Best 3 British Columbia Entrepreneur Immigration Programs
Do you wish to settle in British Columbia as an entrepreneur or to establish and own a business in BC? This article will provide you with best British Columbia Entrepreneur Immigration programs you need to permanently settle in Canada, via an extension of the BC provincial nominee program.
Understanding the British Columbia Entrepreneur Immigration
The British Columbia Provincial Nominee Program is a route to Canadian permanent residency for entrepreneurs, investors and High Net Worth Individuals(HNIs). It is a streamlined process that is transparent and allows for you to make your case as strongly as possible
Specifically, the British Columbia Entrepreneur immigration Program is designed to attract experienced entrepreneurs who intend to own and actively manage a business in BC. This Canadian immigration program aims to grow the Canadian economy while also creating new jobs for Canadian citizens and Canadian permanent residents.
No doubt, the British Columbia Provisional Nominee Program is a great option for entrepreneurs looking to permanently settle in Canada. With Vancouver as its capital, British Columbia offers immigrants a dynamic economy and a welcoming home. It is the perfect destination for entrepreneurs and High Net worth individuals looking to build a new life abroad.
Therefore, in this article we will explore the best 3 British Columbia Entrepreneur Immigration Programs you need to settle in BC, Canada.
Best 3 British Columbia Entrepreneur Immigration Programs
The Entrepreneur Immigration stream of the British Columbia Provincial Nominee Program (BC PNP) is a path to immigrate to Canada and settle in B.C for experienced entrepreneurs who can support innovation and economic growth in the province.
Although, BCPNP Business category is aimed at high net worth individuals who wish to invest and operate a business in British Columbia and eventually settle in the province. The streams include:
- British Columbia Entrepreneur Immigration Category.
- Entrepreneur Immigration – Regional Pilot.
- British Columbia Strategic Project.
#1. British Columbia Entrepreneur Immigration Category
This stream is for entrepreneurs who wish to set up a business in the province. The BC invitation under this system is also points-based. The applicants must have the required funds to invest in a business. They will be eligible for permanent resident under the British Columbia entrepreneur immigration stream.
The Eligibility Requirements
- The personal net worth of minimum $600,000, legally obtained.
- Invest minimum $200,000 in an eligible new business or to purchase and improve an existing business in BC.
- Create at least one new full-time job in your business for a Canadian citizen or a permanent resident.
- Canadian Language Benchmark Level 4 In English or French in each of the four competencies: listening, speaking, reading and writing, BY THE TIME OF NOMINATION.
- Suitable business and/or management experience.
- Have, or be eligible for, legal temporary immigration status in Canada.
- Have been lawfully admitted to the country where you currently reside.
BC Entrepreneur Stream Application Process
There are several stages for acquiring a permanent residence and settling in British Columbia through the Entrepreneur immigration category.
Step 1. Registration
Complete an online registration including a short business concept and pay a non-refundable fee of $300. Candidates are scored on the information they provide and are placed in a pool for six months or 180 days, or until they receive an invitation.
Step 2. Invitation
British Columbia carries out regular draws, on average one each month for the Entrepreneur stream. Candidates who are invited to apply have four months to submit a complete application. The score takes into account English language ability, age and Canadian work experience. Candidates can improve their score while in the pool, including by submitting a new business concept.
Step 3. Net Worth Review
Candidates receiving an invitation to apply will have their net worth reviewed by a qualified supplier, who is a professional chartered accountant. The review includes the amount and source of funds and supporting documents. The candidate is responsible for all costs.
Step 4. Application
Candidates have four months, or 120 days, to submit an application once an invitation is received. Candidates may be required to attend an interview. Approved applicants must sign a performance agreement with B.C. They then have 20 months, or 610 days to implement their business proposal.
Step 5. Building the Business
Candidates get a letter of support from B.C. to apply to Immigration, Refugees and Citizenship Canada for a two-year work permit. Candidates and their dependents must arrive in B.C. with a valid work permit within 12 months, or 365 days, of receiving a letter of confirmation. The 20 months to implement the business starts when the candidate lands. At the end of the period, candidates must submit a final report to the British Columbia Provincial Nominee Program.
Step 6. Nomination for Permanent Residence
Candidates who meet the terms of their performance agreement are nominated for Canadian permanent residence by B.C.
Dependents (if applicable) will also receive nominations.
#2. Entrepreneur Immigration – Regional Pilot
No doubt, the Entrepreneur Regional Pilot aims to attract motivated and experienced entrepreneurs to open a business in smaller communities of British Columbia and contribute to their specific labor needs.
It was initially opened in 2019 as a two-year pilot, but has since been extended until 2024.Â
The Eligibility Requirements for BC Regional Pilot
- Net worth of minimum $300,000.
- Minimum of $100,000 in eligible business investments.Â
- Minimum of 51% ownership in the new business.
- Canadian Language Benchmark Level 4 In English or French in each of the four competencies: listening, speaking, reading and writing.
- Create at least one new full-time job for a Canadian citizen or permanent resident.
- Conduct an exploratory visit in the target community
The Eligibility Requirements for Communities
- A population of fewer than 75,000 people.
- Located beyond 30 km of a municipality of more than 75,000 people.
- Demonstrate capacity to support the entrepreneur through a network of established settlement and business support agencies.
Program Key Features of BC Regional Pilot
- Community Involvement: Participation communities are actively involved in attracting foreign entrepreneur, and helping them settle after arrival.
- BC PNP Referrals: Communities can refer foreign entrepreneurs to the BC PNP. The candidates must have visited the community and have a business proposal aligned with its economic priorities.
- Community Concierge: Participating communities have access to the services of a dedicated BC PNP Community Concierge.
- Invitations and Prioritization: Referred candidates register is a separate BC PNP pool. Monthly invitations are issued to the best scoring candidates. Those invited received priority processing.
#3. British Columbia Entrepreneur Immigration Strategic Projects
The B.C. Entrepreneur Immigration – Strategic Projects stream assists foreign-controlled companies establishing an eligible business in BC with the timely entry of foreign key managerial, professional or technical staff who intend to become permanent residents of Canada and settle in B.C.Â
Eligibility Requirements for Companies
- Make a minimum equity investment of $500,000.
- Create at least three new jobs for Canadian citizens or permanent residents for each foreign key staff member proposed (to a maximum of five key staff).
- Establish or purchase and expand a company in BC.
BC Business Stream Application Process
Step 1: Make an exploratory visit to B.C.
We encourage senior executives representing the company to visit B.C. to explore and learn more about opportunities and the local business environment.
Step 2: Discuss your proposal
Before applying to the Strategic Projects category, the company must first contact the BC PNP to discuss the business proposal.
Step 3: Register
The company must register expressing the company’s interest to apply. As part of the registration, the company will be asked to provide the following:
- company details
- proposed investment in B.C.
- ​proposed key staff qualifications
Please contact the BC PNP for further details on submitting a Strategic Projects registration.
There is a registration processing fee of $300.
Step 4: Invitation to apply
You registration will be reviewed to determine if the foreign corporation is eligible to apply.
If invited to apply, the company must submit a full application within 90 days. The invitation to apply will expire after 90 days; the corporation may choose to submit a new registration.
Step 5: Applying to the BC PNP
The company must submit all the required forms as a single complete application package including key staff forms and other supporting documentation. The application processing fee is $3,500 for the company and an additional $1,000 for each key staff proposed.
However, your application will be reviewed for completeness. We may ask the foreign corporation clarifying questions and request additional documentation. As part of the application assessment process, each key staff member may be invited to attend an in-person interview at the BC PNP offices in Vancouver.
However, a decision will be made regarding the application and communicated to the company.
Step 6: Signing Performance Agreements
If the application is approved, the company’s designated signing authority signs a corporate Performance Agreement with the Province of B.C. Each approved key staff member will also be required to sign a Performance Agreement.
Step 7: Work Permit & Arrival Report
A work permit will be issued to support letter to each approved key staff member so they can apply to Immigration, Refugees and Citizenship Canada (IRCC) for a work permit. This work permit support letter is valid for 90 days.
After signing their Performance Agreement, each key staff must arrive in B.C. with their valid work permit within 180 days (6 months) from the date of issuance of their work permit support letter.
Within 60 days (2 months) of arriving in B.C., each key staff must submit a completed arrival report form to the BC PNP.
Step 8: Business Establishment & Nomination
After fulfilling its obligations under the executed Performance Agreement, the foreign corporation must submit a final report to the BC PNP to demonstrate how the company has met the terms and conditions of the Performance Agreement. We will review the report, and may conduct site visits or interviews to verify information.
If we determine that the company has met the terms and conditions of the Performance Agreement, each key staff member who has satisfied the terms and conditions of his/her Performance Agreement will be nominated for permanent residence.
Step 9: Apply for Permanent Residence
Each key staff must submit their application for permanent residence to IRCC within 180 days from the date of nomination.
Frequently Asked Questions
Is my company eligible for strategic project?
To be eligible, the foreign corporation must meet the following requirements:
- be well-established and in good financial standing
- demonstrate investment readiness and capacity for international expansion into B.C.
- provide significant economic benefit to the province by making a high value investment in B.C.
What are the best 3 British Columbia Entrepreneur Immigration Programs?
The best 3 British Columbia entrepreneur immigration programs include:
- British Columbia Entrepreneur Immigration Category
- Entrepreneur Immigration – Regional Pilot
- British Columbia Strategic Project
Conclusion
If you wish to settle in BC as an entrepreneur, you can use any of the Entrepreneur Immigration Programs provided for you in this article.
