Eight more communities have been added to the list of those eligible for the B.C. Entrepreneur Immigration (EI) Regional Pilot Program. The EI is for foreign entrepreneurs who want to establish a new business in a smaller, regional community in B.C.
Thereby, the communities with less than 75,000 people located more than 30 km away from an urban center have been participating since the program was launched in March.
Now the eight new additions bring the number of communities taking part in the regional pilot program to 66.
The new communities are:
Regional District of East Kootenay
Radium Hot springs
Peachland
Parksville
Invermere
Canal flats
Akisqnuk First Nation
Shuswap Indian Band
The participating communities must prove that they can offer eligible entrepreneurs a network and business agencies. Community representatives must attend immigration and pilot-specific training in order to host exploratory visits for interested candidates.
Who all can apply?
Prospective entrepreneurs must complete a research visit to the community where they are willing to set up their business. There after they must present their business proposal to a community representative and thereby, receive a referral in order to register under the pilot.
When registering, the applicant must submit details about their work or business experience, education, language ability, net worth and information on the proposed business among the other details.
Furthermore, the personal net worth requirements have been reduced compared to the Entrepreneur Immigration category. This reflects the lower cost of starting the business and then settling in B.C.’s rural regions.
Hence, in order to be eligible candidate, one must:
Have a minimum of $ 100,000 in eligible business investments
Have a minimum personal net worth of $ 300,000
Have 3+ year of experience as an active business owner- manager or 4+ years as a senior manager within the last five years
Should have a proficiency in English or French
Should be able to create a minimum of one job for Canadian citizen or permanent resident of Canada
Should take on a minimum of 51% ownership
Hence, the candidates will receive a score upon registration. Those with the highest number of scores will be invited to the British Columbia PNP through the monthly invitation rounds, the applications are typically assessed within the four months and then the candidates must be invited in order to attend the in person interview in Vancouver to discuss the details of their application
Once everything is approved applicants are made to sign a performance agreement with the British Columbia PNP, thereby it outlines the criteria needed in order to receive a nomination for the Canadian Permanent Residence
Moreover, the successful applicants receive the work permit letter from the British Columbia PNP. Thereafter, they can apply to the government for a two- year temporary work permit.
Eventually, the British Columbia PNP determines that the terms and conditions of the performance agreement are met they will nominate the entrepreneur for the Canadian Permanent Residence.
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