The Entrepreneur Stream is designed to attract individuals who wish to start or acquire a business and settle permanently in Nova Scotia.
Entrepreneur Stream: Program Criteria
There are five steps to the nomination process:
Step 1: Submit an Expression of Interest (EOI) to the Province of Nova Scotia
Step 2: Invitation to Apply
Step 3: Temporary Work Permit and Business Establishment in Nova Scotia
Step 4: Request for Nomination
Step 5: Apply for Permanent Residence
Upon nomination, the applicant applies to Citizenship and Immigration Canada for Permanent Residence status.
Minimum Eligibility Criteria
Applicants must meet the minimum eligibility criteria:
- Have a minimum $600,000 CAD in Net Business and Personal Assets (house, lands), verified by NSOI designated third party professionals.
- Have a minimum of three years of business ownership experience including 33.33% ownership or greater than five years of experience in a senior business manager role in the last 10 years.
- Agree to make a minimum capital investment of $150,000 CAD in Nova Scotia.
- Have Canadian Language Benchmark 5 in either English or French in listening, speaking, writing and reading; verified by either Canadian English Language Proficiency Index Program (CELPIP) General test, International English Language Testing System (IELTS) General Training or the Test d’évaluation de français (TEF) and taken within two years prior to the date of EOI submission.
- Have a minimum of a Canadian high school diploma or an equivalent foreign credential verified by an Educational Credential Assessment, which is dated within the five years prior to the date of EOI submission.
- Demonstrate accumulation of claimed net worth through legal means, verified by NSOI designated third party professionals.
- Have a Business Establishment Plan and be able to demonstrate an in-depth knowledge of the plan.
- Agree to reside in Nova Scotia.
In order to qualify as an eligible business under the Entrepreneur program, several criteria must be met:
- The applicant must own at least one third (33.33%) of the equity of the business.
- The applicant must provide active and on-going participation in the day to day management and direction of the business.
- The business must be a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services.
- The business must be considered a “permanent establishment” as defined under subsection 400(2) of the Canadian Income Tax Regulations, 1985.
- The business is liable to pay income tax on taxable income earned as a result of a “permanent establishment” in Nova Scotia, irrespective of income or other taxes which may also be payable in other jurisdictions as a result of income earned or other business activity.
- The business must have potential to create an economic benefit to Nova Scotia. For example:
- Increasing value added manufacturing or processing, exports, destination tourism, research and development, and technology commercialization;
- Developing innovative approaches to traditional businesses
- Transferring technology and specialized knowledge to Nova Scotia.
- Providing products or services to an under-served local or regional market.