The British Columbia Provincial Nominee Program: Business Immigration: Part 3: Regional Business component- Who Can Apply? Requirements: Applicants will be required to: 1. Make a personal investment of at least $200,000 CAD to establish or to purchase and expand an eligible business anywhere in BC outside of the Vancouver metropolitan and Abbotsford area . 2. Create at least one new job in the business for a Canadian or permanent resident, except when the applicant is applying as a regional Succession Plan Buy-out. 3. Own at least one third (33 1/3%) of the equity of the business. 4. Provide active and on-going participation in the day-to-day management and direction of the business. 5. Demonstrate that they have: o the skills and experience necessary to establish and operate a commercially viable business in BC o a personal net worth of at least $400,000 CAD obtained from legal sources o sufficient unencumbered personal funds to make the required investment; and o a viable business proposal. 6. Sign a Performance Agreement with the Province of British Columbia. 7. Satisfy the conditions of the Performance Agreement in order to be nominated for permanent residence. Fast Track Option The suspension of the Fast Track option remains in effect. Principal Applicants and Foreign Staff Applications in the Regional Business category are limited to principal applicants. Foreign key staff cannot be included as co-applicants for nomination. Business Succession Plan Buy-out Regional Business applicants who commit to purchase an existing business will not be required to create a new job where they commit to maintain existing employment for Canadian citizens or permanent residents. These applications will receive priority processing. In addition to meeting the requirements for the regional business category, the following additional requirements must be met. The target business must: • be operated by the same owner for a minimum of 5 years • have employees, other than family members • be actively in operation. The applicant must: • complete an exploratory visit to meet the retiring owners and, where feasible, the local Economic Development Office • provide evidence that reasonable efforts have been made to establish a fair market value for the target business • operate the business for a minimum of one full year prior to being considered for nomination with long term intentions of continuing to operate the business • the succession plan buy-out transaction is to result in a complete change of ownership whereby the purchaser(s) take full control of the business. In the next posting I will explain the third and last component “Strategic Projects”.
Posted on: Wed, 12 Jun 2013 21:09:07 +0000
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