New Brunswick provides opportunities to investors under its Provincial Nominee Program, for setting up or buying existing business. One is required to establish their business within two years of entry into New Brunswick. Business applicants must submit a Business Plan or Business Proposal that is of economic benefit to New Brunswick. A Business Plan details how applicants will develop and operate a specific business in New Brunswick. A Business Proposal may be submitted as an alternative to a formal business plan if applicants require more time to explore business opportunities before choosing a specific business. To be eligible for this program one is required to demonstrate business management experience as an owner or senior manager. The applicant must be operating the business within two (2) years of landing.
One can start a new business; enter into a partnership with a New Brunswick business person or purchase an existing business. If one has a great business idea and is ready to work hard to build it from the ground up, then one may wish to start own business. Extensive research is required to develop a profitable business. For partnerships, before finalizing, one must make sure that the investment is protected and the obligations and roles are clearly defined. Independent legal advice should be taken. Partnerships must meet all Government of Canada requirements under the Immigration and Refugee Protection Act (IRPA) with regard to the Provincial Nominee Program. Finally, if one is purchasing a business, one must make sure to have all the background information on the existing business including financial statements prepared by a professional accountant for the past three (3) years, to determine if the business is stable. One should consult a lawyer before signing a contract.
One has to live in New Brunswick with dependents, establish the business in New Brunswick and assume an active managerial role in the business. As part of the process, one is required to visit New Brunswick for a period of no less than five business days, to conduct extensive research and complete an interview with an Immigration Program Officer. Please note that the business plan or business proposal must be of economic benefit to New Brunswick, and must be approved by an Immigration Officer. One is required to provide a verified personal net worth of at least CDN $300,000.00 and demonstrate knowledge of English and/or French. Prior to nomination one must make a CDN $75,000.00 conditionally refundable deposit.
The Provincial Nominee Program accelerates the immigration process by providing a Certificate of Nomination to Citizenship and Immigration Canada (CIC) which can lead to faster processing of a permanent resident application by the Government of Canada. Nominations are granted at the sole discretion of the Government of New Brunswick. A nomination certificate does not guarantee the issuance of a permanent resident visa by Citizenship and Immigration Canada.
For more information on this Provincial Nominee Program or any other U.S. or Canadian immigration matters, contact our Law Firm, Mann Law at (905) 565-5770 or by email to: email@example.com
Disclaimer: The above article is not a legal opinion as every case is different and is only for general awareness. Please contact us for specific questions and legal advise.