Immigration to New Brunswick – Entrepreneurial Stream
Dasha is a citizen of Belarus. As a successful business owner, she intends to move to Canada. However, Dasha wants to explore potential options. Consequently, she looks into immigration to New Brunswick as a possible option. In fact, she realizes the New Brunswick Entrepreneurial Stream may fit her well. After all, Dasha is a job creator, and she intends to be a business owner in Canada.
You could immigrate to Canada via Federal programs or Provincial programs. All Canadian provinces offer immigration opportunities to foreign nations. Of course, such opportunities encourage local economic and population growth. Thus, New Brunswick is no exception.
- Knowing New Brunswick
- Immigration to New Brunswick
- The basics of New Brunswick Entrepreneurial Stream
- The point system for New Brunswick Entrepreneurial Stream
- Good faith deposit for New Brunswick Entrepreneurial Stream
- The process of applying for New Brunswick Entrepreneurial Stream
- Some hints about New Brunswick Entrepreneurial Stream
- Let us help!
Knowing New Brunswick
Source: Wikipedia.org
Canada has ten provinces. However, four of them designate from the rest of them. The Atlantic Ocean surrounds these provinces.
Consequently, we call them maritime or Atlantic provinces. New Brunswick is one of them. With a total population of less than 800,000, New Brunswick (NB) ranks eighth in Canada. Of course, this means Fredericton, the capital city, is not a large city. In fact, the largest city of the province, Moncton, has less than 150,00 human habitats. Thus, if you are looking for a relatively quiet and peaceful life, NB is your place.
Immigration to New Brunswick
NB offers special immigration programs for the following groups:
- Express Entry
- Skilled workers
- Entrepreneurs
Of course, this article focuses on the Entrepreneurial or rather job creators stream.
The basics of New Brunswick Entrepreneurial Stream
To qualify for the NB Entrepreneurial Stream, you need to meet these requirements:
- Promise to invest a minimum of $250,000 in a business that will operate in NB.
- The business you promise to run in NB must meet specific requirements:
- You will manage the business.
- At least one-third of the business belongs to you.
- The physical location of the business will be in NB.
- It has a positive economic impact on the NB economy.
- The business is not on the list of excluded businesses.
- You must create at least two full-time jobs for Canadians or Permanent Residents of Canada.
- Your verifiable personal net worth must be at least $600,000, of which $300,000 or more is liquid and unencumbered.
- They prefer that you conduct an exploratory visit to the province for at least five working days.
- You must promise you to intend to live in New Brunswick.
- You must be between 22 and 55 years old.
Please note that the currency in this article is Canadian dollars.
The point system for New Brunswick Entrepreneurial Stream
When you apply for the NB Entrepreneurial Stream, you must show you gain at least 68 points out of the 100 available points. Of course, the following bullet points reflect the criteria:
- Age – a maximum of 10 points for people who are between 35 and 50. If you are outside this range, then you will receive five points only. Of course, those who are younger than 22 or older than 55 may not apply at all.
- Knowledge of one of Canada’s official languages – a maximum of 20 points for CLB 7 or more.
- Knowledge of the second official language of Canada – 5 points if you are CLB 5 or more.
- Education – 25 points for post-graduate degrees (i.e. Masters or Ph.D.); 20 points for a bachelor’s degree; and 15 points for a post-secondary diploma. Of course, you must receive an Educational Credentials Assessment (ECA) from an approved organization. Also, you may not combine these points.
- Business ownership or work experience – a maximum of 20 points
- Business concept – a maximum of 15 points
- Adaptability – a maximum of 5 points
Good faith deposit for New Brunswick Entrepreneurial Stream
If NB authorities are ready to approve you, they expect you to deposit $100,000 with them. Of course, the reason behind this approach is to make sure you will live and work in New Brunswick. If you meet the requirements within two years of landing in Canada, they will later refund you in full. If you don’t, there won’t be any refund.
The process of applying for New Brunswick Entrepreneurial Stream
To apply under this program, you need to take the following steps:
- Make sure you meet the requirements for permanent residency under this program.
- Create an online account on the NBPNP website
- Submit your Expression of Interest (EOI)
- If you meet the requirements, NB immigration authorities will send you an Invitation to Apply (ITA)
- You need to submit the full application and pay the processing fee online.
- Sometimes they invite you to an interview or ask for more documents.
- If they approve you, then you need to transfer the Good Faith Deposit to them.
- They will issue you a certificate of nomination.
- You need to submit a Permanent Resident application to IRCC.
- If IRCC approves you, you may enter New Brunswick as a permanent resident of Canada and start your business and life there.
Of course, depending on your circumstances, you may face a different process from the one explained above.
Some hints about New Brunswick Entrepreneurial Stream
Keep in mind New Brunswick has a limited space to accept applicants. Consequently, they may shut down accepting new applications from time to time. Of course, there is no guarantee for approval.
Currently, you will end up paying the following processing fees:
- NB immigration: $2000
- IRCC: $825 for the principal applicant (PA), $825 for the spouse or common-law partner of the PA and $225 for each dependent child
- IRCC: $500 Right of Permanent Resident Fee (RPRF) or landing fee for the PA and the same amount for the spouse or common-law partner
The devil is in the details. This article offers you a brief introduction to this program. Make sure to consult with a professional regarding this process.
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Al Parsai, MA, DTM, RCIC
Regulated Canadian Immigration Consultant
Ashton College Instructor – Immigration Consulting
Author – 88 Tips on Immigration to Canada
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