Newfoundland Entrepreneur Program
If you are an entrepreneur and you want to reside permanently in Newfoundland and Labrador, please consider the Newfoundland Entrepreneur Program. It is a part of the International Entrepreneur Category and is designed for experienced business owners or senior business managers who wish to move and permanently reside in the province of Newfoundland and Labrador. The mandatory requirements include the start of a new business or the purchase of an existing one in the province; and active, day-to-day management of this business. After operating it for at least one year and fulfilling certain criteria outlined by the Newfoundland and Labrador Office of Immigration and Multiculturalism the international entrepreneur may be nominated for permanent resident status.
Before you apply, please check if you meet the eligibility requirements. The Newfoundland and Labrador Office of Immigration and Multiculturalism encourages applicants to begin their Expression of Interest (EOI) only after that. If your Expression of Interest is successful, it will be followed by the invitation to complete a formal application to the International Entrepreneur Category. Remember, after you submit the EOI successfully, you will receive an Invitation to Apply (ITA), and then you will have to complete the application form, and include and verify all the necessary supporting documents.
The provincial application fee for the International Entrepreneur category (for the principal applicant and each associated partner) is 1,000 CAD. It is worth mentioning, that this fee is subject to change without notice. Additional fees associated with obtaining and preparing the required documents for this category may also be included, when you apply for the Newfoundland and Labrador Entrepreneur Program. The applicant is also responsible for any and all costs associated with travel to the province of Newfoundland and Labrador for the exploratory visit and in-person interview. At the end of the application process, when you submit your application to Immigration, Refugees, and Citizenship Canada for the work permit and for permanent residence, you (and associated partners, if applicable) will have to pay immigration fees required by the Government of Canada.
A Net Worth Verification Report is an important part of your application process for the Newfoundland and Labrador Entrepreneur Program. It must be prepared by one of the designated by the Office of Immigration and Multiculturalism net worth verifiers, their list can be found on the official website of the Office. The applicant must choose one of the designated net worth verifiers, and hire them to assess their net worth and the legal accumulation of that net worth. As an applicant of the Newfoundland and Labrador Entrepreneur Program, you are responsible for submitting the required documents to the net worth verifier. It is worth mentioning, that you can find the checklist of all the documents that will be required by the net worth verifiers online. They may also request additional documents or may call and invite you for an in-person interview, if necessary.
After engaging the services of a net worth verifier, you are obliged to provide written direction, including the ITA number, to the verifier and instruct them to forward the verification report directly to the Office of Immigration and Multiculturalism. There it will be added to your application package. Applicants are allowed to review and discuss the files with the verifier prior to their submission to the OIM. But only the files that were submitted by the verifier directly to the OIM will be considered in the application process.
To guarantee a prompt verification process and accuracy of the reports, applicants of the Newfoundland and Labrador Entrepreneur Program must ensure that all information provided to the verifier is accurate and up to date. Remember, that all costs associated with the provision of services by the net worth verifier are the responsibility of the applicant only.
If you intend to apply for the International Entrepreneur category, here is a list of mandatory requirements:
- You must be 21 to 59 years old;
- You must provide a business plan with supporting financial documentation verified by recognized third-party professionals;
- You must demonstrate a minimum of Canadian high school diploma or equivalent foreign credential issued at least five years before the EOI and verified by an Education Credential Assessment (ECA);
- You must have at least 600,000 CAD in unencumbered net business and personal assets that can be transferred to Canada and be able to invest at least 200,000 CAD to establish a business in Newfoundland and Labrador with minimum ownership of 33.3 percent or one million CAD in equity investment;
- You must be ready to create at least one full-time equivalent job for the local population;
- Your business must be a for-profit entity;
- You must demonstrate experience in active management and owning a business or experience in a senior business management role;
- You must get a score of at least 5 on the Canadian Language Benchmark in English or French;
- And finally, you must complete an online Expression of Interest and receive an invitation to apply from the Office of Immigration and Multiculturalism.
Applicants of the Newfoundland and Labrador Entrepreneur Program, who intend to support regional economic development or focus on high-demand industries or sectors like agriculture, aquaculture, technology, or natural resources will receive priority consideration. Candidates applying from outside the province of Newfoundland and Labrador must conduct an initial exploratory visit to the province prior to submitting an official application to the Office of Immigration and Multiculturalism. Remember, that each of the two streams within the International Entrepreneur Category (Starting a New Business or Purchasing an Existing Business) has its unique criteria. If you plan to start a new business in Newfoundland and Labrador, you must create a minimum of one full-time job for a Canadian citizen or permanent resident (who is not your relative); this position must be relevant and directly related to your business, and meet the prevailing wage levels. If you plan to purchase an existing Newfoundland and Labrador business, it must have been in continuous operation by the same owner for the previous five years; you must complete an exploratory visit to meet the current owners; you must provide evidence that reasonable efforts were taken to establish a fair market value for it and offer employment on similar terms and conditions to existing staff.
Some businesses are considered ineligible for the International Entrepreneur Category. These include remotely-conducted businesses; property rental, investment, and leasing activities; real estate construction; payday loans and cash machines; pawnbrokers; taxi companies; home-based businesses; not-for-profit businesses, and some others.
Regards,
International Experience Club
