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.
