Newfoundland International Entrepreneur Stream
Summary:
The Newfoundland and Labrador International Entrepreneur Stream is tailored for experienced business owners and senior managers aiming to establish, co-manage, or purchase a business in the province. This program offers a route to permanent residency for individuals who actively manage a business that contributes to the local economy.
Eligibility Requirements
Age: Applicants must be between 21 and 59 years old.
Language Proficiency: A minimum Canadian Language Benchmark (CLB) score of 5 in English or French is required, demonstrated through approved language tests such as IELTS, CELPIP, or TEF.
Education: Completion of a Canadian high school diploma or an equivalent foreign credential, verified by an Educational Credential Assessment (ECA) obtained within the last five years.
Business Experience: At least two years of active business ownership and management experience (with a minimum of 25% ownership) in the last five years, or five years in a senior business management role in the last ten years.
Net Worth: A minimum of CAD $600,000 in unencumbered net business and personal assets that can be transferred to Canada.
Investment: Willingness to invest at least CAD $200,000 into establishing or purchasing a business in Newfoundland and Labrador, with a minimum ownership of 33.3%, or a CAD $1 million equity investment.
Business Plan: Submission of a comprehensive business plan with supporting financial documentation verified by a recognized third-party professional.
Job Creation: Commitment to creating at least one full-time equivalent job for a Canadian citizen or permanent resident in Newfoundland and Labrador, excluding the applicant and their family members.
Exploratory Visit: For applicants applying from outside the province, an exploratory visit to Newfoundland and Labrador is mandatory prior to submitting an official application.
Application Process
Expression of Interest (EOI): Submit an online EOI to the Newfoundland and Labrador Office of Immigration and Multiculturalism, detailing your intent to establish or purchase a business in the province.
Invitation to Apply (ITA): If your EOI is selected, you will receive an ITA, prompting you to submit a comprehensive application.
Application Submission: Provide a detailed application, including a business plan, proof of net worth, language proficiency results, and other supporting documents, along with a non-refundable application fee of CAD $1,000.
Interview: Attend an in-person interview with provincial officials to discuss your business proposal and intentions.
Business Performance Agreement (BPA): If approved, sign a BPA outlining the terms and conditions for your business operations in Newfoundland and Labrador.
Work Permit: Apply for a temporary work permit to establish and manage your business in the province.
Business Establishment: Within six months of receiving the work permit, arrive in Newfoundland and Labrador to establish or purchase the business as per the BPA.
Nomination for Permanent Residency: After operating the business for at least one continuous year and fulfilling the BPA conditions, apply for provincial nomination for permanent residency.
VIEW MORE DETAILS
The International Entrepreneur Stream operates on a points-based system, with candidates assessed on factors such as age, language proficiency, education, business ownership or management experience, economic priorities, and adaptability. Applicants must achieve a minimum score of 72 out of 120 points to be considered.
Points Allocation:
Age: Up to 12 points
Language Proficiency: Up to 32 points
Education: Up to 30 points
Business Ownership Experience: Up to 24 points
Economic Priorities: Up to 12 points
Adaptability: Up to 10 points
Priority is given to applicants proposing businesses that support regional economic development or focus on high-demand industries such as agriculture, aquaculture, technology, and natural resources.
Ineligible applicants include individuals living illegally in their country of residence, those with a removal order issued against them by Canadian authorities, passive investors, and individuals without legal status.
Ineligible businesses encompass those conducted remotely, property rental and leasing activities, real estate development or brokerage (unless proven to offer compelling benefit to the province), professional services requiring licensing or accreditation, and businesses involved in the production or sale of sexually explicit products or services.
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I’m Rashid Ali, a Licensed Canadian Immigration Consultant, having a designation of RCIC (Regulated Canadian Immigration Consultant) from the College of Citizenship & Immigration Consultants of Canada or CICC (Previously known as ICCRC). CICC is the official regulator of immigration consultants in Canada. I’m also a member of the Canadian Association for Professional Immigration Consultants (CAPIC).