language skills||No minimum|
|Experience||3-years business management or entrepreneurial experience|
Application Process for Saskatchewan Business Visa Program
The Saskatchewan Entrepreneur Stream application process consists of five steps. Here are brief details of the steps required in applying for the business visa program.
Step 1: EOI Submission
Applicants who meet the eligibility requirement can submit an Expression of Interest (EOI) to the Saskatchewan immigration authority.
All the information in the EOI must be up-to-date. In case the information is not accurate or misleading, the immigration authority will reject the application and ban the applicant for two years from applying for the immigration program.
Step 2: EOI Assessment
The immigration authority will assess the EOI application and invite applicants based on the Entrepreneur Ranking System. The ranking system uses a points-grid to rank applicants who have shown interest by submitting an EOI.
The Saskatchewan immigration authority accepts applicants with a competitive score as per the following points table.
|Net Business and Personal Assets||15|
|Investment in key sectors||15|
Step 3: Application Submission
Successful applicants will receive an Invitation to Submit an Application (ISA) letter containing a file number. Applicants must use the file number to apply for the Saskatchewan business visa program within 90 days of receiving the letter.
The business visa application should contain the same information as in the EOI. In case the situation has changed after submitting the EOI that results in a loss of points, the applicant should not apply.
Applicants have to pay the prescribed fees and identify a third-party service provider to assess net worth within 20 days of receiving the application. They must submit the assessment report within 180 days of receiving the letter.
Step 4: Establishment of the Business
Candidates must obtain a temporary work permit (TWP) to create a business in Saskatchewan. They must submit the federal government’s application for TWP within 12 months of receiving the Entrepreneur Approval Letter.
After obtaining the work permit, the applicant can move to Saskatchewan to create a business. Candidates must attend an arrival meeting within 18 months of the approval letter. Additionally, they have to meet with a designated business service provider within 90 calendar days of arriving in the province. Candidates have to send a Business Establishment Report within 12 months of arriving in Canada.
Step 5: Apply for Nomination
Candidates who meet the terms of the Business Performance agreement for at least six months of operating the business can request a nomination. SINP will assess the nomination application and issue a nomination certificate that makes the candidate eligible for permanent residency.
Contact a licensed immigration consultant for help in applying for the Saskatchewan Entrepreneurship visa program. SINP only allows approved consultants to submit the visa application. You can discover your immigration options by contacting a licensed Canadian immigration consultant.