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British Columbia, Canada, has innumerable career opportunities, especially for people who want to start a venture or establish a business in Canada. To make it possible, the British Columbia Provincial Nominee Program has offered a program called the Entrepreneur Immigration stream exclusively for entrepreneurs who wish to commence ventures worldwide.
To add on, qualified entrepreneurs who are already running successful ventures can apply for permanent residency. But first, you must know if you qualify for the British Columbia Entrepreneur Immigration stream. Read on to learn more about the British Columbia Entrepreneur Immigration stream.
British Columbia Entrepreneur Immigration Stream
The British Columbia Entrepreneur Immigration program focuses on business people with high net worth who are capable of investing and running a business in BC and eventually becoming permanent residents in the province.
It is advised that you plan a preliminary visit to British Columbia to gather information regarding potential customers, study the local market, and know the ideal community in which you can establish your business. However, the first thing you need to do is figure out your eligibility for the entrepreneur immigration stream.
Eligibility Criteria
To apply for the British Columbia Entrepreneur Immigration stream you must:
?Have 3+ years of experience as the owner or operator of an active business.
?Possess net worth should be CAD 600,000.
?Have scored CLB 4 as a minimum on a valid language test.
?Pursue a post-secondary credential or have a minimum of 3 years of experience as an active business owner.
?Start a new business or take over an existing one while living in BC.
?Offer at least one new full-time job for a Canadian resident.
?Invest at least CAD 200,000 in your business.
Business, job, and investment requirements
?Build a new and innovative company or acquire and improve an already-existing business.
?Provide the company with an initial personal investment of at least CAD 200,000.
?There needs to be at least one new full-time job created for a citizen or permanent resident of Canada.
Ineligible Businesses
?The BC PNP does not apply to the following kinds of businesses:
?A program for investments relevant to immigration as defined in IRPR 87(9) and under Provincial Immigration Programs Regulation Section 6(e) and the Immigration and Refugee Protection Regulations (IRPR) Section 87(5)(b).
?Any company where IRPR 87(6)(d) allows for a redemption option as part of the investment terms
?Hobby farms, bed-and-breakfasts, and home-based enterprises
?Businesses that deal in payday loans, checks, cashing, money exchange, and cash machines
?Automated car wash operations
?Coin-operated laundries
?Scrap metal recycling
?Pawnbrokers
?Businesses selling used goods (excluding businesses that provide value-added services such as repairs, refurbishment, or recycling)
?Insurance brokerage, business brokerage, or real estate development and brokering
?Companies that engage in the production, distribution, or sale of pornographic or sexually explicit goods or services, or that offer sexually explicit services
?Any other kind of enterprise that might indirectly damage the reputation of the British Columbia Police Force or the government.
When registering businesses in regional districts with a population of over 300,000, the BC PNP will not consider these businesses:
1️⃣Gasoline service stations
2️⃣Convenience stores
3️⃣Dry cleaning services
4️⃣Tanning salons
5️⃣DVD rental stores
How do I apply?
?Prepare for registration by doing extensive business research. To learn more about business opportunities and the local business environment, foreign entrepreneurs are encouraged to visit British Columbia on an exploratory basis.
?Create an online profile, pay the fees, and receive a registration score based on a variety of factors such as personal net worth, adaptability, business concept, and experience in senior management and business ownership. These are the requirements for registering with the BC PNP. After creating a profile, you will receive a score for your business concept in six weeks.
?Invitations are sent to the top-ranked applicants during the BC PNP’s regular draws.
?If you are invited to apply, you have 120 days, or four months, to complete the BC PNP Entrepreneur Immigration Stream application, get your declared personal net worth and funds reviewed, and pay the necessary fees. Based on the program’s requirements, applications are evaluated. During the application evaluation phase, you will have to be present for a face-to-face interview in Vancouver.
?International business owners who have their applications accepted sign a performance agreement and get a letter of confirmation from Immigration, Refugees, and Citizenship Canada (IRCC) allowing them to apply for a two-year work permit.
?International entrepreneurs have up to 20 months, or 610 days, from the time of their arrival in British Columbia to execute the business plan, actively manage their company, fulfill all requirements of the signed Performance Agreement, and prove that they live within 100 kilometers of the business (for at least 75 percent of the work permit period).
?Entrepreneurs in the province on a valid work permit must submit a final report to the BC PNP detailing their business activities within 18 to 20 months of their arrival.
?A confirmation of nomination, issued by the Government of British Columbia, identifies approved entrepreneur applicants and makes it possible for them to apply to the IRCC for skilled workers, international graduates, healthcare professionals, international post-graduates, and entry-level and semi-skilled workers, all of whom fall under the eligible categories.
?While the application process might sound complex, CanApprove, with its resolute experts, makes sure you get the right guidance during your application process. From filling out your application until you settle at your destination, we will be at your service. If you’re looking for assistance or want to know more about BC PNP, connect with us. We’d love to hear from you!
?Permanent residence along with any eligible dependent family members.
?The IRCC has the right to examine further information in the application to make sure the nominee keeps up residence and business in British Columbia.
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Note: Receive insights from CanApprove’s Canada immigration consultants in Bangalore to know the complete visa application process.
Wrap-Up
Skilled workers, international graduates, healthcare professionals, international post-graduates, and entry-level and semi-skilled workers all fall under the eligible categories.
While the application process might sound complex, CanApprove, with its resolute Canada immigration consultants, makes sure you get the right guidance during your application process. From filling out your application until you settle at your destination, we will be at your service. If you’re looking for assistance or want to know more about the British Columbia Entrepreneur Immigration stream, connect with us. We’d love to hear from you!
FAQs
- How long does it take to get into the BC Entrepreneur program?
Scores for registrations are usually available in six weeks. You will then have four months from the date of your invitation to submit your application if you are invited to do so.
- Can entrepreneurs apply for Canada PR?
Foreign investors and entrepreneurs must first apply for permanent resident status in Canada to become citizens of Canada.
- Does BC PNP need LMIA?
A federal Labor Market Impact Assessment (LMIA) is not for employers who support BC PNP applicants to hire a foreign worker. Your staff member is always welcome to register with the BC PNP.
