The British Columbia Provincial Nominee Program, Business Immigration, Part 4 Third component, Strategic Projects - Who Can Apply Strategic Projects Requirements The Strategic Projects category assists foreign-controlled companies establishing an eligible business in BC, strategic to their core business activities, with the timely entry of foreign key managerial, professional or technical staff, up to a maximum of 5 per company, who intend to become permanent residents of Canada and settle in BC. If the owners of the companies wish to immigrate they should submit an application under the Business Skills or Regional Business categories. Companies considering applying under the Strategic Projects category may wish to contact the BC PNP office to have a clear understanding of the application process. Companies applying in this category will be required to: 1. Make a minimum equity investment of $500,000. 2. Create at least three jobs for Canadian citizens or permanent residents in BC for each Key Staff proposed by the Sponsor Company. However, if the Sponsor Company is applying as a Business Succession Plan Buy-out, then they have the option to create three positions for Canadians or permanent residents, or maintain the employment of three Canadians or permanent residents in BC for each proposed Key Staff. 3. Demonstrate a record of good business practices and successful business operations outside of Canada that are relevant to the proposed business. 4. Establish or purchase and expand an eligible business anywhere in BC 5. Incorporate a Canadian subsidiary or register an extra-provincial company in BC to operate the proposed business. 6. Demonstrate that the Key Staff are qualified senior personnel who are essential to establishing or expanding and operating the proposed business in BC 7. Sign a Performance Agreement with the Province of British Columbia. Business Succession Plan Buy-out Strategic Project sponsoring companies who commit to purchase an existing business will have their stipulated job creation requirements reduced by one job for each existing job that is to be maintained for Canadian citizens or permanent residents. These applications will receive priority processing. The target business also must: • be located outside of the Vancouver metropolitan and Abbotsford area • be operated by the same owner for a minimum of 5 years • have employees, other than family members • be actively in operation. The sponsoring company must: • complete an exploratory visit to meet the retiring owners and, where feasible, the local Economic Development Office • provide evidence that reasonable efforts have been made to establish a fair market value for the target business • operate the business for a minimum of one full year prior to the Key Staff being considered for nomination, with long term intentions of continuing to operate the business • the succession plan buy-out transaction is to result in a complete change of ownership whereby the purchaser(s) take full control of the business.
Posted on: Thu, 13 Jun 2013 21:20:46 +0000
Trending Topics
Recently Viewed Topics
© 2015