The International Entrepreneur Category under the Business Immigration Stream of Newfoundland and Labrador(NLPNP) targets experienced business owners or senior business managers who wish to start a new business or acquire an existing business in Newfoundland and Labrador. The candidate must also intend to actively participate in the management of the business on a day-to-day basis.
The Newfoundland and Labrador International Entrepreneur Category is a temporary permanent residence program. It means the applicants approved under this category must actively manage a business in the province for at least one year to be nominated for permanent residence in Canada.
Eligibility requirements for candidates:
- Age between 21 and 59
- Language proficiency in English/French equal to Canadian Language Benchmark (CLB) 5 in speaking, listening, reading, and writing
- Own unencumbered net business and personal assets worth $600,000 that could readily be transferred to Newfoundland and Labrador
- A minimum score of 72 out of 120 on the Expression of Interest (EoI) assessment grid
- Ability to invest at least $200,000 CAD (own money) to set up a business in Newfoundland and Labrador, with a minimum ownership of 33.3 per cent or $1 million in equity investment
- Minimum two years of experience in actively managing a business with a minimum ownership of 25 percent acquired in the last five years OR five or more years’ experience in a senior business management role acquired in the last ten years
- Submit a business plan along with supporting financial documents, which have to be verified by recognized third-party professionals
- Minimum educational level equal to Canadian high school diploma. Candidates graduated from outside Canada must also submit an Educational Credential Assessment (ECA) report.
- Intend to reside permanently in Newfoundland and Labrador
- Demonstrate ability to create at least one full-time or equivalent job for permanent residents and/or Canadian citizens in the province
- The proposed business must be a for-profit entity
- The candidate must conduct an exploratory visit to Newfoundland and Labrador before starting or acquiring a business
The interested candidates can submit an Expression of Interest to Newfoundland’s Office of Immigration and Multiculturalism. Selected candidates will receive an invitation to apply for provincial nomination. They can submit a complete application along with an Audit Report and a Business Establishment Plan. If the application is accepted, the candidate will have to visit Newfoundland and Labrador to participate in an in-person interview. After a successful interview, the candidate can sign Business Performance Agreement. They would also receive a work permit authorization letter with which they can apply for a Canadian work permit. After operating the business in accordance with their Business Performance Agreement for a certain period, the applicant can apply for provincial nomination and afterwards for permanent residence in Canada with the IRCC.
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