If you wish to settle in British Columbia, the British Columbia Investment Immigration Program is what you focus on.
British Columbia is one of North America’s best locations to develop a business. With an educated, dynamic, and skilled workforce, competitive tax rates, and low operating costs, British Columbia is the place to be. Outlined by the Pacific coastline and mountain ranges, British Columbia is a robust, diverse, and multicultural economy.
Considered one of Canada’s most celebrated provinces, British Columbia with its unique coastal climate has been a celebrated tourist destination for years. There is a myriad of opportunities for skilled workers and entrepreneurs in the British Columbia province. British Columbia is a stunning location to start a new business or manage an existing one. Thanks to its favourable investment policies!
About the British Columbia Investment Immigration Program
Under British Columbia Investment Immigration Program, the Government of the British Columbia province expects certain features from the external investor to be eligible for investment. Qualified individuals who are looking to invest or start a business in BC can do so by relocating to British Columbia through the British Columbia Investment Immigration Program. This program is a part of the BCPNP (British Columbia provincial nominee Program).
This program was designed to ensure economic growth in British Columbia along with the enhanced ability to create jobs for the locals. Just as the Skilled Professionals’ immigration, once the entrepreneur aspirant satisfies all the norms that British Columbia defines, they will receive a nomination from the province based on which, an individual can apply for their PR (Permanent Residency) Visa with the Federal Government in Canada.
Who Qualifies for the British Columbia Investment Immigration Program?
- An entrepreneur is required to invest a minimum of CAD$200,000 in their new business or an already existing business. Such investment ought to create a minimum of one job for Canadian nationals or those who hold a residency permit
- You must be able to prove your net worth of a minimum of CAD$600,000 in form of cash, or any kind of movable as well as immovable assets. These assets can be in your or your spouse’s name. In case, you would want to invest in rural Columbia, then proving your net worth of up to CAD$300,000 is mandatory. Also, proving the legitimacy of your net worth property is of utmost importance
- You should have never been deported out of Canada for unlawful reasons – living, working, or any other reason
- You ought to be 18 years of age and above
- You should be able to support your case with accurate documentation proving you are free from any kind of criminal barriers in your current country
- You are required to have prior experience in managing and running a business. A minimum of 3 years of experience is required to qualify
- You should be able to prove that you can familiarize yourself with the Canadian local environment
- You must take up the proficiency tests for the English language through authorized agencies so you can achieve the required Canadian Language Benchmark
- Your education assists you in gaining a higher score. Your certificates must be evaluated by the respective authority agency
Streams within British Columbia Investment Immigration Program
British Columbia Entrepreneur
The British Columbia Entrepreneur stream aims at managers and business owners with relevant experience who express an interest to live in BC permanently. Applicants are required to demonstrate a significant personal net worth and management experience.
Successful candidates will be required to invest in the purchase and management of a new or existing business. After proving the successful operation of a business in British Columbia, the applicant becomes eligible for permanent residence in Canada.
British Columbia Entrepreneur Regional Pilot
The British Columbia Entrepreneur Regional Pilot Stream of the British Columbia Provincial Nominee Program (BC PNP) is for skilled and experienced entrepreneurs who wish to invest in and manage a business in the province. Applicants should be referred by one of the program’s participating communities in British Columbia.
British Columbia Strategic Projects
British Columbia Strategic Projects aims at successful foreign-owned firms that want to establish a new branch or operation in the province. Such organizations should prove their ability to generate considerable annual revenue along with the management of large staff teams.
Successful companies will be required to transfer the main staff to the province of British Columbia so they can handle their new proposed operation. After proving the successful operation of their BC enterprise, these significant staff members become eligible for permanent residence in Canada.
Steps to Apply for the British Columbia Investment Immigration Program
Registration
The concerned applicant is required to submit a short overview of their business plan with CAD$300 (non-refundable registration fee). After applying for the entrepreneurship program, the applicant will have to wait for a maximum period of six months, which is entirely based on the credibility of the submitted business plan.
Invitation
The province of British Columbia always has scope for new business models, and they draw one every month. So an applicant has got four months to apply for the entrepreneurship program completely. They get evaluated based on certain factors, including age, Canadian work experience, and language proficiency. The candidates have a scope to boost their points by submitting a fresh business idea.
Net Worth Review
The applicants who have received an ITA (Invitation to Apply) will get their net worth verified by a CA (Chartered Accountant) expert, who will cross-check the available funds and supporting documents. Bear in mind that the applicant is responsible for all the costs, which are incurred in the process and the spending costs in the country as well.
Business Establishment
The chosen candidate ought to land in the province of British Columbia within a year. Their time to establish the business for 20 months begins from the day they set foot on Canadian soil.
Nomination for Permanent Residence
Applicants and their fellow members would get PR approval from the Government of British Columbia given that they have fulfilled the above criteria without fail.
Processing Time for the Investment Immigration Program
The processing time begins from the date of the submission of your application, and it is subject to change owing to numerous factors. For entrepreneur programs, it takes about three months for an application to be evaluated by the authorities. But this can be changed depending on the volume of applications received or the department’s processing capacity.
