Entrepreneurs who wish to invest and settle down in Canada are greeted with good news on May 27, 2024. It is the transition of the British Columbia (BC) Provincial Nominee Program (PNP) Entrepreneur Immigration Regional Pilot Program to a permanent pathway that offers Permanent Residency. It’s an opportunity for entrepreneurs with minimal requirements for net worth and investment compared to the general stream of the program.
BC PNP EI Regional Pilot is an initiative that began in March 2019 to attract more foreign investments towards regional development. Now with a commitment to reinforce this initiative, authorities have declared it to be of a permanent nature. It is a potential opportunity for entrepreneurs similar to what Canada Skilled Migration is for skilled laborers. A detailed overview of this opportunity can be found in the following sections.
It is a program that is designed to attract investors into selected communities in 7 regions of British Columbia province in Canada. The development of smaller communities is the aim of the program.
An investor given that they meet certain eligibility criteria can invest and develop the business types selected by respective communities in rural, interior, and coastal areas.
The 7 regions included in this program are Cariboo, Kootenays, Nechako, Vancouver Island/Coast, Thompson Okanagan, North Coast, and East Coast. Each community in these regions will manage its administrative procedures for application processes and may include service fees.
The communities, based on their local economy identify business types that need investment for their development in the region. Entrepreneurs can only apply for these areas for a successful application.
Entrepreneurs can submit their proposal. Once the community administration feels that it has potential for development they will give an invitation for an in-person visit. This exploratory visit is designed to let entrepreneurs personally visit the community, confirm their interest, and see whether the locality will be comfortable for their family.
Once the candidate completes the exploratory visit and confirms the project they can request for a referral from the community.
With the help of the referral the entrepreneur is very much eligible to register and apply for the BC Provincial Nominee Program (PNP) Entrepreneur Immigration Regional Stream. However, there are also other eligibilities to proceed with a successful application.
Other than these eligibility criteria the investor is also expected to have legally entered Canada or are eligible for a legal entry. Also, remember that an investment can only be made in a business type that is selected by the respective community in British Columbia.
Here we have provided an elaborate overview of the BC PNP EI Regional Program which has got a permanent status recently. In case you have any doubts on how to proceed make sure to find the best consultant with real-time insights. Navigate Migrate will be an ideal choice in this direction since we are reinforced by ground-level contacts that make us capable of providing real-time insights.
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