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International Graduate Entrepreneur Category

SIIS Canada  /  Canada Immigration  /  Provincial Nominee Programs  /  Newfoundland and Labrador  /  International Graduate Entrepreneur Category

International Graduate Entrepreneur Category

International Graduate Entrepreneur Category - Newfoundland

The International Graduate Entrepreneur category is intended for graduates of Memorial University or College of the North Atlantic who have already started or bought a local business and maintained day-to-day operations for at least one continuous year. In order to receive a nomination for permanent resident status, the graduate entrepreneur must fulfill certain criteria outlined by the Office of Immigration and Multiculturalism.

This category is based on the EOI Expression of Interest-based. Successful expressions of interest will be followed with invitations to complete a formal application to the International Graduate Entrepreneur category.

Fees
Provincial Application fee CAD $ 250

As part of your application, you must provide a Review Engagement and a Special Purpose Report. The Review Engagement will consist of a review of the financial statements of the applicant’s business and include a conclusion (Review Report).

The Special Purpose Report will include an opinion regarding the following:

  • The financial viability and sustainability of the business, discussing any relevant issues affecting the business’ ability to continue in the near future as a going concern;
  • Recommendations for the business to improve its viability and sustainability;
  • A determination of any issues, challenges or concerns pertaining to auditing the financial statements; and
  • A business review which may for example include but not be limited to market analysis, product analysis, competitive analysis, and financial

Both the Review Engagement and Special Purpose Report must be provided by an individual or firm (the verifier) that is licensed to provide such services under the Chartered Professional Accountants and Public Accountants Act of Newfoundland and Labrador.

Eligibility criteria for the International Graduate Entrepreneur category

To qualify, an individual must:

  • Be at least 21 years old;
  • Provide a business continuity plan with supporting financial documentation verified by a recognized third-party professional service (applicants are solely responsible for payment of associated fees related to obtaining these documents);
  • Have completed a degree or diploma after at least two academic years of full-time, in-person study at Memorial University or College of the North Atlantic with the degree or diploma having been completed within two years of submission of the Expression of Interest;
  • Have a valid post-graduate work permit;
  • Want to live permanently in Newfoundland and Labrador while owning and actively managing a local business that has the potential to create significant economic benefit to Newfoundland and Labrador;
  • Have at least one year’s continuous experience actively managing and owning the current business (33.3 per cent minimum ownership);
  • Demonstrate the ability to create at least one full-time equivalent job for the local population (permanent residents and Canadian citizens);
  • Demonstrate that the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services;
  • Have a score of at least 7 on the Canadian Language Benchmark in speaking, listening, reading and writing in English or French;
  • Complete an online Expression of Interest; and
  • Receive an Invitation to Apply from the Office of Immigration and Multiculturalism.

Applicants intending to support regional economic development or focus on high-demand industries or sectors (e.g. Agriculture, Aquaculture, Technology, Natural Resources) will receive priority consideration.

International Graduate Entrepreneur – Additional Criteria

There are two streams within the International Graduate Entrepreneur category – Starting a New Business and Purchasing an Existing Business. Each stream has unique criteria in addition to the criteria noted above.

Additional Criteria When Starting a New Business

If starting a business, the applicant must create a minimum of one full-time year-round equivalent employment opportunity for a Canadian citizen or permanent resident in Newfoundland and Labrador. This position must:

  • Be over and above any position filled by the approved applicant. For clarity, jobs created for or filled by dependents or relatives of the applicant are not eligible.
  • Be relevant and directly related to the applicant’s business.
  • Meet the prevailing provincial wage levels.
Additional Criteria When Purchasing an Existing Business

If the applicant is purchasing an existing Newfoundland and Labrador business, all of the following apply:

  • The business must have been in continuous operation by the same owner for the previous five (5) years;
  • Applicants must provide evidence that reasonable efforts were taken to establish a fair market value for the business;
  • The business must be actively in operation and not in receivership;
  • Applicants must offer employment on similar terms and conditions to existing staff, including maintaining existing wages and employment terms.
Ineligible Applicants for International Graduate Entrepreneur Category
  • An individual living illegally in one’s country of residence;
  • A person who has had a removal order issued against them by IRCC or Canada Border Services Agency;
  • A person who is prohibited from entering Canada;
  • A passive investor (individuals who intend to invest in a Newfoundland and Labrador business with very limited or no involvement in the day-to-day management of the business); and
  • An individual who does not have status (ineligible to apply until their status is restored).
Ineligible Businesses for International Graduate Entrepreneur Category
  • Businesses that are conducted remotely (from another Canadian jurisdiction or from another country);
  • Property rental, investment, and leasing activities;
  • Real estate construction/development/brokerage, insurance brokerage or business brokerage; unless the applicant can prove their business in one of these areas is of compelling benefit to the province;
  • Professional services or self-employed business operators requiring licensing or accreditation;
  • A payday loan, cheque cashing, money changing and cash machines;
  • Pawnbrokers;
  • Taxi companies;
  • Home-based businesses; unless the applicant can prove their business will have a compelling benefit to the province;
  • Businesses involved in the production, distribution or sale of pornographic or sexually explicit products or services;
  • Not-for-profit businesses;
  • Investments into a business operated primarily for the purposes of deriving passive investment income;
  • Businesses operating primarily for the purpose of deriving investment income such as interest, dividends or capital gains;
  • Businesses that will compensate employees solely on the basis of commission; and
  • Any other type of business that by association could tend to bring OIM, NLPNP, or the Government of Newfoundland and Labrador into disrepute.