Living in British Columbia is comfortable for entrepreneurs and also for other categories of people. Canada offers a set of special immigration programs for promising self employed persons and entrepreneurs. Moreover it has a strong economy, where the people can take advantage of its immigration policies and open new businesses. The programs continue on the present lines and there is no possibility of having a change soon. Starting a new business in British Columbia is easy.
Introducing a new pilot program
British Columbia is introducing a new pilot program, the Entrepreneur Immigration Regional Pilot in January 2019. It will run for two years. Moreover, like other programs, in case it is successful it will have a run for some more years. It aims to attract people in the age bracket between 18 and 45 years. They must have an interest to migrate to Canada for starting a business. It is a provincial nominee program.
Canada’s Provincial Nominee Program Pilot Origins
This fresh immigration program, serves a specific need. The smaller communities in British Columbia are aging and there is reduction in the work force. This has a negative impact on the economic growth, and the present time is ideal for treating this problem. This special program will have the collaboration of the BC PNP and the smaller communities of the province. It also aims to draw new businesses to the small communities. There are a few specific requirements to attract suitable candidates.
Requirements for the Pilot for Entrepreneurs
Canada presently has an ambitious goal to support more numbers in small communities this year. The large cities are popular even though the research shows a high level of happiness in small towns. All the Provincial Nominee Programs also aim at increasing their numbers and are keen to introduce new programs to enhance the population in small communities. In this specific program, the province has the benchmark of 75,000 persons for starting a business in the community. Communities which need of new businesses register with the program and get the approval of the PNP to gain an eligibility to participate.
- Entrepreneurs get the visa in the PNP after agreeing to move to a small town.
- Furthermore, the proposed business must address a specific need of the community.
- After accepting the business, the community agrees to support the business as the person settles.
- The community ensures fair earnings to keep up the business.
- After selecting a community, candidates must explore the place and also present a Business Plan to the delegates of the pilot. This is a measure for determining the suitability of plan to the community requirements.
- They will also provide a referral and submit it to you after the registration process is completed in the program.
Offers great benefits
There are great benefits in this Pilot. The business will be beneficial to a small community. There is an involvement and support of the community in the program. The minimum net worth for eligibility in this program is reduced in comparison to other Entrepreneurial programs. Additionally the costs of starting/maintaining an enterprise in a small community are low.
Successful people here get a Temporary Work Permit. The Program also issues a nomination after determining the meeting of all criteria listed in the Performance Agreement. This nomination also gives 600 additional points to the PR candidate. It serves as a guarantee to the candidate to get permanent residence.
The additional requirements in the program are:
- Settling in a communities registered in the program
- Starting a business addressing a need of the community
- Completing the exploratory visit
- Obtaining the community referral also
- Holding $100,000 in eligible business investments
- A personal net worth of $300,000
- Having an active experience of more than 3 years as an owner or manager of business or more than 4 years as a senior manager in the past 5 years
- Keeping 51% stake in the business
- Providing one new job for a local citizen or Canadian PR
Before signing up for such PNP Pilot Program, collect all relevant documents, bank statements, and other financial documents.