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Highlights of British Columbia Entrepreneur
- British Columbia resumes accepting applications for Entrepreneur Immigration (EI) program even for Provincial Nominee Program (PNP).
- Business entrepreneurs need to meet specific requirements to be eligible.
- The Entrepreneur must provide a net worth of at least $600,00 and then need to submit a business proposal, if you are planning to start a new business.
- The applicant must show a possible score of 200 points; 120 points for self-declaration section and possible 80 points for business concept.
- The BC PNP EI program application fee is $3,500 and will be processed within four months.
Entrepreneur Immigration Program for British Columbia
British Columbia restarts receiving applications through Entrepreneur Immigration (EI) category of Provincial Nominee Program (PNP) after pausing this program for a year.
This BC PNP was on hold temporarily during July 19, 2021, as the West Coast was working on the alignment of priorities of immigration and revival of economy.
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Around 18 updates were added to the BC PNP EI base program, and the changes made are minor or extended requirements only.
There is one critical change made in the BC PNP EI program. By July 13, British Columbia immigration department officials will be able to send the target Invitation to Apply (ITAs) based on new factors.
- Preferred business location
- Sector of business
- Community population
- Specify whether the business new start-up or investments have been made in the existing business
During the pre-pandemic, i.e., 2019, the British Columbia has sent a total of 232 ITAs to the applicants through BC PNP EI base category and there was halt due to COVID-19, now the process got resumed and regular draws will be made for high-scoring business entrepreneurs under the registration pool.
The applicants for this EI stream need to meet the requirements by proving a net worth of $600,000; by investing a minimum of $200,000 either in a new start up or an existing business. They must be able to create full-time jobs for Canadian citizens or PRs.
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Requirements for eligibility
Using this base category of the BC PNP EI, program, the entrepreneurs who are willing to establish a new business or acquire one in British Columbia, must satisfy the following requirements to be eligible.,
Read more…
BC PNP draw invites 125 candidates
Entrepreneurs need to obtain either of the following in a span of 10 years.
- Must have a consolidated experience as a business owner or manager with 1 or more years of experience and a minimum of two years of experience, a senior manager; or
- A minimum of three or more years of experience as a full time business owner manager; or
- Experience as a role of senior manager for at least four years.
Note: Business entrepreneurs need to have assets that worth of $600,000 and have to submit a business proposal to invest on a new business or purchase an existing one in the province by investing at least $200,000. The entrepreneur needs to hold a minimum of 1/3rd stake in the same business.
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Applications processing time
Applicants can own a business partnership anywhere in British Columbia provided they need to create at least one full-time or equivalent job for a Canadian citizen or a PR. The educational requirements vary for this base EI category depending on previous experience as a manager or an entrepreneur.
The entrepreneur who has a good business owner-managers for three years during the past five years of business where they were whole and sole owners, need to not satisfy any requirement. Whereas for others, they should possess a post-secondary educational credential.
The applicants need to have level-4 competence in either English or French that are measured by the Canadian Language Benchmark (CLB) tests and need to provide the copy as the test result.
They need to pay $300 as the application fee for the EI base category and the registrations are scored in six months.
The entrepreneurs can score 200 points as the highest possible score. That, too, with a possible 120 points for the self-declaration section and another 40 points for the business concept section and minimum of 115 points in total to qualify for the program.
The application process is done within four months, provided you need to pay a $3500 application fee.
During the application stage, you need to signify that you intend to live within 50 km range to operate the business. This route must be the shortest distance that you can reach your business location.
If the travel between your home and business is not more than 30 minutes and does not require a journey across the water body. You also need to provide proof of intention to stay in British Columbia if you are on a work permit.
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