Entrepreneurs are welcome to Canada via BC PNP with resumed EI stream

News highlights

• Applications from immigration candidates will be accepted via BC PNP under the EI (Entrepreneur Immigration) base category.
• This stream resumed after a one-year period after being stopped on July 19, 2021.
• This new version of the EI stream features 18 modifications/updates made to it.

Here’s good news for entrepreneurs among aspiring immigrants who want to immigrate to Canada through BC PNP. The EI base category under BC PNP has resumed and is currently accepting applications to immigrate to British Columbia. Since July 19, 2021, this category of BC immigration was suspended as the province was working on plans to align it with priorities for recovery of the economy and immigration. Recommended article: Ontario Moving Forward With Pilot To Welcome 100 New Entrepreneurs What’s new in the EI category of BC PNP? As is understood from the guide for British Columbia PNP EI base category program, there have been 18 updates made to it. A lot of them are additional requirements and minor clarifications. A notable change done to the EI category program is that immigration officials of British Columbia can now target ITAs on the basis of new factors. These include the following:

• The business sector
• Community population
• Proposed business location
• Whether the business is a start-up or an existing business purchased

*Know your eligibility to immigrate to Canada through Y-Axis Canada Immigration Points Calculator. Requirements to qualify for EI category Canada immigration candidates for the EI stream are required to meet certain criteria that include the following:

• They must have a net worth of $600,000
• They must invest a minimum amount of $200,000 in a new/existing business
• The business must create at least one full-time job for a Canada permanent resident or a citizen of Canada
• Entrepreneurs applying under EI Stream must have gained either of the following within the last 10 years:
  • Experience of at least 3 years as a business owner-manager
  • Experience of at least 4 years as a senior manager
  • A combination of the following:
    • Experience of at least one year as a business owner-manager
    • Experience of at least two years as a senior manager

The applicants must submit a business proposal to start a new business or to purchase an existing business in British Columbia. They must have the intention to retain at least a one-third stake in that business. Other criteria for eligibility

• The applicant’s educational requirement under the EI program base category vary depending on that person’s previous experience as an entrepreneur or manager.
• Applicants don’t need to meet any educational requirement if
  • They had an experience as active business owner-managers for a minimum of 3 years in the past 5 years in a business
  • They were sole owners of the business
  • Those without such experience are required to have obtained a credential for a post-secondary education
• The applicants must also have attained a level 4 competence in either English/French as per CLB tests.
• They must pay a registration fee of $300. These registrations are scored within 6 weeks.
• The highest possible score for this category is 200 points (applicant must score at least 115 points in all) comprising
  • 120 points for the self-declared section
  • 80 points for the business concept (applicant must score at least 40 points)
• The applicant must pay $3,500 application fee is. Decisions on the application will be made within 4 months.

If you are willing to migrate to Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE. If you find this blog engaging, you may also like: Plan your work in Canada for 100% career success! Follow 5 expert tips