Two new entrepreneur immigration streams for Newfoundland & Labrador
The Atlantic province of Newfoundland & Labrador has announced two new streams for entrepreneur immigration. The International Entrepreneur stream and the International Graduate Entrepreneur stream are the two new streams that would be added soon to the Newfoundland & Labrador Provincial Nominee Program. The previous entrepreneur immigration program of Newfoundland & Labrador was closed in 2010.
Though detailed information on the requirements for the programs are yet to be out, it is understood that both the programs would be operating on a two-stage process. It means applicants arriving in Canada on a work permit and setting up their business in the first stage and then applying for provincial nomination for Canada permanent residence in the second stage.
Requirements for the International Graduate Entrepreneur Stream
-The candidate must be a graduate of Memorial University or the College of the North Atlantic.
-The candidate must have completed a study program at least two years in length.
– The candidate must have Canadian Benchmark Level 7 in one of Canada’s official languages.
– The candidate must have minimum one year of experience in managing or owning a business in the province.
Before applying for provincial nomination from Newfoundland and Labrador, the candidate must have established his/her business in the province on a temporary work permit and ran the business for at least one year.
Requirements for International Entrepreneur Stream
-The candidate must be in the aged between 21 and 59 years
-The candidate must transfer $500,000 in net business and personal assets to the province
-The candidate must have minimum two years of experience in managing a business
-Candidates must set up and run their business on a temporary work permit for minimum one year before being nominated for permanent residence
Under both the streams, candidates will have to undergo regular audits to ensure they are meeting requirements.
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