Wednesday, December 13, 2017
 
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British Columbia

 

The British Columbia Provincial Nominee Program (BCPNP) accelerates the permanent resident application process for experienced business persons and their family members who want to settle in BC permanently. It allows nominees to apply for permanent resident status through Citizenship and Immigration Canada (CIC) under the Fast Tracked Provincial Nominee Stream – which can be faster than applying through many Federal Immigration Streams. A program is administered on behalf of the province of BC by the Ministry of Regional Economic and Skills Development in collaboration with Citizenship and Immigration Canada (CIC)–the Federal Govt. department responsible for Canadian Immigration.

The business immigrant's component of BC's PNP consider applications from experienced business entrepreneurs who planned to invest in an actively managed and eligible business in BC. Business immigrants fall into one of the three categories:

  • Business Skills
  • Regional Business
  • Strategic Projects

Business Skills Category:

Applicants for nomination in the Business Skills category will be required to:

  1. Make a personal investment of at least $400,000 CAD to establish or to purchase and expand an eligible business anywhere in BC
  2. Create at least three new jobs in the business for Canadians or permanent residents, except when the applicant is applying as a regional Succession Plan Buy-out which reduces this requirement by one job for each existing job to be maintained.
  3. Own at least one third (33 1/3%) of the equity of the business.
  4. Provide active and on-going participation in the day to day management and direction of the business.
  5. Demonstrate that they have:
  • the skills and experience necessary to establish and operate a commercially viable business in BC
  • a personal net worth of at least $800,000 CAD obtained from legal sources
  • sufficient unencumbered personal funds to make the required investment and
  • a viable business proposal
  1. Sign a performance agreement with the Province of British Columbia.
  2. Sign a deposit agreement with the Province of British Columbia, if they are seeking a fast track nomination.

Fast Track Option

The fast track option offers immediate nomination for permanent residence. In return, you will be required to make a conditionally refundable $125,000 CAD deposit with the Province of British Columbia. The deposit will be refunded (without interest) when you have met the terms of conditions of your performance agreement and deposit agreement.

Principal Applicants and Key Staff

Principal applicants in Business Skills category may include one foreign, key staff essential to the proposed business as a co-applicant for nomination, but must still create three jobs for Canadians or permanent residents.

Business Succession Plan Buy-out

Business Skills applicants who commit to purchase an existing business will have their stipulated job creation requirements reduced by one job for each existing job that is to be maintained for Canadian citizens or permanent residents. These applications will receive priority processing.

In addition to meeting the requirements for the business skills category, the following additional requirements must be met.

The target business must:

  • be located outside of the Vancouver metropolitan area and the Abbotsford metropolitan area.
  • be operated by the same owner for a minimum of 5 years
  • have employees, other than family members
  • be actively in operation.

The applicant must:

  • complete an exploratory visit to meet the retiring owners and, where feasible, the local Economic Development Office
  • provide evidence that resonable efforts have been made to establish a fair market value for the target business
  • operate the business for a minimum of one full year prior to being considered for nomination (or deposit refund, in the case of Fast Track nominees), with long term intentions of continuing to operate the business
  • the succession plan buy-out transaction is to result in a complete change of ownership whereby the purchaser(s) take full control of the business.

Regional Business Category

Applicants for nomination in the Regional Business category will be required to:

  1. Make a personal investment of at least $200,000 CAD to establish or to purchase and expand an eligible business anywhere in BC outside of the Vancouver metropolitan area and the Abbotsford metropolitan area.
  2. Create at least one new job in the business for a Canadian or permanent resident, except when the applicant is applying as a regional Succession Plan Buy-out.
  3. Own at least one third (33 1/3%) of the equity of the business.
  4. Provide active and on-going participation in the day-to-day management and direction of the business.
  5. Demonstrate that they have:
  • the skills and experience necessary to establish and operate a commercially viable business in BC
  • a personal net worth of at least $400,000 CAD obtained from legal sources
  • sufficient unencumbered personal funds to make the required investment; and
  • a viable business proposal.
  1.  Sign a Performance Agreement with the Province of British Columbia.
  2. Sign a Deposit Agreement with the Province of British Columbia if they are seeking a Fast Track nomination.

Fast Track Option

The Fast Track option offers immediate nomination for permanent residence, in return for which you will make a conditionally refundable $125,000 CAD deposit with the Province of British Columbia. The deposit will be refunded (without interest) when you have met the terms of conditions of your Performance Agreement and Deposit Agreement.

Principal Applicants and Foreign Staff

Applications in the Regional Business category are limited to principal applicants. Foreign key staff cannot be included as co-applicants for nomination.

Business Succession Plan Buy-out

Regional Business applicants who commit to purchase an existing business will not be required to create a new job where they commit to maintain existing employment for Canadian citizens or permanent residents. These applications will receive priority processing.

In addition to meeting the requirements for the regional business category, the following additional requirements must be met.

The target business must:

  • be operated by the same owner for a minimum of 5 years
  • have employees, other than family members
  • be actively in operation.

The applicant must:

  • complete an exploratory visit to meet the retiring owners and, where feasible, the local Economic Development Office
  • provide evidence that reasonable efforts have been made to establish a fair market value for the target business
  • operate the business for a minimum of one full year prior to being considered for nomination (or deposit refund, in the case of Fast Track nominees), with long term intentions of continuing to operate the business
  • the succession plan buy-out transaction is to result in a complete change of ownership whereby the purchaser(s) take full control of the business.

Strategic Projects Category:

The Strategic Projects category assists foreign-controlled companies establishing an eligible business in BC, strategic to their core business activities, with the timely entry of foreign key managerial, professional or technical staff, up to a maximum of 5 per company, who intend to become permanent residents of Canada and settle in BC. If the owners of the companies wish to immigrate they should submit an application under the Business Skills or Regional Business categories.

Companies considering applying under the Strategic Projects category may wish to contact the BC PNP office to have a clear understanding of the application process.

Companies applying in this category will be required to:

  1. Make a minimum equity investment of $500,000.
  2. Create at least three jobs for Canadian citizens or permanent residents in BC for each Key Staff proposed by the Sponsor Company. However, if the Sponsor Company is applying as a Business Succession Plan Buy-out, then they have the option to create three positions for Canadians or permanent residents, or maintain the employment of three Canadians or permanent residents in BC for each proposed Key Staff.
  3. Demonstrate a record of good business practices and successful business operations outside of Canada that are relevant to the proposed business.
  4. Establish or purchase and expand an eligible business anywhere in BC
  5. Incorporate a Canadian subsidiary or register an extra-provincial company in BC to operate the proposed business.
  6. Demonstrate that the Key Staff are qualified senior personnel who are essential to establishing or expanding and operating the proposed business in BC
  7. Sign a Performance Agreement with the Province of British Columbia.

The fast track option is NOT available to nominee candidates in the Strategic Projects category

Business Succession Plan Buy-out

Strategic Project sponsoring companies who commit to purchase an existing business will have their stipulated job creation requirements reduced by one job for each existing job that is to be maintained for Canadian citizens or permanent residents. These applications will receive priority processing.

In addition to meeting the requirements for the strategic projects category, the following additional requirements must be met.

The target business must:

  • be located outside of the Vancouver metropolitan area and the Abbotsford metropolitan area
  • be operated by the same owner for a minimum of 5 years
  • have employees, other than family members
  • be actively in operation.

The sponsoring company must:

  • complete an exploratory visit to meet the retiring owners and, where feasible, the local Economic Development Office
  • provide evidence that reasonable efforts have been made to establish a fair market value for the target business
  • operate the business for a minimum of one full year prior to the Key Staff being considered for nomination, with long term intentions of continuing to operate the business
  • the succession plan buy-out transaction is to result in a complete change of ownership whereby the purchaser(s) take full control of the business.

 Source: British Columbia PNP

 
 

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