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What is NLPNP International Entrepreneur Category?
NLPNP International Entrepreneur category is intended for experienced business owners or senior business managers who wish to permanently reside in Newfoundland and Labrador. Experienced business owners or senior business managers must start a new business or buy an existing business in Newfoundland and Labrador and must actively participate in the day-to-day management of the business. After operating the business for at least one continuous year, the international entrepreneur may be nominated for permanent resident status.
What are the eligibility requirements for NLPNP International Entrepreneur Category?
To qualify under NLPNP International Entrepreneur Category, an applicant must:
- Be at least 21 years and no more than 59 of age;
- Provide a business plan with supporting financial documentation verified by a recognized third-party professionals.
- Have a minimum of Canadian high school diploma or equivalent foreign credential verified by an Education Credential Assessment (ECA).
- Want to live permanently in Newfoundland and Labrador while owning and actively managing a local business.
- Have at least $600,000 CAD in unencumbered net business and personal assets.
- Be able to invest at least $200,000 CAD of their own money to establish a business in the Newfoundland and Labrador with a minimum ownership of 33.3 per cent, or $1million in equity investment.
- Demonstrate ability to create at least one (1) full-time equivalent job for the local population.
- Have at least two (2) years’ experience actively managing and owning a business (25 per cent minimum ownership) in the last five (5) years OR five (5) or more years’ experience in a senior business management role in the last ten years.
- Have a score of at least five (5) on the Canadian Language Benchmark in English of French.
Following are the requirements for applicant’s business:
- The applicant must provide active and on-going participation in the day-to-day management and direction of the business.
- Businesses must meet the legal requirements of the community in which they operate.
- The business must be a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services.
- The business is liable to pay income tax on taxable income earned as a result of a “permanent establishment” in Newfoundland and Labrador, irrespective of income or other taxes which may also be payable in other jurisdictions as a result of income earned or other business activity.
- The business must be actively managed by the applicant from the place of business in Newfoundland and Labrador.
- The business must not be managed from another location in Newfoundland and Labrador or from another Canadian province or territory or other country.
- The business must have the potential to create significant economic benefit to Newfoundland and Labrador.
Additional Criteria When Starting a New Business
If the applicant is starting a new business then, the applicant must create a minimum of one full-time equivalent employment opportunity for a Canadian citizen or permanent resident in Newfoundland and Labrador. This position must:
- Be over and above any position filled by the approved applicant.
- For clarity, jobs created for or filled by dependents or relatives of the applicant are not eligible;
- Position must be relevant and directly related to the applicant’s business; and
- Position must meet the prevailing wage levels.
Additional Criteria When Purchasing a New Business
- The business must have been in continuous operation by the same owner for the previous five (5) years;
- All applicants purchasing or partnering in an existing business must complete an exploratory visit to meet the current owner(s) if the applicant is applying from outside of the province;
- Applicants must provide evidence that reasonable efforts were taken to establish a fair market value for the business;
- The business must be actively in operation and not in receivership; and
- Applicants must offer employment on similar terms and conditions to existing staff, including maintaining existing wages and employment terms.
STEPS FOR NLPNP International Entrepreneur Category
- Applicants must submit their Expression of Interest.
- If EOI is selected, receive an ITA
- Provide supporting documents with your application form.
- Submit a Business Establishment Plan and must provide a Net Worth Verification Report.
- Attend an In-Person Interview and sign a Business Performance Agreement.
- Apply to IRCC for a work permit.
- Establish your business in Newfoundland and Labrador.
- Request for Nomination
- If nominated by the Government of Newfoundland and Labrador, Applyfor Permanent Residence.
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