British Columbia Entrepreneur - Pilot program
British Columbia Entrepreneur- Pilot program
Canadian Provincial Entrepreneurial Immigration
British Columbia Entrepreneur- Pilot program.
This BC PNP stream is designed for entrepreneurs wishing to invest and operate businesses in British Columbia. Applicants must be suggested by a community that is a part of the program in British Columbia.
Summary
In summary, a 1-year work permit is required before Permanent Residency nomination, the applicant must have a minimum of 51% ownership in newly established businesses, and for communities' eligibility, they must have a population of less than 75,000 population participating in this pilot. Also, a community support letter is required, and the applicant's business ideology must be in line with the economic sectors of the target community.
- Before being nominated for Permanent Residency, you must have a 12-month work permit.
- Must start a new firm with at least 51 percent ownership;
- The initiative is only open to municipalities with a population of fewer than 75,000 people that are taking part in the trial. (at least 30 kilometers from any large urban center);
- After an exploratory tour and conversations with community leaders, a community support letter is requested.
- The applicant's business concept and history must align with the target community's key economic sectors (based on the 4-digit NAICS code).
Criteria for Minimum Eligibility
The following eligibility criteria must be met: spouses should have at least CAD$300,000 net worth of all assets, the applicant must have a minimum investment of CAD$100,000, IELTS/TEF CLB 4 is required, an applicant must have at least 51% ownership of a new business, hire at least 1 Canadian in the new business, run the company in the designated community, a mandatory exploration tour to community and support letter is needed, and verification of all assets in the home country is mandatory.
- The net worth of accumulated assets between husband and wife must be at least CAD$300,000;
- CAD$100,000 as a minimum investment;
- IELTS/TEF CLB 4 is required;
- A new firm must have at least 51 percent ownership.
- In the new enterprise, at least one Canadian must be hired;
- Operate and manage the business in the allocated area.
- A visit to the neighborhood and a letter of support are required;
- The third-party audit business will verify all assets in the home country.
Pros
The advantages of this program include; it is the lowest provincial non-IT-based investment in all of Canada, and there are neither educational requirements nor age limits required.
- The province with the lowest non-IT based investment category for entrepreneur streams in the whole country;
- There is no upper age limit;
- There are no educational prerequisites.
Cons
The disadvantages include; limited eligibility to small rural communities, only a small number of communities, can participate in this pilot, more time is required for application processing, and the communities have to align their economic sectors with the ideologies of the applicant.
- Only small rural communities are eligible (big cities like Vancouver are not);
- This pilot will only include a small number of towns.
- The application will take longer to process;
- Communities will have priority economic sectors, which must fit the applicant's company concept and experience (in order to have the highest chance of a support letter being issued).