With an aim to attract foreign entrepreneurs to the smaller communities in the province, British Columbia is all set to launch a new regional pilot program. The two-year program known as the Entrepreneur Immigration — Regional Pilot will be launched in early 2019. The entrepreneurs being admitted to the province under the program will be allowed to open business in regional communities with a population of less than 75,000 people in British Columbia.
Under the new entrepreneur immigration pilot program, priority is given to communities located farther than 30 kilometers from a population center. The businesses to be launched have to address the specific needs of these communities. The communities are also supposed to support the immigrant entrepreneurs in return.
Purpose of new entrepreneur immigration pilot
By launching the new pilot program, BC PNP is aiming to tackle the economic and demographic challenges resulting from an aging population and lack of opportunities for youngsters. According to BC PNP, the initiative aims to maximize the economic benefits of immigration to BC to support shared prosperity across the province.
Before registering for the new entrepreneur immigration pilot program, interested entrepreneurs must conduct an exploratory visit to the place where they are planning to start the business and obtain a community referral. The candidates selected under the program will first receive a temporary work permit. Upon fulfilling the criteria in the Performance Agreement, the candidates will be issued a provincial nomination by the British Columbia Provincial Nominee Program (BC PNP).
BC PNP has informed that personal net worth and investment criteria for the new entrepreneur immigration pilot program will be lower compared to the base Entrepreneur Immigration category. It means the costs for starting a business and settling in the province will be lower under the pilot program. Other criteria include:
- A minimum of $100,000 in eligible business investments
- A minimum personal net worth of $300,000
- More than three years of experience as business owner-manager or more than four years as a senior manager within the last five years
- Minimum 51 per cent ownership in business
- Create at least one new job for a Canadian citizen or permanent resident of Canada.
Canada entrepreneur immigration programs like the new British Columbia immigration pilot program give great opportunities for entrepreneurs to tap the less explored business possibilities in Canada. If you are an entrepreneur wishing to start a new business in Canada, contact us to know more