If you have set your eyes on Canada as a business destination, you have some encouraging news from the Canadian province of British Columbia. Fifty more regional communities of the province have expressed their willingness to join the British Columbia PNP Entrepreneur Immigration Regional Pilot. This pilot program was launched in 2019 for foreign entrepreneurs to come and run their businesses in BC, helping its regional areas develop economically.
More communities in the province will be participating in phase 2 of this pilot program that has been extended till March 31, 2024. These communities have to meet the following criteria to qualify for this pilot program:
- They must be fewer than 75,000 people in their population
- They must demonstrate their capacity to support the entrepreneur via a network of established agencies dedicated to settlement and business support
- They must be located beyond 30 km of a municipality with a population of over 75,000 people
Criteria for foreign entrepreneurs to join the pilot program
If foreign entrepreneurs want to start a new business in a smaller community in British Columbia, they must meet the following criteria:
- They must set up a new business deemed eligible and aligns with the priorities of the referring community
- They must possess, or have the eligibility for, legal immigration status in Canada
- They must create a minimum of 1 new full-time job for a Canadian citizen/permanent resident
- They must have a minimum personal net worth of $300,000
- They must make a personal investment of at least $100,000 in the business deemed eligible
- They must demonstrate that they have experience in business and/or management
- They must have been lawfully allowed to live in the country where they live at present
- They must demonstrate a language proficiency level of at least CLB 4
The fact is that immigration to British Columbia has increased considerably in 2021. In the period between January 2021 and August 2021, the province has welcomed 37,675 new Canada PR visa holders. These individuals have found great prospects in living and working in the province.
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PR – Permanent Residence/Permanent Resident
PNP – Provincial Nominee Program
BC – British Columbia