A total of 39 immigrant entrepreneurs received new invitations in the Saskatchewan Entrepreneur category draw held on March 7. The invited candidates had scores between 120 and 140 under the points assessment grid of the Saskatchewan Entrepreneur category.
Saskatchewan Entrepreneur category
Saskatchewan Entrepreneur category targets foreign entrepreneurs who wish to establish, acquire or partner a business in the province. In order to be eligible under this category, the aspirant entrepreneurs and the proposed business must meet certain eligibility requirements.
Requirements for the applicants
- A net worth of at least $500,000 CAD verified by a Ministry-approved professional third party. The net worth has to be accumulated through legal means, which will also have to be verified by a Ministry-approved professional third party.
- The candidate must have minimum three years of entrepreneurial experience earned within the past 10 years
- The candidate must be ready to make a minimum equity investment of $300,000 CAD in Regina or Saskatoon, or a minimum of $200,000 CAD in any other Saskatchewan community.
- The candidate must have a Business Establishment Plan (BEP) and demonstrate an in-depth knowledge of their plan
- The candidate must be holding at least one-third (33.33 percent) of the equity of a business in Saskatchewan. A candidate can be exempted from this requirement if their total investment is $1,000,000 CAD or higher
- Create or maintain at least two jobs for Canadian citizens or Permanent Residents in Saskatchewan if the business is located in Saskatoon or Regina
- If purchasing an existing business in Saskatoon or Regina, the business’ staffing complement (the number of Canadian or permanent resident workers) at the time of purchase must be maintained.
- The candidate must live in Saskatchewan with their dependent family members
- Sign a business performance agreement with the Government of Saskatchewan
Requirements for Businesses
- The potential to be of economic benefit to Saskatchewan, which will be assessed by an immigration officer of the province
- Meet the legal requirements of the community in which it operates
- Must be a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services
The first step for an entrepreneur to apply under Saskatchewan Entrepreneur category is to submit an Expression of Interest (EoI) to the Saskatchewan Immigrant Nominee Program (SINP). Based on the information provided in the EoI profile, SINP screens interested candidates and awards them a ranking score based on the points assessment grid of the Entrepreneur category.
SINP conducts Saskatchewan Entrepreneur category draw to invite the highest-scoring candidates to apply for an approval letter. Those who obtain an approval letter can apply for a Temporary Work Permit with the Immigration, Refugees and Citizenship Canada (IRCC). Those who successfully fulfill the terms of their Business Performance Agreement with the SINP can apply for a provincial nomination from SINP after six months of landing in Canada.
Canada has on offer vast business opportunities for eligible candidates. Contact us if you are interested to know more