British Columbia Offers a Permanent Home for Aspiring Foreign Entrepreneurs in Canada
August 16, 2024
|
Becoming an entrepreneur in British Columbia is rapidly becoming a premier destination for foreign immigrants seeking a new start in Canada. With its vibrant economy, supportive business environment, and high quality of life, British Columbia offers an enticing opportunity for ambitious individuals. As an entrepreneur in British Columbia, you can benefit from various resources and incentives designed to foster business success. The province also supports business development and helps integrate entrepreneurs into a dynamic community.
Preparing to settle in British Columbia as an entrepreneur? Then, take a look at what British Columbia’s Entrepreneur Immigration Program offers foreign entrepreneurs.
Which British Columbia Entrepreneur Immigration Programs Can I Use to Settle in the Province?
British Columbia offers a promising opportunity for international entrepreneurs through its Provincial Nominee Program (BC PNP) Entrepreneur Immigration (EI). This program is designed for those wishing to establish BC businesses that foster innovation and drive economic growth. A pathway from temporary to permanent residency allows entrepreneurs to initially move to BC as temporary residents and later apply for Canadian permanent residency once their business is successfully operational.
The BC PNP offers three main streams for entrepreneurs:
- Regional Stream,
- Base Stream, and
- Strategic Projects Stream.
Each stream caters to different business ventures and offers tailored support to help entrepreneurs achieve their goals in BC.
Regional Stream
The BC Regional Stream, which began as a temporary immigration pilot, is now a permanent program within British Columbia’s Entrepreneur Immigration Program. The Regional Stream targets foreign entrepreneurs interested in starting businesses in smaller communities across BC. This stream encourages the development of local economies by matching entrepreneurs with community priorities. Among the key features of the BC Entrepreneur Regional Stream includes:
Community Involvement
Participating communities identify priority business types and engage with entrepreneurs to assess their proposals. Some communities may have specific administrative processes or fees.
Exploratory Visit
If your proposal aligns with a community’s priorities, you may be invited for an exploratory visit. This visit allows you to experience the community and evaluate if it suits your business and personal needs.
Community Referral
If you decide to proceed after your visit, you must obtain a community referral to register for the Regional stream.
To be eligible to apply for the BC Regional Stream, you must meet the following requirements.
Business and Investment
Establish a new business that aligns with community priorities, with a personal net worth of at least 300,000 CAD and a minimum investment of 100,000 CAD. The business must create at least one new full-time job for a Canadian citizen or permanent resident.
Language and Legal Status
You must demonstrate a minimum language proficiency of Canadian Language Benchmark (CLB) 4 and be lawfully admitted in your current country of residence.
The list of participating communities in BC’s Regional Strem is outlined in the table below.
| BC Regions | BC Participating Communities |
|---|---|
| Cariboo | 100 Mile House, Mackenzie, Quesnel, Williams Lake |
| Kootenay | Castlegar & Central Kootenay (Areas I & J), Columbia Valley & East Kootenay, Kimberley, Nelson & Central Kootenay (Areas E & F), Rossland, Trail |
| Nechako | Bulkley-Nechako |
| North Coast | Regional District of Kitimat-Stikine (Areas B, C, E) |
| Northeast | Fort St. John |
| Thompson-Okanagan | Clinton, Penticton, Salmon Arm, Vernon |
| Vancouver Island/Coast | Campbell River, Comox, Mount Waddington, Powell River |
Base Stream
The BC Base stream is ideal for entrepreneurs looking to establish a new business or invest in an existing one in British Columbia. Applicants must meet several personal, business, and investment requirements to qualify. The eligibility criteria you must meet to apply for the Entrepreneur Base Stream include:
Personal Requirements
Entrepreneurs must have a net worth of at least 600,000 CAD and demonstrate significant business and management experience. If lacking direct business experience, a two-year post-secondary diploma is required. Basic proficiency in English or French, equivalent to CLB level 4 or higher, is necessary. Applicants must also be lawfully admitted to their current country of residence and eligible for legal immigration status in Canada.
Business, Job, and Investment Requirements
Entrepreneurs must either establish an eligible new business or buy and improve an existing one. A personal investment of at least 200,000 CAD is required, and the company must create at least one new full-time job for a Canadian citizen or permanent resident.
Registering Your Proposal With the BC Government
After crafting your business proposal, you need to register with the BC PNP by creating a profile on BCPNP Online and completing the online registration, which involves submitting a brief business concept. A non-refundable registration fee of 300 CAD is required. If you meet the minimum criteria, you will enter a qualified pool for up to six months or until you receive an invitation to apply.
Registration does not guarantee an invitation. If invited, you must have your personal net worth reviewed by a BC PNP-authorized accounting firm before submitting your application. Upon receiving an invitation, you have four months to submit a complete application through BCPNP Online. You may also be asked to attend an interview to discuss your business plan and experience.
The fees you must pay when applying for the BC Base Stream include a 300 CAD registration fee and a 3,500 CAD application fee.
Strategic Projects Stream
The Strategic Projects stream is designed for foreign corporations looking to invest significantly in BC. This stream supports the permanent transfer of crucial staff essential to the business's success. The eligibility criteria you must fulfill to apply for the BC Entrepreneur Strategic Projects Stream include the following.
Corporation Requirements
The corporation must be well-established, financially sound, and ready to invest in B.C. It must make a high-value investment and contribute significantly to the province’s economy.
Key Staff Requirements
Senior employees with essential qualifications and experience are eligible. They must be appointed to executive or senior managerial positions and offered a wage consistent with industry standards.
Investment and Job Creation
A minimum equity investment of 500,000 CAD is required for operations in B.C. The business must create at least three new full-time equivalent jobs for Canadian citizens or permanent residents per key staff member, up to five.
Ineligible Businesses
Certain businesses under the BC PNP are ineligible, as outlined in the table below.
| List of Ineligible Businesses for Strategic Projects Stream | |
|---|---|
| immigration-linked investment scheme | DVD rental stores |
| Business Investments With a Redemption Option Pursuant | Coin-operated laundries |
| Businesses With Passive Investment Pursuant | Automated car wash operations |
| Bed and breakfasts, Hobby farms and Home-based Businesses | Regional District of Kitimat-Stikine (Areas B, C, E) |
| Payday loan, Cheque cashing, Money changing and Cash machine businesses | Scrap metal recycling |
| Pawnbrokers | Businesses selling used goods |
| Tanning Salons | Real Estate Development/brokerage, Insurance Brokerage or Business Brokerage |
| Real Estate Development Activities | Goods Trading Businesses (e.g. import/export) |
How do I Apply for British Columbia Entrepreneur Immigration Programs?
Applying for British Columbia's Entrepreneur Immigration programs involves several steps. The process generally includes the following steps.
Step 1: Prepare a Business Proposal
Craft a comprehensive business proposal tailored to your expertise and the needs of the BC economy. Research potential business ideas and suitable locations within BC. Government resources such as the Starting a Small Business Guide and the Trade and Invest British Columbia website can be valuable tools.
Step 2: Register Your Proposal
Once your business proposal is ready, create a profile on BCPNP Online and submit your registration. This involves providing a brief business concept and paying the non-refundable registration fee. The BC PNP will score your proposal based on human capital factors (education, experience, language) and economic factors (commercial viability, sector, economic benefit). Registration does not guarantee an invitation to apply, but successful registrants will be placed in a qualified pool.
Step 3: Receive an Invitation
If invited to apply, you must undergo a review of your net worth by a BC PNP-authorized accounting firm. After receiving the invitation, you have four months to submit a complete application through BCPNP Online.
Step 4: Attend an Interview
You may be asked to attend an interview, during which you will discuss your business plan and experience. Your application and interview performance will be evaluated.
Step 5: Get a Work Permit
If approved, you will receive a letter of support to apply for a Canadian work permit. This permit allows you and your dependents to move to BC. You must apply for the work permit within 90 days and arrive in BC within 12 months.
Step 6: Build Your Business
You will have up to 20 months to implement your business plan, actively manage your business, and meet the performance expectations outlined in your agreement.
Step 7: Get Your BC PNP Nomination and Apply
After fulfilling the terms of your performance agreement, submit a final report between 18 and 20 months after arrival. You will sign a Conditions of Nomination declaration and receive nomination confirmation if all conditions are met. You can apply for permanent residence under the Provincial Nominee Class with your nomination.
What Are the Benefits of Using British Columbia Entrepreneur Immigration Programs?
British Columbia's Entrepreneur Immigration Programs offer a range of compelling benefits for international entrepreneurs seeking to establish their businesses in Canada.
Faster Path to Permanent Residency
One of the most significant advantages is the faster path to Canadian permanent residency. Unlike many other immigration pathways, the BC PNP allows entrepreneurs to transition from temporary to permanent residency, providing a streamlined and efficient route for long-term settlement.
Learn more about how to immigrate to Canada as an entrepreneur.
Business Ownership Opportunity
Business ownership opportunity is another significant benefit. Entrepreneurs can either start a new business or invest in and expand an existing one, thus gaining autonomy and control over their ventures. This opportunity fosters personal and professional growth and contributes significantly to the local economy.
Access to a Supportive Business Environment
The province offers access to a supportive business environment characterized by various government incentives, robust infrastructure, and a thriving economic ecosystem. British Columbia provides resources and support through programs like the Trade and Invest British Columbia site, which assists entrepreneurs in navigating the local market and accessing vital business services.
Learn about the lower taxes for business immigration to Canada.
Opportunities for Family
The BC Entrepreneur Immigration Program presents opportunities for your family to settle in Canada permanently. Successful applicants can include their immediate family members in their immigration process, providing access to work permits, study permits, and the chance to integrate into the community alongside the primary applicant.
Learn why now is the best time for family immigration to Canada.
Opportunities for Innovation and Growth
British Columbia is a hub for innovation and growth, offering a fertile ground for entrepreneurs in various sectors, including technology, natural resources, and clean energy. This environment is conducive to launching cutting-edge ventures and scaling businesses effectively.
Talent Acquisition
The BC Entrepreneur Immigration Program also enhances talent acquisition. Entrepreneurs benefit from a skilled workforce and the ability to attract top talent, which is crucial for business success and expansion in a competitive market.
Community Development
Community development is also an important function of the BC Entrepreneur Immigration Program. By investing in and creating new businesses, entrepreneurs contribute to local economies, generate employment, and stimulate economic activity in both urban and rural areas of British Columbia. This positive impact helps build vibrant, sustainable communities across the province.
Now that you have a clearer understanding of the permanent residency pathways British Columbia offers entrepreneurs, you can begin your journey to establish yourself as a businessman in BC using a Regulated Canadian Immigration Consultant (RCIC).
FAQs
What Happens if My Business Fails After I Get Permanent Residence?
Potential temporary foreign workers should thoroughly understand the specific requirements of their job offer and ensure that it meets Canada's immigration standards. They should also know the need for a valid Canadian work permit and how to secure the documentation for their stay.
Can I Bring my Family to British Columbia as an Entrepreneur?
Yes, temporary foreign workers can transition to permanent residency in Canada through programs like the Canadian Experience Class or Provincial Nominee Programs. They typically need to gain Canadian work experience and meet additional criteria, such as language proficiency and educational qualifications. The process varies depending on the immigration pathway chosen and individual circumstances.
What Are Some Popular Cities for Entrepreneurs in British Columbia?
Temporary foreign workers in Canada may face challenges such as adapting to a new culture and navigating the complexities of their work permits. They might also encounter job security and temporary status difficulties, impacting their long-term plans. Ensuring they have adequate support and resources can help mitigate these challenges.