British Columbia - Regional Business
Requirements for Regional Business Category
Applicants for nomination in the Regional Business category will be required to:
1. Make a personal investment of at least $200,000 CAD to establish or to purchase and expand an eligible business anywhere in BC outside of the Vancouver metropolitan area and the Abbotsford metropolitan area.
2. Create at least one new job in the business for a Canadian or permanent resident, except when the applicant is applying as a regional Succession Plan Buy-out.
3. Own at least one third (33 1/3%) of the equity of the business.
4. Provide active and on-going participation in the day-to-day management and direction of the business.
5. Demonstrate that they have: ◦the skills and experience necessary to establish and operate a commercially viable business in BC
◦a personal net worth of at least $400,000 CAD obtained from legal sources
◦sufficient unencumbered personal funds to make the required investment; and
◦a viable business proposal.
6. Sign a Performance Agreement with the Province of British Columbia.
7. Sign a Deposit Agreement with the Province of British Columbia if they are seeking a Fast Track nomination.
Fast Track Option
The Fast Track option offers immediate nomination for permanent residence, in return for which you will make a conditionally refundable $125,000 CAD deposit with the Province of British Columbia. The deposit will be refunded (without interest) when you have met the terms of conditions of your Performance Agreement and Deposit Agreement.
Principal Applicants and Foreign Staff
Applications in the Regional Business category are limited to principal applicants. Foreign key staff cannot be included as co-applicants for nomination.
Business Succession Plan Buy-out
Regional Business applicants who commit to purchase an existing business will not be required to create a new job where they commit to maintain existing employment for Canadian citizens or permanent residents. These applications will receive priority processing.
In addition to meeting the requirements for the regional business category, the following additional requirements must be met.
The target business must:
» be operated by the same owner for a minimum of 5 years
» have employees, other than family members
» be actively in operation.
The applicant 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 being considered for nomination (or deposit refund, in the case of Fast Track nominees), with long term intentions of continuing to operate the business