Nova Scotia Entrepreneur
The Nova Scotia Entrepreneur stream is a part of the Nova Scotia Nominee Program. This program is designed to help people who want to live in Nova Scotia and have experience running a business or managing one.
To be successful, you must start a new business. Or buy an existing one. You will want to be sure that you are taking part in the day-to-day management duties of the company. After you have done this for one year, then you can apply to become a permanent resident of Canada.
Minimum Requirements for Applicants
To qualify for the NSNP Entrepreneur Stream, applicants must meet the following criteria:
- Be at least 18 years old.
- Have a minimum cumulative net business and personal net income of CAD 600,000 as evidenced by documents from NSOI-designated third-party professionals.
- A statement on how the claimed net worth was earned and certified by professionals appointed by NSOI.
- Should have been operating a business for at least 3 years with at least 33% enterprise ownership experience. Co-ownership of 33% or no less than five years experience in a senior business management position in the last 10 years.
- The applicant has to invest at least CAD 150,000 to either start a business or buy a business in Nova Scotia.
- A language test taken and approved by a relevant agency, either English or French, has a satisfactory standard of the language. Computer literacy is mandatory, and the language should have been learned proficiently to at least Canadian Language Benchmark (CLB) 5 for listening, speaking, writing, and reading. The approved language testing agencies are:
- For English:
- CELPIP General is one of Paragon Testing Enterprises’ modes of the Canadian English Language Proficiency Index Program.
- This is the IELTS General Training Module. IELTS stands for International English Language Testing System.
- For French:
- Test d’Evaluation du Français (TEF)
- The EOI is considered valid for 2 years from the date on which it was documented, and credential tests in any language must have been taken within the last 2 years before the submission of the EOI.
- For English:
- Have completed at least Canadian high school or have an equivalent education from another country, which the applicant must have verified through an Educational Credential Assessment (ECA), with an ECA report no more than five years old from the date that the EOI was submitted.
- Possess a business establishment plan and be able to explain how you have a detailed understanding of it.
- Pledges to live in Nova Scotia.
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Minimum Requirements for Businesses
To qualify as an eligible business under the Entrepreneur program, the following conditions must be met:
- The applicant must have a minimum of one-third proportional share (33.3%) of the business equity.
- The applicant has to personally and continuously manage and direct the business operations from the business location within Nova Scotia, not from another place in Nova Scotia, another province in Canada, or another country.
- The business cannot be a nonprofit organization that focuses mainly on the delivery of its products and services to achieve its goals other than generating profits.
- The business also has to meet the legal provisions of the society in which it operates.
- The business must meet the requirements of the “permanent establishment,” which is described under subsection 400(2) of Canada’s Income Tax Regulation, 1985.
- The business is required to pay this income tax on taxable income derived from a “permanent establishment” in Nova Scotia, in addition to any other taxes presumably payable because of income or other related business undertakings.
- To qualify for funding through Delete, the business must show promise of generating future economic goods for Nova Scotia. Examples include:
- Value-added through manufacturing and processing, exports, destination tourism, research and development, and technology marketplaces and transfers.
- Combining new ideas for the core concepts of economic activity.
- The bringing of technology and other specialized knowledge to Nova Scotia.
- Offering products or services to unexplored local or regional markets.
Additional Requirements for Starting a Business
If starting a business, the applicant must also:
- Help to generate at least one full-time (or equivalent) job that was filled by a Canadian citizen or a permanent resident in Nova Scotia (excluding immediate family members).
- This position(s) must:
- Be auxiliary to any given job that is occupied by the recommended candidate.
- Point out the market gap and show how you are immediately related to the applicant’s industry.
- This prevalent wage rate in the province can be met.
Other specifications for business succession
If you are purchasing an existing Nova Scotia business, the following requirements must be met:
- The business shall have been run by the same owner for the last five years and have belonged to him or her solely.
- The applicant is required to carry out a reconnaissance under the prior interview with the current owner(s).
- A fair market value for the business must have been tried by the applicant before filing the petition, and enough proof of the attempt should be available.
- It has to be a live business, conduct trading activities, and not be in receivership.
- It means that the applicant must ensure that they can employ individuals on the same conditions as other employees, and the wages too must be retained.
Expression of Interest Points Matrix
In step 1, using EOI, when a candidate applies for an MSP, a points matrix is used to select applicants who are suitable for the province’s business and economy. This assessment is based on eight factors: language skills, formal education, business proprietorship or managerial experience, amount of capital investment put into the business, net worth, chronologic age, flexibility, and conformity to Nova Scotia’s strategic economic development objectives or priorities.
| Selection Factor | Points |
|---|---|
| Language skills | Up to 35 points |
| Education | Up to 25 points |
| Own a business or be in a management position | Total 35 |
| Net worth | Maximum 10 points |
| Age | Up to 10 Marks |
| Development of Adaptations | Up to 10 Marks |
| Economic priorities in Nova Scotia | Up to 10 points |
| Investment | Up to 15 points |
| Total | Maximum 150 points |
Application Procedure for the Nova Scotia Entrepreneur Stream
The application process involves six steps:
Step 1: Submit an Expression of Interest (EOI) to the Province of Nova Scotia
Assumed immigrants fill out Form EOI of the internet-based tool, where they offer information on business experience, language proficiency, education, investment, net worth, age, and adaptability, as well as business proposals. Such an EOI can only be submitted by those companies that meet the minimum requirements, and the EOI is assigned a score depending on the criteria and put in a pool where it remains for up to one year. Unselected EOIs are archived after 12 months, and applicants can update their EOIs if they have obtained more points.
Step 2: Invite to Apply
High performers are issued an Invitation to Apply (ITA) by the Nova Scotia Office of Immigration (NSOI). Complete applications must be submitted within 90 days, including forms filled out and completed; one of the forms is the application form.
- Supporting documentation: This paper seeks to develop a business establishment plan.
- A net worth verification report that should be submitted not later than 180 days from the date the ITA was issued.
The net worth verifier must be selected 20 days after the date of the ITA issuance.
Step 3: Using face-to-face Interview and Business Performance Contract
Those who meet the requirements will be called for an interview in Nova Scotia. The remuneration is pro rata dependent on the investment and business sector, whereby successful candidates get a business performance agreement. This gives the interviewee 60 days to attend the interview; if the interview is not successful or is not attended, the application is terminated. After the signed agreement has been returned to the NSOI, an Entrepreneur Approval Letter is given, along with further guidance on how to apply to the IRCC for a work visa.
Step 4: Temporary Work Permit and Establishment of Business
To be successful, those who apply must achieve a work permit, bring their family to Nova Scotia, establish a new business, or buy an existing business within a year. They should commence business within six months of their arrival and attend an arrival meeting with an officer of NSOI within 60 days of their arrival.
Step 5: Invitation to attend the meeting of the Board of Directors and Nomination and Remuneration Committee
Following the implementation and meeting of the BPA, the applicants deliver a nomination request form after having fulfilled the investment and/or being engaged in the business operation for not less than one year. This is in the form of an audit opinion and special purpose report from a verifier who has been accorded such status by NSOI. The respective nomination decision will be communicated to the applicant by NSOI in writing. When nominated, the nomination documents are dispatched to IRCC, which remain valid for six months.
Step 6: Applying to PR
Nominated applicants submit their applications to obtain permanent residence at IRCC within six months. Thus, obtaining an NSNP nomination does not guarantee an applicant a permanent resident visa. If the application is approved, then the candidate is issued a Confirmation of Permanent Residence, and he or she must present this document to the NSOI in the next 30 working days.
Business Establishment Plan
The business establishment plan should be comprehensive and illustrate the successful settlement and business development of the applicant in Nova Scotia. It should indicate that the business will meet the minimum investment requirement and that the applicant will be actively involved in managing the business operation. In addition, such a plan should reflect in-depth research on economic, market, and cultural factors relevant to the proposed business.
Key Components
Detailed Action Plan
Outline the steps to be taken during the next two to three years, including financial steps for the start-up or purchase of the business, the date of commencement, hiring actions, and expected export activities.
Full Knowledge
The applicant is required to have full knowledge of the business establishment plan. Otherwise, the application may be refused.
Content Areas
Whether purchasing an existing business or starting a new enterprise, the plan must include the following areas:
- Business Idea
- Industry/sector business description; ownership percentage; legal or trading name; changes if acquiring an existing business
- Type of ownership structure: partnership, proprietorship, corporation, acquisition, franchise
- Proposed location and geographic coverage
- Sales and Marketing Plan
- Market analysis and strategy: target market, suppliers, competitors
- Acquisition of space, product or service offerings, distribution channels, and hours of operation
- Details of professional services and research
- Exploratory Visit (for business succession)
- Report about the visit to Canada, including professional contacts and settlement organizations visited.
- Proof of sojourn, meetings, and visits to a location of the business enterprise
- Critical Factors
- Government Regulations applicable to the venture: environmental, health, zoning, labour
- Insurance required and expected problems associated
- Risk Factors
- Potential hazards and the ability of the applicant to address them, such as off-site financing and investment in personal net worth
- Investment/Financial
- Total planned investment amount and its use
- Start-up funds and expenses forecast
- Funding source, financial statements of the past five years in business succession, and three years of pro forma financial statements
- Business Relationships
- Contact information of the business professional service providers and those who will help compile the business establishment plan
- Human Capital
- Management contribution and hours to spend managing the business
- Details of jobs to be created; conditions for existing staff if the entrepreneur is acquiring an existing business
- Education and experience levels are required for those whom one will hire
- Entrepreneurship preparation and training in Nova Scotia
- Relevant education and business experience as it relates to the business being proposed
- How knowledge or experience of other kinds might be transferred if directly applicable experience does not exist
The Business Establishment Plan is one, if not the most important, piece to demonstrate a properly researched and viable business proposal to ensure successful settlement and business operation in Nova Scotia.