NLPNP- International Graduate Entrepreneur Category

What is NLPNP International Graduate Entrepreneur Category?

The NLPNP International Graduate Entrepreneur category is targeted for graduates of Memorial University or College of the North Atlantic who have already started or bought a local business and maintained day-to-day operations for at least one continuous year. The nominees can apply for permanent residence to the Government of Canada – IRCC.

What are the requirements of the NLPNP International Entrepreneur Category?

The Principal Applicant Criteria:

• Be at least 21 years of age;
• Provide a business plan with supporting financial documentation verified by a recognized third-party professional (applicants are solely responsible for payment of associated fees related to obtaining these documents);
• Have completed a degree or diploma after at least two academic years of full-time, in-person study at Memorial University or College of the North Atlantic with the degree or diploma having been completed within two years of submission of the Expression of Interest;
• Have a valid post-graduate work permit (PGWP);
• Want to live permanently in NL while owning and actively managing a local business that has the potential to create significant economic benefit to NL;
• Have at least one year’s continuous experience actively managing and owning the current business (33.3 per cent minimum ownership);
• Demonstrate ability to create at least one full-time equivalent job for the local population (permanent residents and Canadian citizens);
• Demonstrate that the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services;
• Have a score of at least CLB7 in speaking, listening, reading and writing in English or French;
• Complete an online Expression of Interest (EOI);
• Receive an Invitation to Apply (ITA) from the Office of Immigration and Multiculturalism.

Note: Applicants intending to support regional economic development or focus on high-demand industries or sectors (e.g. Agriculture, Aquaculture, Technology, Natural Resources) will receive priority consideration.

Applicants must also meet the following business and financial eligibility criteria:

• Own, operate, and actively manage a business in NL for at least one continuous year prior to the date of EOI submission.
• Applicants must own at least 33.3% of the equity of the eligible business and provide active and on-going participation in the day-to-day management and direction of the business.
• The applicant must demonstrate that they are receiving compensation in the form of a salary from the business, which must, at minimum, meet the Low Income Cut-Off (LICO) as defined by Statistics Canada. The eligible business has to be in sound financial health. This means that it must be producing revenue and earning sufficient profits to allow the owner to become economically established in the province. An Audit Opinion and Special Purpose Report from a certified Audit Verifier will be required to assess the financial health of the business.

Business Eligibility Criteria:

• The business has to have been started as a career objective. Businesses created solely for immigration purposes are ineligible.
• 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 must be considered a “permanent establishment” as defined under subsection 400(2) of the Canadian Income Tax Regulations, 1985.
• The business is liable to pay income tax on taxable income earned as a result of a “permanent establishment” in NL, 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 NL. The business must not be managed from another location in NL or from another Canadian province or territory or other country.
• The business must have the potential to create significant economic benefit to NL. For example:
  • Increasing value added manufacturing or processing, exports, destination tourism, research and development, and technology commercialization;
  • Developing innovative approaches to traditional businesses
  • Transferring technology and specialized knowledge to NL; or
  • Providing products or services to an under-served local or regional market.
• The business must not on the Ineligible Business list of NL. For more details, please contact Springwind Immigration Consulting Service at 1-647-869-6678.

Additional Criteria for Starting a New Business

• If starting a new business, the applicant must create at least one full-time year-round job for a Canadian citizen or permanent resident in NL. The job position must:
  • not be filled by dependents or relatives of the applicant.
  • be relevant and directly related to the applicant’s business.
  • meet the prevailing wage levels.

Additional Criteria for Purchasing an Existing Business

• The business must have been in continuous operation by the same owner for the previous five years;
• 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;
• Applicants must offer employment on similar terms and conditions to existing staff, including maintaining existing wages and employment terms.

Partnerships

The International Graduate Entrepreneur category allows up to three partners (i.e.the primary applicant and two additional partners) associated with one application. International graduates and Canadian citizens or permanent residents can be partners on the same application. Those applicants seeking permanent residency through this category must have at least one-third (33.3 per cent) ownership of the company.

You must provide various documents to support your application. Springwind Immigration professional team will help you to complete the complicated application process. You can reach us by ways of:

Phone: 1-647-869-6678 or 1-647-748-0188

Email: info@springwindimmigration.com

Wechat: jennyl199

WhatsApp: +1-647-869-6678