the CanadaVisa Team - 21 July, 2015
Recent changes to the British Columbia (BC) Provincial Nominee Program (PNP) will make it easier for business immigrants to set up new businesses in the province. The BC PNP has lowered the minimum investment requirements for all three categories of the BC PNP Business Stream (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 mustcreate for Canadian citizens and Permanent Residents has also been altered. All details are listed on the British Columbia Provincial Nominee Program page.
"By making these changes," explains BC Economic Development Minister Colin Hansen, "we expect 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."
A noteworthy 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 BC business quickly.
Furthermore, applicants 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.
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.
