The start of the Expression of Interest process for Newfoundland & Labrador’s two new entrepreneur streams has been announced.
The International Entrepreneur and International Graduate Entrepreneur both opened for EOIs in January 16, 2019.
The new Newfoundland & Labrador immigration streams were announced in July 2018, but this is the first time candidates have been allowed to submit EOIs.
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For International Graduate Entrepreneurs, the EOI system remains open, while the province says it plans to periodically open and close the process for International Entrepreneur stream candidates.
Bernard Davies, the provincial Minister of Advanced Education, Skills and Labour, said the streams are designed to boost the Newfoudland & Labrador economy.
“These new categories make it easier for even more newcomers to establish businesses, create jobs, and fully participate in the social and economic life of the province,” he said.
“Newfoundland & Labrador has opportunities for international graduate entrepreneurs, and prospective immigrant entrepreneurs from around the world who are looking for a welcoming business environment, supportive communities, and a place where they can build a brighter future.”
International Graduate Entrepreneur Category
The International Graduate Entrepreneur category is aimed at graduates of Memorial University or College of the North Atlantic who have already started or bought a local business.
Requirements:
- Be at least 21 years of age.
- Provide a business plan with verified supporting financial documents.
- Have completed a degree or diploma after at least two academic years of full-time, in-person study at Memorial University or College of the North Atlantic with the degree or diploma having been completed within two years of submission of the Expression of Interest.
- Have a valid Post-Graduate Work Permit.
- Want to live permanently in Newfoundland & Labrador while owning and actively managing a business of significant economic benefit to the province.
- Have at least one year’s continuous experience actively managing and owning the current business (33.3 per cent minimum ownership);
- Create at least one full-time job for Canadian citizens or permanent residents.
- Demonstrate that the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services.
- Score at least 7 on the Canadian Language Benchmark in speaking, listening, reading and writing in English or French;
- Complete an online Expression of Interest.
- Receive an Invitation to Apply from the Newfoundland & Labrador Office of Immigration and Multiculturalism.
International Entrepreneur Category
The International Entrepreneur category is intended for experienced business owners or senior business managers who wish to permanently reside in Newfoundland and Labrador.
Requirements:
- Be 21 to 59 years of age.
- Provide a business plan with verified supporting financial documents.
- Have a minimum of Canadian high school diploma or equivalent.
- Want to live permanently in Newfoundland & Labrador while owning and actively managing a business of significant economic benefit to the province.
- Have at least $600,000 in unencumbered net business and personal assets that can readily be transferred to Canada.
- Be able to invest at least $200,000 to establish a business in Newfoundland & Labrador with a minimum ownership of 33.3 per cent, or $1 million in equity investment.
- Create at least one full-time job for Canadian citizens or permanent residents.
- Demonstrate the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services.
- Have at least two years’ experience actively managing and owning a business (25 per cent minimum ownership) in the last five years OR 5 or more years’ experience in a senior business management role in the last 10 years.
- Score of at least 5 on the Canadian Language Benchmark in speaking, listening, reading and writing in English or French (acceptable tests are Canadian English Language Proficiency Program (CELPIP) General Test, or International English Language Testing System (IELTS), General Training Test; or Test d’evaluation de francais (TEF);
- Complete an online Expression of Interest (EOI).
- Receive an Invitation to Apply from the Newfoundland & Labrador Office of Immigration and Multiculturalism.