Business Categories
There are two business programs in Newfoundland. The Immigrant Entrepreneur (described below) and the Immigrant Partner categories.
The Immigrant Entrepreneur category is intended for prospective immigrants who propose to establish a new business or purchase an expanding existing business and who intend to be self-employed in that business. Applicants who wish to submit an application in this category must meet the following criteria:
Eligible Business:
Priority will be given to immigrant entrepreneurs who establish an active business or purchase an expanding existing business in a sector identified in the strategic sector list.
Net Worth and Liquidity Requirements:
Immigrant entrepreneurs must have a minimum net worth of $450,000, including minimum 'liquid assets' of $350,000. 'Liquid assets' include cash, demand deposits with a financial institution, term deposits, tax shelters convertible to cash, and readily marketable investments including publicly traded stocks and bonds.
Investment/Equity Requirement:
Immigrant entrepreneurs must be prepared to make a minimum business investment of $200,000 in equity to establish an eligible new enterprise or purchase an eligible existing business within the northeast Avalon region (the greater St. John's area) or CDN$150,000 in further liquid assets.
Required Business Experience:
Immigrant entrepreneurs must have a minimum of five years of senior management or direct entrepreneurial experience in a business similar to the one proposed. The applicant will be required to submit a résumé or CV (curriculum vitae), letters of recommendation, financial statements and other documents in support of his/her demonstrated level of experience.
Good Faith Performance Deposit:
In applying to immigrate to Canada under the Newfoundland and Labrador Provincial Nominee Program, the applicant must certify his/her intention of settling and establishing or purchasing a business in Newfoundland and Labrador. To guarantee this intention, the applicant is required to place $25,000 in trust with the Government of Newfoundland and Labrador. This deposit will be fully refundable, with interest, one year after landing, provided that the immigrant entrepreneur can demonstrate to the satisfaction of the province that:
- the required minimum investment was indeed made;
- the business is fully operational;
- the immigrant entrepreneur and his/her family maintain a residence in Newfoundland and Labrador; and,
- the immigrant entrepreneur is self-employed in the business.
Exploratory Visit:
Immigrant entrepreneurs are required to make an initial exploratory visit to Newfoundland and Labrador. Following a pre-assessment of the immigrant application, the province will issue an invitation for the exploratory visit (at the entrepreneur's own expense). During this time, the immigrant entrepreneur will meet with a Program Officer for an official interview. The interview process will assist the Program Officer with the assessment of the nomination.
