New Immigration Categories Enable Newcomers to Establish Businesses, Create Jobs

The Provincial Government today announced the introduction of two new categories under the Newfoundland and Labrador Provincial Nominee Program (NLPNP) – International Graduate Entrepreneur and International Entrepreneur. The Honourable Al Hawkins, Minister of Advanced Education, Skills, and Labour, made the announcement at HeyOrca!, a growing St. John’s-based technology company founded by Joe Teo and Sahand Seifi, who are both international graduates of Memorial University.

The International Graduate Entrepreneur category is open to graduates of Memorial University and College of the North Atlantic who wish to create or co-own and manage a business in the province. The International Entrepreneur category is open to prospective immigrants who wish to settle in the province and be engaged in the daily operation of a business they create, join or take over.

Eligibility requirements are included in the backgrounder below. In preparation for today’s announcement, earlier this year amendments were passed to the Corporations Act extending the definition of resident Canadian to approved newcomers participating in the NLPNP under the two new categories.

Introducing the two new categories was a Year Two commitment in The Way Forward on Immigration in Newfoundland and Labrador, the province’s collaborative immigration action plan, making it easier for more newcomers to establish businesses and create jobs in the province.

This initiative also delivers on commitments in The Way Forward to strengthen the province’s economic foundation and deliver better services and better outcomes for residents. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.

Quotes

“Our government is welcoming fresh business perspectives and exciting economic development by making it easier for newcomers to establish businesses and create jobs. All Newfoundlanders and Labradorians benefit when international students and entrepreneurs have the opportunity to stay here and put their talent to work in growing this province’s economy.”
Honourable Al Hawkins
Minister of Advanced Education, Skills and Labour

“The International Graduate Entrepreneur category will play a big part in our talent acquisition and retention strategy. Programs like this ensure we keep the incredible talent that want to make Newfoundland and Labrador their home. Prior to this, I have met countless international graduates who had to temporarily give up their entrepreneurship ventures because there was no program that will allow them to stay. For the first time, these entrepreneurs have a clear path towards residency. I am really happy to see our province taking active steps to attract and retain our best talent. The future is bright.”
Joe Teo
Co-founder and CEO, HeyOrca!

BACKGROUNDER

Eligibility Requirements for New Categories Under Newfoundland and Labrador Provincial Nominee Program (NLPNP)

International Graduate Entrepreneur

• Graduated or completed a program of at least two years in length from a public post-secondary institution, as per Federal Government requirements.
• Canadian Language Benchmark 7 level of English or French in speaking, listening, reading, and writing.
• No minimum investment is required, however, an applicant must have at least one year’s experience in actively managing and owning a business in which they hold a minimum one-third ownership in Newfoundland and Labrador prior to seeking provincial nomination.

International Entrepreneur

• 21 to 59 years of age.
• Canadian Language Benchmark 5 level of English or French in speaking, listening, reading, and writing.
• $500,000 in unencumbered net business and personal assets that could readily be transferred to Newfoundland and Labrador.
• $200,000 ready to invest in a new or existing business in the province.
• At least two years’ experience actively managing and owning a business or more than five years’ experience in a senior business management role.

Candidates in both categories will be required to have at least one year’s experience owning and actively operating their business in Newfoundland and Labrador prior to seeking a provincial nomination.

International graduate entrepreneurs with existing businesses will be eligible for nomination, pending business viability.

Both international graduate entrepreneurs and international entrepreneurs will be required to submit an Expression of Interest to the Office of Immigration and Multiculturalism.

Expression of Interest intake from International Graduate Entrepreneur applicants will be ongoing. Expression of Interest intake from International Entrepreneur applicants will be opened periodically.