What do you need to know about the Entrepreneur Category?
When you are seeking to establish or take over a business, it’s actually possible in Canada. In case you are staying outside the country, then you have to apply to the streams under the Entrepreneur category.
As per the latest news, the Newfoundland and Labrador International Entrepreneur category will be accepting applications across different months during the year. The profiles would be accepted anytime between Sept 13 and Sept 20 2019.
The officials would also accept the applications in the month of October, November and December.With regards to the Newfoundland and Labrador Provincial Nominee Program (NLPNP), the goal would be to meet the labour market needs.
In case you qualify, then the IRCC would support your application for permanent residency.
Under the category, you may get selected for any of the two streams. These are International Graduate Entrepreneur Category and the International Entrepreneur Category.
Once the profile is accepted, you would get a Temporary Work Permit. This would allow you to establish business or operate an existing business.
However, it’s necessary to run a business in the province for at least a year. Later, you would be able to apply for permanent residence.
If you’re interested in any one of the categories, then you need to first submit an Expression of Interest (EOI). You need to submit the EOI to the Office of Immigration and Multiculturalism in the province.
An EOI is a document that shows your interest in the program. Once you submit the EOI, the authorities would consider your profile based on certain criteria.
Criteria for the business under the Newfoundland and Labrador International Entrepreneur Category
- With the proposed business plan in your mind, you should be actively involved in managing the business very well.
- The business must be defined under subsection 400(2) of the Canadian Income Tax Regulations, 1985. At the end of the financial year, you may have to pay income tax on taxable income.
- The business must be managed from a certain location in Newfoundland and Labrador. You shouldn’t try to run the business from a different territory or province.
- The business must have the potential to offer services to the regional market and create economic benefits significantly. It must also add value to other industrial segments and develop innovative approaches for other firms.
- In case you plan to acquire an existing business, then the venture should be running successfully for 5 years. You should visit the province and figure out how you would be managing the business soon. Moreover, you must be ready to offer employment as per the employment terms.
Criteria for ‘International Entrepreneur’ stream
- In order to qualify for this category, your age should be between 21 and 59 years.
- Before you submit the application, you should be ready with a business plan. Besides, you should have documents to show that you’re capable of supporting yourself financially.
- Regarding education, you should have a certificate of a Canadian high school diploma.
In case you have studied in a different country, then you must have an equivalent foreign credential. Such a kind of credential should be verified at least 5 years prior to the time when the EOI has to be submitted.
- With regards to language proficiency, you should earn 5 as the score on the Canadian Language Benchmark. You should present the results related to speaking, writing, reading and listening skills.
For the English language, you should present results of the Canadian English Language Proficiency Program (CELPIP) General Test or IELTS exams. On the other hand, for the French language, you need to score well with the Test d’evaluation de francais (TEF).
- Way ahead, you need to at least have $600,000 CAD in your account. You should have assets that can be easily transferred to the country. Moreover, you shouldn’t have any liabilities that you are accountable for.
- In case you plan to start off with a business, then you should be ready to invest 200,000 CAD. This norm applies to the case even when you wish to take over an existing business. But, to establish a business, you should have $1 million in equity investment or at least an ownership of 33.3 per cent.
- Ultimately, you should have two years of experience as an entrepreneur. It’s necessary to meet this condition before you apply to the stream under the Newfoundland and Labrador International Entrepreneur category. Apart from this, you may also qualify if you have five years’ experience working with a management team of a company.
While you express your interest in the business, you should show the ability to offer jobs to Canadian citizens and permanent residents. This criterion is only applicable for a year when you start running a business.
Ways beyond, your aim must be to earn money through sales of goods or / and offering services.
Criteria for the ‘International Graduate Entrepreneur’ stream
- For this category, you should have completed your education from a post-secondary institution. While you need to complete a program of a minimum of two years, it should be according to the Federal Government requirements.
- Regarding language proficiency, you need to attain 7 as the score on the Canadian Language Benchmark. You should present results and show proficiency levels with different skills in English or French.
- With this category, you really don’t have to invest anything to run a business. However, you must have a year’s experience in managing a business. In that case, you should at least have a minimum of one-third ownership in the province. You need to meet this criterion before you seek nomination through the province.
In case you have more than 5 years of work experience, then the profile should be as per Canada’s NOC. It would be considered at par to skill type 0, A or B. You not only have to present an income certificate but also an income statement. Feel free to contact us in case you are not sure whether you qualify for the Newfoundland and Labrador International Entrepreneur category. Initially, you need to fill up the personal details and provide information related to net worth. In the end, you also need to select the right options if you hold work experience.