B.C. announces new Regional Pilot program for immigrant entrepreneurs

CIC News
Published: November 22, 2018

British Columbia is opening a new immigration pilot program to attract foreign entrepreneurs to smaller communities around the province.  

Known as the Entrepreneur Immigration — Regional Pilot, the two-year program is set to launch in early 2019. The pilot will see the British Columbia Provincial Nominee Program (BC PNP) work in partnership with regional communities of less than 75,000 people to welcome approved immigrant entrepreneurs who want to open a new business.

Communities must be located farther than 30 kilometres from a population centre of more than 75,000 people in order to be enrolled in the pilot.

In an update announcing the new pilot, the BC PNP said the province's small regional communities are facing economic and demographic challenges caused by their aging populations and a lack of opportunities for younger residents.

"This initiative is intended to maximize the economic benefits of immigration to B.C. to support shared prosperity across the province," the BC PNP said.

The businesses created will have to address specific needs identified by the participating communities and, in exchange, the communities and local partners will be required to support selected entrepreneurs as they settle.

All interested entrepreneurs must complete an exploratory visit to the community where they wish to set up their business, and must obtain a community referral before registering for the pilot.

Successful candidates will be granted a temporary work permit. The BC PNP will issue a nomination for permanent residence once it determines that the business has met all the criteria outlined in its Performance Agreement.

The BC PNP says personal net worth and investment criteria will be reduced for the pilot compared to its base Entrepreneur Immigration category. This reflects the lower costs of starting a business and settling in B.C.'s regions compared to Vancouver and the province's more densely populated urban centres.

Among other eligibility criteria, candidates must:

  • conduct an exploratory community visit;
  • have a minimum of $100,000 in eligible business investments;
  • have a minimum personal net worth of $300,000;
  • have 3+ years of experience as an active business owner-manager or 4+ years as a senior manager within the last 5 years;
  • take on a minimum of 51 per cent ownership;
  • create a minimum of one new job for a Canadian citizen or permanent resident of Canada.

During the exploratory visit, candidates will present their business proposal to the community's designated pilot representative, who will then submit a referral form to the BC PNP as part of the candidate's registration.

All candidates will receive a score upon registering and the highest-scoring candidates will be invited to submit a full application to the BC PNP through monthly invitation rounds.

The pilot will open to registrations in early January and will run for an initial period of two years.

Interested in Canadian business immigration? Find out if your eligible today.

© 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
Report: Canada is the 2nd happiest country among the G7
Happy multigenerational people having fun sitting on grass in a public park
Where do most South Asians live in Canada?
A South Asian family in their living room
Study: Fewer recent immigrants are seeking Canadian citizenship
Young family with children having fun in nature on a picnic
Why fewer French speakers in Canada may help your immigration chances
A woman stands in front of a whiteboard with French verbs written on them.
Top Stories
British Columbia and Manitoba invite provincial nominees
What can newcomers expect from Budget 2024?
Live Webinar: Tax Tips for Newcomers
Join our free newsletter. Get Canada's top immigration stories delivered to your inbox.
Subscribe
More in Live Webinar
Live Webinar: Tax Tips for Newcomers
Filing Taxes
Watch the Webinar: Starting your Canadian immigration journey in 2024
Canadian flag
Watch the Webinar: Introduction to Money Management for Newcomers in Canada
Webinar: Introduction to Money Management for Newcomers in Canada
Watch the Webinar: Renting vs. Buying in Canada: What Newcomers Need to Know
Owning a home can provide stability and be a great investment in the long run.
Link copied to clipboard