Nova Scotia’s Entrepreneur Stream is helping newcomers turn business ideas into reality, one startup at a time.
Starting a business in Nova Scotia can be tough, and if you’re new to the province, it can be even tougher, but for many, an immigration stream that focuses on entrepreneurship is helping people turn business plans into a reality.
So what is Nova Scotia’s Entrepreneur Stream?
The Nova Scotia Nominee Program: Entrepreneur Stream (NSNP Entrepreneur Stream) was introduced in 2016 with the goal of attracting and helping retain entrepreneurs who create new jobs here in Nova Scotia. It’s for those looking to start or buy a business in the province.
Since its inception, it’s helped many newcomers access provincial nominations.
Who Qualifies?
Suzanne Rix, an immigration lawyer and managing partner at Cox & Palmer in Halifax, N.S., says applications for the NSNP Entrepreneur Stream seem to be processed quicker by the province’s Department of Labour, Skills and Immigration than other streams. The Entrepreneur Stream can also be a good option for those who don’t have any other immigration pathways.
“There’s no [upper] age limit for the program, which is great… a lot of the other streams of the Nova Scotia Nominee Program have an age limit of 55,” says Rix.
Rix says applicants need either 3 years of experience actively managing a business they own at least a third of or 5 years in a senior management job in the last 10 years.
While there is no age cap, further qualifications include having a business plan and being over 21 with the intention to live in Nova Scotia while managing the business. If in Halifax, they must show a net worth of at least CAD $600,000 ($400,000 outside Halifax) and invest a minimum amount of CAD $150,000 ($100,000 outside Halifax). They also need to meet a language requirement and possess the equivalent of a high school-level diploma. They must create at least one full-time job for a non-family Canadian citizen or permanent resident (or maintain existing jobs if buying a business).
Navigating the process
Rix says there are six steps to apply to the NSNP Entrepreneur Stream.
The first is the expression of interest (EOI), a points-based online form detailing the applicant’s proposed idea, business background, and net worth.
“You get additional points if you’re going to do an export-oriented business, if you buy an existing business, or if you’re going to be outside of Halifax County,” says Rix.
The second step is awaiting the invitation to apply. The third is submitting the application. The application should include a detailed business plan, net worth verification, and supporting documents.
Rix says net worth verification can be an arduous process; however, there are several locally approved accounting firms that can help with it, including Doane Grant Thornton, KPMG and MNP. She says the cost is usually a few thousand dollars.
“You pick one of the net worth verifiers, and you go through the net worth verification process with them, so you need to send them all of your documents that show how you legally obtained your personal net worth, such bank accounts statements, agreements of purchase and sale, property documents and business documents. Anything that’s not in English or French needs to be translated into English or French by a certified translator.”
At the end of the third step, there is an interview with Nova Scotia immigration officials to review the business plan. The applicant will also have to sign something called a Business Performance Agreement, or a BPA (a contract outlining commitments the applicant must fulfill to operate a business in the province and to qualify for permanent residence).
The fourth step is applying for a work permit to work in the province for the business that the applicant is starting or buying.
The fifth is moving to Nova Scotia officially and establishing the business while meeting all BPA requirements. The applicant is expected to operate the business for at least a year before they can apply to the province to be nominated for permanent residence.
The sixth and final step is to apply for permanent residence from the federal government by submitting an application to Immigration, Refugees and Citizenship Canada (IRCC).
Hurdles and expectations
Rix says it can sometimes be a lengthy and expensive process, so being prepared is important.
“At the end of the one year of operating your business in Nova Scotia, you need another report from one of the eligible accounting firms called a Review Engagement and Special Purpose Report… it costs a few thousand dollars, so this kind of application is not for someone who doesn’t have any money unfortunately; you need to have a few dollars to do all these things,” she says.
Rix says applicants and their family members need a medical exam and that serious long-term conditions can lead to inadmissibility, though manageable conditions may be accepted.
“If you can just take medication for it, or you don’t need to be hospitalized for it, or it’s not going to cost a lot for the Canadian health care system, you’re fine.”
Security concerns also play a role; applicants and their family members need police certificates for every country they’ve lived in for 6 months or longer since their 18th birthday.
“If you’ve got two kids aged 18 and 20, they need police certificates too, and so it’s very important that your kids don’t get convicted of impaired driving, or something like that can torpedo your whole family’s application.”
Rix says the Entrepreneur Stream requires patience and financial means, but as long as applicants are honest, realistic and meet the requirements, they have a good chance.
“The Entrepreneur Stream is a great way for people to come to Nova Scotia who qualify.”
Through the Entrepreneur Stream, Nova Scotia can offer newcomers the chance to build both a business and a long-term life in the province.
