On January 16, 2018, Nova Scotia conducted its first ever Business Entrepreneur Draw in 2018, selecting 27 candidates. The cut-off for the year’s first draw was 91. Until now, the maximum number of invitations sent was 36, and the lowest score ever was 90.
The Business Entrepreneur stream is very different from the Skilled Worker category and has distinguishing criteria. This stream is ideal for those wanting to start a business in Nova Scotia and will live in the province permanently. This is a great opportunity for the candidates who plan to invest in Canada.
Here are steps that take you to permanent residency using this stream
- Expression of Interest - the application you send
- Invitation to Apply (ITA)
- Interview and Business Performance Agreement
- Getting a work permit and buying an office in the province
- Request for a nomination
- Obtain permanent residency
Criteria for qualifying for Business Entrepreneur stream
- you should be minimum 21 years or older
- The desire to live in Nova Scotia permanently. Running a small business or actively managing one in the province
- $600,000 net worth
- Invest at least $150,000 in a business in Nova Scotia
- Three years experience in owning or managing a business or five years of senior management experience
- Get a score of five on the Canadian Language Benchmark
Nova Scotia’s innovative approach to business
Rather than helping wealthy immigrants settle in Canada, Nova Scotia started a two-step program that invites entrepreneurs to build businesses in the country. It directly takes entrepreneurs to permanent residency unlike the other provincial entrepreneur programs, wherein they need to come on a work permit for two years. Other Canadian provinces like British Columbia, Saskatchewan, and Ontario have also started a similar program to attract the business entrepreneurs. New Brunswick and Prince Edward Island are still working on a one-step program but will most certainly shift to the two-step one soon.