Immigrate to Canada through the Nova Scotia Entrepreneurship Stream
This entrepreneurship stream is for experienced business owners or senior business executives who wish to live in Nova Scotia. They should start a new business or buy an active business and be actively involved in the day-to-day management of that business. After operating the business for one year, the entrepreneur can apply for permanent residence in Canada. The request for this immigration stream is made only through an invitation.
The main feature of this entrepreneurial flow is that it is considered a bridge from temporary residence to permanent residence; This means that approved applicants with a work visa (WP) have established and managed a business in Nova Scotia for at least one continuous year prior to applying for permanent residence.
Requirements for applicants to the Nova Scotia Entrepreneurship Stream
The minimum requirements for applicants are as follows:
Have at least CAD 600,000 in a debt-free business and personal assets that are currently transferable to Canada and can be verified by NSOI’s independent experts.
Proof that the acquisition of the claimed net worth was through legal methods and approved by NSOI’s independent experts.
At least three years of business ownership experience, including 33.33% ownership in the last 10 years or more than 5 years of experience as a senior manager during the last 10 years
Having a minimum score of 5 (CLB) in one of English or French in listening, speaking, writing and comprehension skills.
Having at least a Canadian diploma or its equivalent in other countries approved by the Canadian Education Evaluation Center (ECA), which was received within the last five years and before the date of EQI submission.
Agree to invest at least CAD 150,000 to start a business in Nova Scotia
Consent to reside in Nova Scotia
Necessary criteria for the applicant’s business
In addition to the above-mentioned criteria, the business proposed by the applicants must also meet the following conditions:
The applicant must own at least one third (33.33%) of the business value.
The applicant must have an active and permanent participation in the daily management and organization of the business.
The business must comply with the legal conditions of the region in which it operates.
Business should operate with the main purpose of making a profit through the sale of goods or services.
According to section 400(2) of the Canadian Income Tax Act, 1985, the business must be a “permanent enterprise”.
The business is required to pay tax on income derived from a “permanent corporation” in Nova Scotia, regardless of income or other taxes that may be payable in other sectors on income derived in those sectors or other business activities.
The business must be actively managed by the applicant at its place of establishment in Nova Scotia. This business must not be managed from another location in Nova Scotia or other provinces and territories of Canada or other countries.
This business must have the potential to be of major economic benefit to Nova Scotia. for example:
Higher added value for construction and production, export, tourism, research and development and commercialization of technology;
Developing new approaches in traditional businesses
Providing products or services to underserved regional or local markets
The entrepreneurial flow is divided into two groups, starting a new business and buying an active business. Each of these groups, in addition to the aforementioned criteria, also has special conditions.
Special criteria for starting a new business
In the case of starting a new business, the applicant must provide at least one full-time, or equivalent part-time, employment opportunity for a Canadian citizen or a permanent resident of Nova Scotia (workforce other than relatives of the employer). This job position must have the following conditions:
This job must be different from the job position of the original applicant. For clarity, jobs created for dependents or relatives are not eligible.
Be related to the applicant’s business or be directly related to it.
Its salary should be at the level of the standard salary of the society.
Special criteria for purchasing an active business
If the applicant is purchasing a business operating in Nova Scotia, all of the following conditions must be met:
A business located in Nova Scotia must have been continuously operating in Nova Scotia for the past five years with one owner.
All applicants for purchase or active business partnership must make a trip to that area to meet the current business owner.
Applicants must provide evidence of sufficient effort in establishing a suitable market value for that business.
This business must be active and not under government or bank mortgage.
Applicants must make the terms and conditions of the new position the same as those of current employees, including maintaining current wages and employment conditions.
If your application for a work visa is approved, you are expected to enter Nova Scotia within 12 months of receiving your entrepreneurial approval letter. If the approved applicants do not enter Nova Scotia within 12 months from the date of receiving this letter, it will be considered as an inability to meet the terms of the business implementation agreement and their case will be closed. In various cases, if the applicant has not received his work visa within 12 months from the date of the entrepreneur approval letter and can prove that his application was sent to IRCC according to the time and conditions set, he can be exempted from this requirement.
It is recommended that you start your business within six months of arriving in Nova Scotia. “Date of Entry” means the date you arrive in Nova Scotia after receiving a work visa. For permanent residence, you must have started your business at least one year before applying for permanent residence.