VANCOUVER – Changes in the Provincial Nominee Program (PNP) to lower the investment threshold and fast-track the process will make it easier for business immigrants to start up new business ventures, and will give B.C. an edge in the global competition for entrepreneurial talent and investment, announced Economic Development Minister Colin Hansen.
“By making these changes, we expect to attract more entrepreneurs and investment into the kinds of innovative and higher value-added sectors that contribute most to sustainable economic development and stronger regional economies,” said Hansen.
Recognizing that most business immigrants create small, start-up ventures, new minimum investment requirements have been set for the PNP’s three business categories. The new minimum investment is $400,000 for Business Skills, $200,000 for Regional Business and $500,000 for Strategic Projects.
Applicants will still be required to create a minimum number of new jobs for Canadians – three in a Business Skills enterprise, one in a Regional Business enterprise and three for each nominee applicant involved in a Strategic Projects venture.
To encourage more investment outside of the province’s fastest growing and most developed region, eligibility in the Regional Business category will now be limited to immigrants who locate their business outside of the Vancouver and Abbotsford metropolitan areas.
The business ventures eligible for the lower investment thresholds are:
· Increasing destination tourism
· Increasing R&D and technology commercialization
· Increasing value-added manufacturing/processing and exporting
· Developing innovative and creative approaches to traditional businesses
· Transferring technology, skills and specialized know-how to the province
· Servicing underserved local or regional markets
Special consideration will be given to business proposals that contribute to:
· Expanding business with the Asia-Pacific region
· Utilizing wood infected by the mountain pine beetle
· Diversifying the economies of communities affected by the mountain pine beetle
· Creating business partnerships with the province’s First Nations
· Developing the province’s emerging technology industries: clean technologies, information technology, new media, and life sciences
Finally, the program will now offer a fast-track option for entrepreneurs who post a $125,000 performance deposit in return for immediate nomination so that they can move quickly to make their investment and set up their business in British Columbia. This option is available to Business Skills and Regional Business applicants, and the $125,000 performance bond is in addition to the minimum investment for these categories.
Since the PNP was established in March 2001, over 3,394 skilled and business immigrants plus their dependents have made this province their home through the program. Last year alone, the province attracted over 1,300 skilled workers and entrepreneurs – 3,700 new immigrants if PNP includes their family members.
From the time the business category was introduced in 2002, the PNP has approved 330 nominee candidates who have committed to invest over $450 million and create almost 1,700 new jobs.
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