Newfoundland and Labrador’s economy is basically run by small scale business enterprises. You’d be surprised to find out that about 40% of the entire population is employed by these businesses. The region has become a hot spot for startups and there is still room for plenty more! The developing tech industry and the unique landscape provides numerous opportunities for adventure and eco-tourism. Furthermore, there is plenty of room to invest in the agricultural sector as well.
There are currently two new Investor and Entrepreneur visa options available to those hoping to start a business in Newfoundland and Labrador, the International Entrepreneur and International Graduate Entrepreneur streams.
Read on to find out more!
Newfoundland and Labrador International Entrepreneur:
Newfoundland and Labrador International Entrepreneur
Personal Requirements
You must:
be between 21 and 59 years old; submit a verified business plan; have completed high school; intend to live in the province permanently while owning and managing a local business with the potential of bringing economic benefit to the local communities; participate in the active and ongoing management of the business; have a personal net worth of $600,000 CAD; be able to invest a minimum of $200,000 CAD in establishing your business that you earn at least a third of; create at least one job for a permanent resident or citizen of Canada; show your business is for profit with the primary purpose of making a profit through providing services or selling goods; have a minimum of two years’ experience in managing and owning a business during the past five years or five years of experience in a senior management role during the past five years; have at least level five in all four categories of the Canadian Language Benchmark Test in either French or English; complete an Expression of Interest (EOI); and receive an Invitation to Apply (ITA) from Newfoundland and Labrador immigration.
Business Requirements
The business must:
meet legal standards; be seen as a permanent establishment as defined by the Canadian Income Tax Regulations; and be able to bring economic growth to the province.
Additional requirements when starting a business
If you plan to start a business, you must create at least one position for a Canadian citizen or permanent resident of Canada. This position must:
be in addition to your own position; be directly related to the business; and be in line with the wage standards of the community.
Additional requirements when buying a business
You must:
buy a business that has been in continuous operation by the same owner for the past five years; complete an exploratory visit to meet the current owners of the business; buy a business that is in active operation; offer similar employment conditions to the existing staff; and show that effort was made to provide a fair market value for the business.
Partnership requirements
If your intention is to enter a partnership with several applicants (maximum of 10 per application), each of you who want permanent residence through the partnership must:
invest a minimum of $200,000 CAD in the partnership and own at least one-third of the company; or invest a minimum of $1,000,000 CAD.
Newfoundland and Labrador International Graduate Entrepreneur:
Newfoundland and Labrador International Graduate Entrepreneur
Personal Requirements
You must:
be at least 21; submit a verified business plan; have earned a tertiary qualification after two years of studying at Memorial University or College of the North Atlantic; have a valid post-graduation work permit; intend to live in the province permanently while owning and managing a local business with the potential of bringing economic benefit to the local communities; have at least one year’s experience in actively managing and owning the current business (at least one-third of the business); create at least one job for a permanent resident or citizen of Canada; show your business is for profit with the primary purpose of making a profit through providing services or selling goods; have at least level seven in all four categories of the Canadian Language Benchmark Test in either French or English; complete an Expression of Interest (EOI); and receive an Invitation to Apply (ITA) from Newfoundland and Labrador immigration.
Business requirements
The business must:
be created as a career objective, not for the sole purpose of immigration; meet legal standards; be seen as a permanent establishment as defined by the Canadian Income Tax Regulations; and be able to bring economic growth to the province.
Additional requirements when starting a business
If you plan to start a business, you must create at least one position for a Canadian citizen or permanent resident of Canada. This position must:
be in addition to your own position; be directly related to the business; and be in line with the wage standards of the community.
Additional requirements when buying a business
You must:
buy a business that has been in continuous operation by the same owner for the past five years; complete an exploratory visit to meet the current owners of the business; buy a business that is in active operation; offer similar employment conditions to the existing staff; and show that effort was made to provide a fair market value for the business.
Partnership Requirements
If your intention is to enter a partnership with several applicants (maximum of 3 per application), all of the applicants who want permanent residency must own at least a third of the business.
Book your consultation with us today to get a tailor-made business plan to help you launch your New Brunswick Investment Immigration venture.