Summary
- Work permit for 12 months before Permanent Residency nomination;
- Have to set up a new business with min 51% ownership;
- Only eligible communities with less than 75,000 population who are participating in this pilot are eligible under the program. (min 30 KM distance from any major urban area);
- Community support letter required (after exploratory visit and meetings with community leaders);
- Business concept and background of the applicant has to fall within the priority economic sectors of the target community (based on 4 digit NAICS code).
Minimum Eligibility Criteria
- Minimum CAD$300,000 net worth of all assets between husband and wife;
- Minimum n investment CAD$100,000;
- IELTS/TEF CLB 4 mandatory;
- Minimum 51% ownership of a new business;
- Minimum hire 1 Canadian in the new business;
- Operate and manage the company in the designated community;
- Exploration trip to community and support letter is mandatory;
- All assets in the home country to be verified by the third party audit company.
Advantages
- The lowest provincial non-IT based investment category for entrepreneur streams in all of Canada;
- No age limit;
- No education requirements.
Disadvantages
- Only small rural communities (not eligible in major areas such as Vancouver);
- A limited number of communities will be participating in this pilot;
- Requires more time to process the application;
- Communities will have priority economic sectors which have to match business concept and experience of the applicant (in order to have the highest chance of a support letter being issued).
