There are 2 immigration streams offered by the British Columbia Provincial Nominee Program (BC PNP) for the investors who are looking to instantiate a business in Canada.
BC PNP EI Base Category is one of the programs for entrepreneurs looking to invest in an existing business or start a new business in Canada, it is akin to the BCP PNP Regional Pilot program which was discussed in the previous blog but is quite different in terms of concessions.
Why should you go for Base Category?
Like BC PNP regional pilot, you can instantiate a completely new business with a new plan. You may also purchase an existing business in British Columbia.
This is a Canada Permanent Residence program which does not set an age limit and the language requirement is as less as ! (Canadian Language Benchmark) ) Canadian Language Benchmark(CLB) level 4.
BC PNP focuses on improving the economy and increasing job opportunities in the province. Therefore your business plan should align with the goals of BC. The plan should justify how your business will accomplish the objectives of the province by contributing to economic growth and increasing job opportunities.
British Columbia welcomes businesses that gain profits and create job opportunities for Canadian citizens and permanent residents are welcomed by British Columbia. Thus, you have a great possibility to get your business plan in, if you select one such business which is recommended by British Columbia. There are some key sectors which might increase your application’s score. However, you can choose your business in BC based on your interests and preferences. (There are some ineligible businesses as well. Make sure you are not choosing one from the list).
Get in touch with our consultants to know your eligibility for starting a business in British Columbia.
Kickstart your immigration process through BC PNP EI Base Category by following the steps described below:
STEP 1: Determine Your Eligibility
In order to be eligible for BC PNP EI Base Category, a prospective entrepreneur must have,
|Minimum Personal Net Worth (in CAD)||$600,000|
|Minimum Investment (in CAD)||$200,000 in the proposed business. Note: BC PNP will not consider any investment made prior to the date of invitation.|
|Minimum Language Proficiency||Canadian Language Benchmark (CLB) level 4|
|Work Experience||· 3 or more years of experience as an active business owner-manager; or· 4 or more years of experience as a senior manager; or· a combination of 1 or more years of experience as an active business owner/manager and 2 or more years of experience as a senior manager.|
|Level of Education||Have either a postsecondary credential OR experience as a business owner/manager with 100% ownership of the business for at least 3 out of 5 years;|
STEP 2: Business Research & Region Selection
Unlike the BC PNP EI Regional Pilot Program, an investor does not need to make an exploratory visit to British Columbia to set up a business under the BC PNP EI Base Category. But it is still recommended as an exploratory visit to BC would help to setting up your business easier.
During the visit, you may get more insights about the business prospects and favourable regions with business prospects.
This exploratory visit may help you to:
- investigate and evaluate potential business opportunities
- conduct market research
- make local business contacts
- learn more about living and doing business in B.C., and gain a better understanding of health care and education programs, housing, culture, recreation opportunities, and lifestyle in the province.
The map below depicts the regions that British Columbia focuses on for development.
If you require a visitor visa – Temporary Resident Visa (TRV) to conduct an exploratory visit, CanApprove is here to assist you.
British Columbia is highly receptive to businesses in key industrial sectors such as,
- Agrifoods: food production and food processing
- Biomedical: includes research and development, manufacturing, etc.
- Destination Tourism: businesses that target tourists directly where its products/services are the tourist attractions rather than businesses that offer spin-off activities from the tourism industry
- International Education: proposed accredited educational institutions that offer educational programs in B.C. for foreign students
- Mining & Energy or Natural Gas Sector
- Technology and Green Economy
Setting up a business in these sectors boost your points when your profile and business plan are evaluated.
STEP 3: Registering with BC PNP
After your exploratory visit, the ball is in your court to create a plan for a new business or to buy an existing business.
In terms of your new business plan, it should reasonably include the following,
- business concept
- preliminary investment breakdown
- job creation plan
- financial projections and
- the positive benefit to the region of the province
We at CanApprove have made it easy for you with a custom business plan. You can get started by Filling this online assessment!
Substantiate your interest by registering to the Entrepreneur Immigration Base Category online. After registering, your profile gets evaluated and ranked with other registrants. The evaluation and scoring are based on the attributes below
BC PNP EI Base Category
|Self-declared||Experience & Ownership||24|
|Total Personal Investment||20|
|Business Concept||Commercial Viability||30|
|Transferability of Skills||20|
It is well known that the best profiles with sufficient score get the chance to receive an invitation under the BC PNP EI Base Category Program. We give you personalized counselling on how to boost your score. If you wish to talk to us, we are here
After receiving an invitation from the province, you can submit the complete application within 120 days. In the meantime, you can compile your business plan and net worth verification report. To complete the profile, you will require the following docs,
- valid language test
- identity documents
- your net worth reports, and
- a detailed business plan
Buying an existing business is pretty cool because it is appreciated for the operability. British Columbia, one of the regions of Canada is confronting the demographic challenge of an ageing population. The ageing residents are professionals who own businesses in the province but plan to retire without skilful entrepreneurs for the succession of their business.
Simultaneously, there are nationals that are foreign to Canada, who look to establish a business in Canada. BC PNP EI Base Category is a program that bridges the businesses that need suitable administrators and people who intend to purchase a business in BC. The existing business can be purchased by foreign entrepreneurs and must be improved to contribute more to the economy of the province and open the gate to better employment opportunities for the natives of BC.
This not only makes foreign nationals as Canadian entrepreneurs but also helps the retiring owners to keep their business running in trusted hands. If you are longing to purchase a business in BC, first of all, you should determine the business eligibility requirements. Next is to sign a performance agreement with BC PNP and get a valid work permit from IRCC. Making payments before getting a work permit is strictly not advised.
Get a personalized consultation and business recommendations from our experts!
ADD-ON STEP: Apply for Canada PR
You have to obtain a Work Permit to arrive and set-up your business in Canada. Meanwhile, your spouse or common-law partner may apply for an open work permit. Dependent minors will be eligible for study permits to attend elementary or secondary school (if applicable).
After fulfilling the terms and conditions of your performance agreement, you must submit a final report to the BC PNP. Based on the report and the evaluation of your performance agreement, you may be nominated by BC PNP for permanent residence. It may take up to four months for the assessment process to complete.
With a successful provincial nomination in hand, you may apply to Immigration, Refugees, and Citizenship Canada (IRCC) for Canada PR.
No sooner said than done, CanApprove will always be there to assist you at every stage of your Canada Immigration!
Frequently Asked Questions
CanApprove, being one of the leading immigration consultants since 1998 has been constantly helping people who wish to run a successful business in Canadian soil. The IRCC registered firm assists economic-class immigrants including entrepreneurs, investors, skilled and semi-skilled workers to migrate to Canada. Based on the inquiries, here are some Frequently Asked Questions and their answers compiled for you. Take a look.
|Are exploratory visits mandatory?||No, they are not mandatory for Base Category but it’s recommended for forging up your plan better|
|Should the investments be proven as Liquid Investments?||BC PNP only requires proof of your net worth which can include assets such as stocks, bonds, and real property.Once you receive the work permit and arrive in B.C, you must transfer your proposed amount of investment into a local Canadian bank.|
|Am I allowed to bring any key personnel?||Apart from your spouse and dependents, you may bring a co-registrant who is a non-Canadian citizen (or have a Canadian national as a partner).|
|What is a Performance Agreement?||A performance agreement will set out the terms that must be adhered to while operating your business during your work permit period. This may vary for each business.Once the provincial authorities are satisfied with your performance agreement terms, you may apply for a provincial nomination. BC PNP conducts monthly draws to invite eligible candidates.|
|How long to obtain Permanent Residency?||Under 5 years.Eligible candidates can apply with IRCC for Canada PR after receiving a successful provincial nomination.|
|What are ‘Job creation’ terms?||You must create at least one full-time equivalent (FTE) job for a Canadian citizen or permanent resident. You may choose to hire temporary workers but only after creating at least one FTE.|
|Am I allowed to have partners?||It is a requirement that you must own at least 33.33% of the business you plan to establish.You may associate with a partner or a co-registrant who is a foreign national or permanent resident of Canada. However, each partner who is a non-native of Canada is individually assessed and it’s not promised that each partner gets an invitation to apply.|
Our immigration coordinators are dedicated to providing you with the assistance required to ignite your business in Canada. Connect with us to receive a personalized consultation.
BC PNP Entrepreneur Immigration Base Category Draws conducted in 2020
Aligning with the immigration level plan for 2021-2023, Canada has already started to scale up the business class immigration for issuing PR. The table below dictates the number of BC PNP EI Base Category draws conducted in 2020 and the number of invitations sent in each draw.
|Date||Qualifying Provincial Score||Invitations Sent|
|December 1, 2020||121||11|
|October 20, 2020||122||15|
|September 1, 2020||126||6|
|July 28, 2020||125||7|
|June 2, 2020||121||29|
|February 4, 2020||115||14|
|January 14, 2020||117||18|
You can find more immigration updates here. Stay connected to know more. Wishing you good fortune if you are a person aspiring to establish your business in Canada.
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