Canada to launch a new program for overseas entrepreneurs next year

Canada to launch a new program for overseas entrepreneurs next year

british columbia

British Columbia in Canada announced the launch of a new immigration pilot program. The program aims at attracting foreign entrepreneurs to the smaller communities in the province.

The program is called the Entrepreneur Immigration- Regional Pilot. This will be a two-year program and will launch early next year. The BC PNP will work in collaboration with smaller regional communities. These communities would consist of less than 75,000 people.

To enroll in this pilot, communities should be farther than 30kms from the nearest population center. The population center should have more than 75,000 people.

As per CIC News, BC PNP said that smaller regional communities in the province were struggling. They faced economic and demographic challenges due to their aging population. Also, there were fewer opportunities for the younger generation of these communities. This pilot program intends to maximize the economic benefits of migration to the province.

Overseas entrepreneurs will need to address the specific needs of the participating community. In return, the communities will support these entrepreneurs as they settle in the province.

To apply under this program, entrepreneurs will need to complete an exploratory visit to the province. During their trip, they must visit the community where they want to set up their venture. They will also need to get a referral from the community before enrolling in the pilot.

Entrepreneurs who are successful would be granted a temporary work permit. The entrepreneurs would also need to sign a Performance Agreement with the province. The BC PNP will nominate them for a PR if the business meets the criteria outlined in the Performance Agreement.

The investment and personal net worth need would also be lower for this pilot program. That is because the cost of setting up a business in regional communities is lower than that of Vancouver or other urban cities.

Other eligibility criteria that the applicants must meet are:

  • Must complete an exploratory visit to the community in the province
  • Should make an investment of at least $100,000
  • Should have a personal net worth of at least $300,000
  • Should have 3+ years of business experience or 4+ years of managerial experience in the recent 5 years
  • Should have at least 51% ownership in the business set up in the province
  • Should be able to create at least 1 local job for Canadian citizens or PRs.

 

To apply under this program, applicants will also need to submit their business proposals. They would need to do so on their exploratory visit. They need to submit it to the community’s designated representative. The representative will then submit a referral form to the BC PNP for the applicant’s registration.

Once registered, each candidate will receive a score. There would be monthly invitation rounds. The highest scoring candidates will receive an invite to submit a completed application to BC PNP.

The registration for this pilot program will begin in January 2019 and the program will run for 2 years.

Y-Axis offers a wide range of Visa and Immigration products as well as services for aspiring overseas students including Student Visa for Canada, Work Visa for Canada, Canada Migrant Ready Professional Services for Express Entry Full Service, Canada Migrant Ready Professional Services for Express Entry P R Application,  Canada Migrant Ready Professional Services for Provinces, and Education Credential Assessment. We work with Regulated Immigration Consultants in Canada.

 

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

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