Do you wish to settle in New Brunswick as an entrepreneur or establish, operate and own a business in NB? This article will provide you a comprehensive New Brunswick Entrepreneur Immigration Guide.
Generally, the government of New Brunswick Entrepreneur Immigration programs(NBEIP), enable eligible business-minded immigrants to move to any City in NB to invest, start a business or even buy an existing venture.
The fact is, New Brunswick has many viable cities you can choose from to start a business; so you wouldn’t regret it.
Hence, the aim of this article is to guide you by providing all the necessary information you need on the New Brunswick entrepreneur immigration program.
Understanding the New Brunswick Entrepreneur Immigration Program
Generally speaking, the New Brunswick Entrepreneur Program is an economic immigration program, made available to experienced foreign entrepreneurs.
Of course, these entrepreneurs must be ready to establish or purchase an existing venture, operate and actively manage a business while living and settling in New Brunswick permanently.
Also, the NBEIP is part of the New Brunswick Provincial Nominee Program (NBPNP).
Through this, each province nominates people for Canadian permanent residence based on criteria set by the province.
Hence, the New Brunswick PNP is distinctive from other Canadian provincial programs– offering PR [permanent residence] through business establishment.
Additionally, business immigration to New Brunswick may be comparatively fast.
This is because it excludes a work permit stage during which, under many other PNPs, a business must be established, and certain conditions met as a prerequisite for nomination.
Eligibility Requirements for New Brunswick Entrepreneur Immigration
Of course, not everybody is qualified to immigrate to New Brunswick as an entrepreneur.
Therefore, if you wish to apply for the New NBEIP, most certainly, there are requirements that you must satisfy.
And as we earlier mentioned, the purpose of this article is to guide you.
So, one of the cardinal guide we want to give is to let you know the eligibility requirements to be qualified to immigrate as an entrepreneur to New Brunswick.
Thus, candidates for the NBEIP must first satisfy the following general conditions:
- Have an eligible connection to New Brunswick.
- Be between 22-55 years of age.
- Have a minimum language ability of Canadian Language Benchmark (CLB) 5 or better in English or French.
- Must have completed a minimum of two years full-time post-secondary education after completing high school.
- Have a verifiable personal net worth of at least CAD $600,000, out of which CAD $300,000 must be liquid and unencumbered funds.
- Possess at least three out of five years of experience in managing and owning a business (of at least 33.3%)
have five years out of five of experience in a senior business management role or more.
- Willing to live permanently in New Brunswick, while owning and managing a local business.
- Be able to invest at least $250,000 CAD of their own funds to establish a business in New Brunswick.
Requirements for Business Immigrant to New Brunswick
In order for you to be qualified to be sent an invitation to apply, you must first of all meet the above listed requirements which are here expatiated.
Basically, one of the foremost requirements for applicants is a postsecondary education.
Thus, you’re are expected to possess a Post-graduate education (Master’s degree or PhD), awarded by a graduate school of a college or university.
Again, applicants are also expected to complete a Post-secondary education.
This academic degree must be awarded by a college or university to those who complete an undergraduate curriculum that required at least three years full-time study.
Additionally, candidates must also have completed a Post-secondary education (diploma).
This should be in a specific trade that required at least two years full-time study after high school.
Lastly, a valid Educational Credential Assessment (ECA) report for foreign degrees is also a requirement.
Age is another factor that you must consider when you want to apply for New Brunswick entrepreneurial immigration program.
Most times, it is necessary that business immigrant must be around the age of 22-55, the day they submit a complete application in response to an invitation to apply.
Another important requirement is English or French language proficiency.
So, it is necessary that you meet the minimum level of Canadian Language Benchmark (CLB) 5 in English or French in all four language abilities; that is, reading, writing, listening and speaking.
On that note, you must obtain the result from a designated testing organization to show that you have obtained a minimum score of CLB 5 for English or Niveaux de compétence linquistique Canadians(NCLC) 5 for French.
#4. Personal Net Worth
Asides the aforementioned requirements, personal net worth is one of the basic factors that will determine if you’re going to be selected or not.
Actually, Personal net worth implies the value of your total assets less the value of total your liabilities, including the assets of a spouse or common-law partner.
On the other hand, total assets refers to cash in current bank accounts. Either fixed (term) deposits, publicly-traded stocks, pensions, bonds or mutual funds, real property as well as investments in one or more businesses.
Whlie, total liabilities includes personal debts, mortgages and other incumbrances.
Hence, an you must have a verifiable personal net worth of at least C$600,000, of which C$300,000 must be liquid and unaffected by debts or other obligations.
Moreover, you must submit the net worth Verification report after your invitation to apply is received.
In addition, you must also disclose your full net worth. This includes, donations, Inheritances, and gifts you have received in less than six months.
#5. Business Ownership and /or Senior Management experience
Generally speaking, to stand a greater chance of being selected for the New Brunswick entrepreneur immigration, you must have a business or management experience.
If you do, you may be awarded a maximum of 20 points based on business ownership and/or senior management experience.
So, as a candidate, you’re required to have three years experience in the last five years business ownership or five years experience in the last five years of senior management work.
Also, you must own at least one third (33.3%) of the business and be actively involved in the day-to-day operations of the business.
Moreover, you must have gained experience as a senior manager, and personally involved in the day-to-day operations as the primary decision-maker, responsible for supervising at least two people.
Another requirement is business concept.
Generally speaking, you will be required to submit a business concept with your application under the New Brunswick Entrepreneur immigration.
Of course, the business concept is a written document explaining how the business will operate and what it is all about.
Also, you’ll need to show clearly that you have conducted extensive research and factored all economic, market and cultural impacts.
Again, you must show that the business possess economic benefits to NB, plus it is basically for profit making through providing products and services.
Finally, If you properly construct your business concept, you may receive up to 15 points.
However, try to make the business concept to be 1,000 to 1,500 words in length and submit your EOI alongside with it.
Points Grid for New Brunswick Entrepreneur Immigration
Notably, to stand a chance to be selected for the New Brunswick entrepreneur immigration program, you must score a minimum of 65 points out of 100 points.
If you score up to that, great. You can submit an expression of interest for permanent residence through the New Brunswick Entrepreneur Program.
Thus, the summary of each required point is as follows:
- Age – max 10 points
- First official language – max 20 points
- Second official language – max 5 points
- Education – max 25 points
- Business ownership/work experience – max 20 points
- Business concept – max 15 points
- Adaptability – max 5 points
New Brunswick Entrepreneur Immigration process
In addition, to ensure that you have a hitch-free application, for the NBEIP, we have arranged the steps for you.
Follow each steps judiciously to ease the stress of thinking what next is to be done.
Step 1: To begin, submit an Expression of Interest (EOI) electronically by using the Immigration New Brunswick online portal.
Step 2: After submitting your EOI, the NBPNP will select the EOIs with the highest scores and business concepts that have more economic benefit.
If you’re lucky, great! An Invitation to apply letter will be sent to you.
Step 3: Next, you will have to submit an application for nomination under the the New Brunswick provincial nomination program(NBPNP) within 90days.
Step 4: After that, you will need to submit a deposit of CAD $100,000.
When you’re done, you will get your Business Performance Agreement to receive a provincial nomination from the NBPNP signed
Step 5: Consequently, if you scale through this stage, good. You will have to submit a complete application for permanent residence to Immigration, Refugees, and Citizenship Canada (IRCC).
Step 6: Step 6 is where IRCC decides about your New Brunswick entrepreneur Immigration.
Luckily, if the decision is to your favour, congratulations! Next thing is to land in New Brunswick and establish your business.
However, you must operate the business for up to one year to be eligible to apply for refund of deposit.
Of course, not all business you want to do can be accepted for New Brunswick entrepreneur immigration program.
On that note, you can check this link to check if your business is among the qualified ones or not.