International Entrepreneur Stream

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International Entrepreneur Stream

The International Entrepreneur Stream that aims to select experienced entrepreneurs and senior managers, who wish to run/buy a business in the province. Under this stream, all applicants must actively set-up/buy and run their business in the province for a minimum of 12 months before applying for permanent residence to IRCC.

To apply to the International Entrepreneur Stream applicants must meet the following terms:

  1. Be between the age group of 21 and 59;
  2. Submit a third party professional approved business plan with verified financial documents;
  3. Minimum Canadian high school diploma or an Educational Credential Assessment (ECA). Also, the ECA report must not be more than 5 years old at the time of applying to the program;
  4. Show intent to live, settle, and buy/set up and actively run a local business that is profitable to the province;
  5. Have a minimum net worth of $600,000 CAD which is readily available for transferring to Canada;
  6. Must invest a minimum of $200,000 CAD into the business with 33.33% ownership or equity investment of $1 million;
  7. Create a minimum of 1 full-time job for a Canadian or permanent resident in the province;
  8. Also, the business must aim to earn profit through the sales of goods and/or services;
  9. Have a minimum of either 2 years of business ownership experience (with 25% ownership) within 5 years or 5+ years of experience in a senior management role within 10 years;
  10. Have a minimum language skill level of CLB 5 in English/French;
  11. Submit a complete Expression of Interest (EOI);
  12. Besides, must have an Invitation to Apply (ITA) from the Office of Immigration and Multiculturalism (OIM).

 

Terms for applicant’s proposed business

  1. Must be active in the running of the business;
  2. The business must meet all legal requirement of the community in which it is running;
  3. Aim of the business must be to earn profit through the sale of good and/or services;
  4. Must be a permanent establishment as per subsection 400(2) of the Canadian Income Tax Regulations, 1985;
  5. All tax regulations/liabilities must be duly met;
  6. Also, the business must be run by the applicant from Newfoundland and Labrador and not any other province/territory or outside Canada;
  7. Besides, the business must be profitable in the province. It must add to the economy of the province through measures such as:
    1. Increasing value-added manufacturing or processing, destination tourism, exports, research and development, and technology commercialization;
    2. Developing innovative steps/methods/approaches towards traditional businesses;
    3. Offering good/services to an underserved local or regional market.

 

Businesses that do not qualify

The following are the business applicants must not apply to the program with such as:

  1. A business that is run/managed from outside Canada or Nova Scotia;
  2. Property, rental, leasing and investment activities;
  3. Real estate construction/brokerage/development, insurance, or business brokerage. OIM will allow running this business if the applicant proves the business will surely benefit the province;
  4. Any self-employed businesses or professional services requiring licenses and accreditation;
  5. Payday loan, cheque cashing, cash machines and money changing;
  6. Credit unions;
  7. Pawnbrokers;
  8. Taxi companies
  9. Home-based business, unless the applicant proves its profitability;
  10. Not-for-profit businesses;
  11. Investment in a business run for only getting passive income;
  12. Explicit business activities – production, distribution and or supply;
  13. Businesses being run for the sake of getting investment income such as interest, dividends or capital gains;
  14. Also, any other business that brings disrepute to OIM, NLPNP, or the Government of Newfoundland and Labrador.