4.9 C
New York

New Brunswick Entrepreneur Immigration And What You Need To Know

Published:

The New Brunswick Business Immigration Program provides an interesting opportunity for eligible immigrants with entrepreneurial experience to settle in the province under the New Brunswick Provincial Nominee Program (PNP). It is designed for skilled and qualified foreign nationals who can contribute to the economy of New Brunswick. 

To qualify for the New Brunswick PNP, candidates need to meet certain minimum eligibility requirements and should have a job offer from an employer in the same territory.

New Brunswick is an exciting place for entrepreneurial immigrants. Its diversified and vibrant economy, geographic location, and educated workforce offer a wide range of opportunities for new businesses.  

The immigration stream allows eligible foreign nationals to initiate and operate businesses in the province, contributing to economic development in the region. Successful candidates may receive a New Brunswick PNP nomination to become permanent Canadian residents via the Canada express PR.  

An individual must meet the eligibility criteria, score a minimum of 65 points across all selection factors and propose a business idea that supports growth to be considered the potential candidate. 

Eligibility Criteria:  

  • Applicants must be 22 – 55 years of age.  
  • Must have a two-year post-secondary education after high school  
  • A score of Canadian Language Benchmark (5) in English or French  
  • A desire to settle and operate a business in the province of New Brunswick while having a managing role in the daily business activity  
  • A business plan approved by the New Brunswick government showcasing the contribution of the proposed business to the economic progress of the province  
  • A net worth of at least CAD 600000 of which fifty percent should be free of debt and other obligations  
  • At least three years of experience in owning a business or five years of experience in a senior business management role supervising at least two employees  

The applicants are assessed based on their age, education, net worth, ownership, and management experience, overall quality of the proposed business plan and research of the business environment. 

Application Process for New Brunswick Entrepreneur Immigration  

  1. Expression of Interest (EOI) Submission – To be considered for the New Brunswick PNP, interested candidates must meet the eligibility requirements, must score at least 65 points in all factors of selection, and must propose a business idea that can foster the growth in the area.
  2. Exploratory Visit – Along with this, applicants are required to undertake an exploratory visit to New Brunswick for a minimum of 5 business days during which they need to conduct extensive economic and market research and engage in meetings with province officials and business owners. Candidates are required to submit an Exploratory Visit Report with their application upon completion of the trip.  
  3. Invitation to Apply – Selected candidates will get a written application to submit a full NBPNP application.   
  4. Application to the New Brunswick Entrepreneurial Stream – It includes signing the forms, providing documents in the right format, and submitting a more detailed business model/idea with your application. Your business plan will be evaluated on its quality, research that you put in, and practical application of the plan in the New Brunswick province.  
  5. Interview– The NBPNP Business Immigration program requires applicants to go through an interview to assess their business prospects. The interview is done to assess the candidate’s management experience, understanding of business, chances of becoming successful in the province, and business model, including all the required information and details. If approved, an instruction letter for submission of a Business Performance Agreement stating the terms and conditions is sent to the applicant.  
  6. Nomination and Canadian permanent residence application- A provincial nomination certificate will be sent to the candidates and it will be valid for six months from the issue date. Applicants then need to submit a complete application for Canadian permanent residence to Immigration, Refugees and Citizenship Canada (IRCC) to get a Canada Express PR

Business requirements under the New Brunswick Entrepreneur Immigration program 

  • A minimum business investment of CAD 250000 in New Brunswick along with 33.33% ownership by the applying candidate is mandatory under the stated immigration program. The business should also create at least two full-time jobs for permanent residents of the province or Canadian residents living in New Brunswick. 
  • If applicants are purchasing/taking over an established business in New Brunswick, then they need to prove that the business has been continuously operated for the last three years by the same owner. It also needs to prove that the business will be taken over by paying a fair market price and will provide employment to existing staff. It needs to be proved that the business has been profitable for at least two years and has not filed for bankruptcy. 
  • Two site visits may be organized to ensure compliance with the terms and conditions stated in the Business Performance Agreement. 

We hope that the article helped you understand New Brunswick Immigration in detail and that you could soon manage your own business in that province. 

Related articles

Recent articles

%d bloggers like this: