Newfoundland introduces two new immigration options for entrepreneurs

Stephen Smith
Published: July 31, 2018

The province of Newfoundland and Labrador unveiled two new immigration categories for entrepreneurs on July 30, including one geared toward international graduates from two of the province's main post-secondary institutions.

The International Graduate Entrepreneur Category is open to graduates of Memorial University and College of the North Atlantic who have a Post-Graduation Work Permit and wish to create or co-own and manage a business in Newfoundland and Labrador.

The other category, the International Entrepreneur Category, is open to foreign nationals who would like to settle in Newfoundland and Labrador in order to "create, join or take over" a business and manage it on a daily basis.

Entrepreneurs accepted through this category would receive a Temporary Work Permit to establish and operate their business in Newfoundland.

Entrepreneurs in both categories will have to own and actively operate their business in the province for one year before they can apply for a provincial nomination for permanent residence.

'All Newfoundlanders and Labradorians benefit'

The Government of Newfoundland and Labrador says the introduction of the two new categories delivers on commitments made under the province's Way Forward immigration action plan to make it easier for newcomers to establish businesses and create jobs while improving services and living standards for residents.

"All Newfoundlanders and Labradorians benefit when international students and entrepreneurs have the opportunity to stay and put their talent to work in growing the province's economy," said Al Hawkins, the province's Minister of Advanced Education, Skills and Labour.

The move follows calls from business leaders in the province for an immigration stream for entrepreneurs in order to assist with job creation in the province.

The new categories were unveiled at a news conference held in the offices of HeyOrca, a tech startup created by two immigrant graduates from Memorial University.

Officials in Newfoundland frequently point to HeyOrca as evidence of the economic boost immigrant entrepreneurs and international graduates of their schools can bring to the province.

Eligibility requirements

The first step for anyone interested in either category is to submit an Expression of Interest (EOI) to Newfoundland and Labrador's Office of Immigration and Multiculturalism.

An EOI is not an application but is rather a way for those interested in the program to let the authorities know that they would like to be considered.

The eligibility requirements for the two categories are as follows:

International Graduate Entrepreneur

  • Graduated or completed a program of at least two years in length from a public post-secondary institution, as per Federal Government requirements.
  • Canadian Language Benchmark (CLB) 7  in English or French in speaking, listening, reading, and writing.
  • No minimum investment is required, but an applicant must have at least one year’s experience in actively managing and owning a business in which they hold a minimum one-third ownership in Newfoundland and Labrador prior to seeking provincial nomination.

International Entrepreneur

  • 21 to 59 years of age.
  • Canadian Language Benchmark (CLB) 5 in English or French in speaking, listening, reading, and writing.
  • $600,000 in unencumbered net business and personal assets that could readily be transferred to Newfoundland and Labrador.
  • $200,000 ready to invest in a new or existing business in the province.
  • At least two years’ experience actively managing and owning a business, or more than five years’ experience in a senior business management role.

To explore your other Business Class immigration options in Canada,
fill out a free assessment.

© 2018 CICNews All rights Reserved

Share this article
Share your voice
Did you find this article helpful?
Thank you for your feedback.
Subscribe to our newsletter
Did you find this article helpful?
Please provide a response
Thank you for your helpful feedback
Please contact us if you would like to share additional feedback, have a question, or would like Canadian immigration assistance.
  • Do you need Canadian immigration assistance? Contact the Contact Cohen Immigration Law firm by completing our form
  • Send us your feedback or your non-legal assistance questions by emailing us at media@canadavisa.com
Related articles
Ontario, British Columbia, and Quebec invite candidates to apply for provincial immigration
Beach on Haida Gwaii
Saskatchewan introduces two new PNP pathways for skilled newcomers
Bridge over river in Saskatoon
Ontario, British Columbia and Manitoba invite candidates to apply for provincial nomination
Fraser River in British Columbia
Visitors no longer allowed to apply for work permits from within Canada
A Canadian work permit
Top Stories
IRCC’s application backlog shows steady increase over the summer
New Brunswick Critical Worker Pilot: Who are the employers and what positions do they hire for?
IRCC issues 500 ITAs to Canadian Experience Class candidates in second Express Entry draw this week
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
Subscribe
More in Express Entry
IRCC issues 500 ITAs to Canadian Experience Class candidates in second Express Entry draw this week
Rural road with fall foliage
October 2024: State of the Express Entry pool
A group of people walking through a popular square in Canada.
How many ITAs has Canada issued through Express Entry this year vs. last year?
A view of a mountain through fall leaves.
IRCC issues 4,000 ITAs to Canadian Experience Class candidates in latest Express Entry draw
A view of a river in Canada during a summer day, with kayaks and canoes making their way through.
Link copied to clipboard