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Investment Requirements Lowered for British Columbias Business Immigrants

Provincial Nominee Program (PNP) will make it easier for business immigrants to set up new businesses in the western Canadian province of British Columbia. Last week British Columbia Provincial Nominee Program had lowered the minimum investment requirements for all three categories of the British Columbia PNP Business Stream. The investments have been lowered from $800,000 to $400,000 for Business Skills, from $300,000 to $200,000 for Regional Business, and from $1 million to $500,000 for Strategic Projects. The minimum number of new jobs that the business ventures must create for Canadian citizens and Permanent Residents has also been altered.

A important addition to the BC PNP is the fast-track option now offered to Business Skills and Regional Business applicants. By posting a $125,000 performance deposit in addition to the minimum required investment, entrepreneurs can receive immediate nomination so that they can make their investment and set up their British Columbia business quickly. Applicants will also have the option to purchase an existing business in British Columbia. The purchase amount must constitute no more than two thirds of the minimum required investment, with the remainder to be invested into business expansion.

By making these changes British Columbia expects to attract more entrepreneurs and investment into the kinds of innovative and higher value-added sectors that contribute most to sustainable economic development and stronger regional economies. To date the BC PNP Business Stream has approved 330 nominee candidates since it was introduced in 2002. These candidates have committed to invest $450 million in British Columbia and create almost 1,700 new jobs.

The British Columbia Provincial Nominee Program (BC PNP) offers accelerated immigration for qualified skilled workers and experienced entrepreneurs who wish to settle in British Columbia (BC) and become permanent residents of Canada. This program is administered on behalf of the Province of BC by the Ministry of Economic Development in partnership with Citizenship and Immigration Canada (CIC), the federal government agency responsible for immigration.

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