If settling in New Brunswick is what you want, knowing about New Brunswick Entrepreneur Program is the right thing to do.
Located on the east coast of Canada, New Brunswick is a part of the four Atlantic Provinces. It is the only bi-lingual province in the country with equal status for English and French. This province is known for its unparalleled natural beauty – rivers, lakes, and seashores.
About New Brunswick Entrepreneur Program
The New Brunswick Entrepreneurial stream is one of the streams of NBPNP (New Brunswick Provincial Nominee Program – operated by the New Brunswick province. This program designed aims at senior business managers or experienced business owners who wish to reside in New Brunswick.
The Government of New Brunswick manages the New Brunswick Provincial Nominee Program (NBPNP) Entrepreneurial Stream. It is an economic immigration program for entrepreneurs with relevant experience. Such entrepreneurs are willing to establish, run, and actively manage a business while living and settling in the Canadian province permanently along with their families.
Applicants are required to meet the eligibility requirements and have an actual employment offer from an employer in New Brunswick. The New Brunswick Entrepreneur Program will assist employers, who are unable to fill job vacancies with citizens or permanent residents of Canada, hiring international graduates and foreign nationals whose skills and talent are needed in New Brunswick.
Eligibility for New Brunswick Entrepreneur Program
To be eligible for the New Brunswick Entrepreneur Program, individuals:
- Must be between 22-55 years old
- Must have a minimum of 2-year post-secondary education and high school
- Must have a minimum level of CLB (Canadian Language Benchmark) 5 in English or French
- Must demonstrate an intention to reside and manage a business in the New Brunswick province
- Must score no less than 65 points on New Brunswick’s unique selection grid
- Must have a personal net worth of no less than CAD$600,000 of which CAD$300,000 should not be affected by debts or other obligations
- Wish to live permanently in New Brunswick, while owning and operating a local business.
- Provide an effective business plan, which is approved by a New Brunswick government official, who will display how the business will prove beneficial for the province
- Have no less than three out of five years in owning and operating a business. Or they must have five years of experience in a senior business management role or more. Also, they should be responsible for supervising no less than 2 employees
Benefits of the New Brunswick Entrepreneur Program
Here is a list of some of the most significant benefits of the New Brunswick Entrepreneur Program:
- Low business launching and operational costs as well compared to other provinces in Canada
- This is a great opportunity to gain access to the rest of the Canadian market\
- Skilled and experienced youth to match with the business development
- Low tax rates that make New Brunswick business-friendly
- The affordability of New Brunswick is what attracts immigrants. That is because they will not have to spend more unless they get their business started
- Well-established transportation system so individuals can connect with central Canada, maritime provinces, and the United States
Which Business is Eligible under New Brunswick Entrepreneur Program?
The business is required to:
- Provide economic benefit to New Brunswick
- Create no less than two jobs
- Be established as a partnership, sole proprietorship, or corporation. In the case of a partnership, the other partner(s) should be a citizen or permanent resident of Canada
- Be a private sector, a for-profit entity with the key purpose of earning profits through the sale of goods and/or services
- Have a minimum of 33.33 percent ownership and assume an active senior management role in the daily business operation
Documents for New Brunswick Entrepreneur Program
Here is a list of documents you need to apply for the New Brunswick Entrepreneur Program:
- A passport copy
- Birth certificate
- Marriage certificate (if applicable)
- Foreign education certificates
- National IDs (if applicable)
- Capital Verification Report
- Family/household registry or book (if applicable)
- Documentation will be specific for all the applicants depending on their condition and source of funds
Points Grid for New Brunswick Entrepreneur Program
An applicant is required to score a minimum of 65 points out of 100 points to apply for PR (Permanent Residence) through the New Brunswick Entrepreneur Program.
Here are the selection factors and maximum points candidates must score:
- Age – Maximum 10 points
- First Official Language – Maximum 20 points
- Second Official Language – Maximum 5 points
- Education – Maximum 25 points
- Business Ownership/Work Experience – Maximum 20 points
- Business Concept – Maximum 15 points
- Adaptability – Maximum 5 points
Stages to Obtain PR through New Brunswick Entrepreneur Program
The following are the nine stages for obtaining permanent residence through business under the new New Brunswick Entrepreneur Program:
- PR (Permanent Residence) readiness
- Online registration of the applicant’s profile
- Submission of EOI (Expression of Interest) to apply for PR through the program
- Invitation to apply for nomination under the New Brunswick Entrepreneur Program within 90 calendar days
- Submission of application for nomination under the New Brunswick Entrepreneur Program within 90 calendar days
- Provincial application decision – If the application is approved and a letter of nomination is issued, a candidate is required to sign Business Performance Agreement. They must deposit CAD$100,000 to PETL (Department of Post-Secondary Education, Training, and Labour) within sixty days of the nomination letter being issued.
- Submission of federal application for PR to IRCC (Immigration, Refugees and Citizenship Canada)
Federal application decision from Immigration, Refugees and Citizenship Canada. If the PR application is approved by the IRCC, the candidate and family members become permanent residents in Canada.
- Post-landing, business establishment, audits, and refund of CAD$100,000 deposit – A business immigrant, within 3 years after landing or becoming a Canadian permanent resident, will have 2 face-to-face meetings and 3 audits/site visits. During official site visits, a business immigrant is required to provide department officials with any information, which is required to authenticate compliance with the Business Performance Agreement.
- After landing in Canada, the applicant needs to ensure that the business should be established within 2 years, as stated in the Business Performance Agreement. If the applicant is not able to establish the business, it will lead to the forfeiture of the CAD$100,000 deposit.
- Subject to meeting the Business Performance Agreement’s terms and conditions, a business immigrant can apply for the refund as well as return a CAD$100,000 deposit, without interest, within 3 years after the landing or 12 months after the date for business commencement, whichever is applicable first.
Although New Brunswick is one of the smallest Canadian provinces, it fully contributes to the booming economy of Canada. New Brunswick invites entrepreneurs into the province solely to give a boost to its foreign direct investments through their New Brunswick provincial nominee program (PNP).