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The Canadian province of Newfoundland and Labrador introduced two new immigration categories for entrepreneurs–the International Graduate Entrepreneur Category and the International Entrepreneur Category–on July 30.
Among these, the International Graduate Entrepreneur Category is for graduates from Memorial University and College of the North Atlantic, which are two of the province’s main post-secondary institutions. The candidates under this category must have a Post-Graduation Work Permit. This category is exclusively for aspiring entrepreneurs who plan to create or co-own and manage a business in Newfoundland and Labrador.
The International Entrepreneur Category is for foreign entrepreneurs who wish to settle in Newfoundland and Labrador, “create, join or take over” a business, and manage it actively. Those who are accepted through this category will be awarded a Temporary Work Permit so that they can set up and operate their business in Newfoundland.
A major condition in both these immigration categories for entrepreneurs is that they can apply for a provincial nomination for permanent residence only if they operate their business in Newfoundland and Labrador for at least one year.
In order to apply for these categories, the candidates must first submit an Expression of Interest (EoI) to Newfoundland and Labrador’s Office of Immigration and Multiculturalism.
Eligibility requirements for International Graduate Entrepreneur
- Graduated or completed a program of at least two years in duration from a public post-secondary institution, as per Federal Government requirements
- Canadian Language Benchmark (CLB) 7 in English or French
- Minimum one year’s experience in actively managing and owning a business, with at least one-third ownership in Newfoundland and Labrador before seeking provincial nomination.
Eligibility requirements for International Entrepreneur
- Age between 21 and 59 years
- Canadian Language Benchmark (CLB) 5 in English or French
- $600,000 in unencumbered net business and personal assets readily transferable to Newfoundland and Labrador
- Minimum two years’ experience in actively managing and owning a business, five years’ experience in a senior management role.
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