The New Brunswick Business Immigration Stream for Provincial Nomination is an avenue for entrepreneurs and business enthusiasts to make their mark in this dynamic province.
Here are some of the essential requirements you need in order to qualify for the New Brunswick Business ImMigration Stream for Canada’s Provincial Nomination Program:
Business Requirements
First and foremost, your business venture must align with New Brunswick’s economic interests.
It should be established as a sole proprietorship, partnership, or corporation, with a significant focus on generating profits through the sale of goods and services. Importantly, it should be considered a “permanent establishment” under Canadian Income Tax Regulations, 1985.
Economic Benefit
New Brunswick prioritizes businesses that promise substantial economic growth. Priority processing may be accorded to applicants whose business plans exhibit potential benefits such as value-added manufacturing, research and development, innovative approaches, technology transfer, local market service provision, and addressing regional needs.
Investment
Financial commitment is a cornerstone of this program. Applicants must invest a minimum of CAD $150,000 before tax in the business. It’s crucial to note that personal expenses like housing and vehicles do not count towards the minimum eligible investment. Moreover, you should retain at least 33.3% equity in the business, demonstrating a substantial ownership stake.
Purchasing an Established Business
If you’re acquiring an existing business, several conditions must be met. The business should have had the same owner for the preceding three years, who must be a permanent resident or Canadian citizen. It should be purchased at a fair market value, demonstrate profitability over two of the last three years, maintain existing staff on similar terms, and avoid bankruptcy or receivership in the previous three years.
Creating Jobs
Your business venture in New Brunswick must create at least one full-time job for a permanent resident or Canadian citizen living in the province. Importantly, this job cannot include you, your family members, or dependents. “Full-time” is defined as providing a minimum of 30 hours of work per week.
Operating in New Brunswick
Operating a business in New Brunswick comes with responsibilities. You must ensure your business pays income tax on earnings within the province, comply with provincial and Canadian laws, and obtain all necessary permits and licenses.
Active Management Role
Active management of the business is a prerequisite. You should assume risks, influence the business’s direction, provide ongoing management from within New Brunswick, and be present at the business premises on a day-to-day basis.
Net Worth Verification
Upon receiving an Invitation to Apply (ITA), applicants must engage a designated accounting service provider to produce a Net Worth Verification Report. This report verifies your total net worth, the legal accumulation of your funds, and highlights any concerns requiring further investigation.
Presence in New Brunswick
During the Business Establishment Period (BEP), you must reside in New Brunswick for 75% of the time and live within 100 kilometers of your business location.
Site Visit
Before nomination, the Government of New Brunswick (GNB) conducts a site visit to confirm compliance with the Business Performance Agreement. Applicants must provide necessary documents and information during these visits.
Eligible Seasonal Businesses
Certain seasonal businesses in sectors like agriculture and tourism may be eligible, provided they meet specific operational criteria.
Key Sectors
New Brunswick places emphasis on key sectors such as manufacturing, information technology, agriculture, aquaculture, tourism, and more.
Ineligible Businesses
Several types of businesses, including those related to adult services, online language training, and financial services, are ineligible for the program.
Exploratory Visits
Prospective applicants are encouraged to conduct exploratory visits to assess business opportunities in New Brunswick, which should be documented and submitted with the Expression of Interest (EOI).
Intent to Reside in New Brunswick
You must demonstrate a genuine intention to reside in New Brunswick, aligning with immigration regulations.
New Brunswick’s Business Immigration Stream for Provincial Nomination offers an enticing opportunity for entrepreneurs to invest in a thriving economy while contributing to the province’s growth. Meeting the program’s requirements demands careful planning and commitment, but the rewards include the chance to build a prosperous business and make a lasting impact on this beautiful Canadian province. It’s advisable to stay updated with the latest program details and consult with immigration experts to navigate the application process effectively.
We are not a law firm or immigration consulting firm. For the most accurate information, it’s best to refer to the official Government of New Brunswick website, or you can contact us and we can guide you to our trusted immigration firm partners for consultations.
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