In June 2011 Citizenship and Immigration Canada announced that from July 2011 to June 2012 the Federal government will receive only 700 investor applications for FIIP. This target was so small compared to previous years. Therefore, the target was met the very first day they started accepting files in CPC Sydney.
On the other hand the Quebec Investor class will also limit the number of applicants accepted under QIIP soon due to surplus number of files they are receiving after the closure of Federal Investor class. Document collection has also become a challenge for Chinese applicants. Quebec government needs all.
Although this news may sound bad news for those seeking life in Canada, considering a right provincial nomination program could be even a wiser option. In the beginning of 2011 the federal government announced a 40% increase in Canadian provincial nomination target. Meaning that the federal government is going towards more locally selected / nominated business immigrants.
One of the fastest and less complicated Canadian immigration programs is BC PNP. There have been good changes in the Business Immigrants categories. The most popular categories in the Business Immigrants category are Regional Business and Strategic Projects. In general the requirements under the categories have been made less difficult. The advantages of the BC PNP can be summarized as: less net worth and investment, less employment requirements to create new employment for Canadians and less percentage required to be owned by the business.
The most interesting aspect of BC PNP is the creation of a “Fast Track” option under which the applicant pays a $125,000 deposit that will allow the applicant to have the application immediately “fast tracked” to obtain Canadian permanent resident status.
The processing time of initial applications in some cases is less than 1 month.
Below is an overview of 2 main BC PNP categories:
1. Business Skills Category
An application under Business Skills allows the applicant to set up the business anywhere in BC, including Vancouver.
The new requirements are:
Net Worth: $800,000
Investment Required: $400,000
Jobs to Create: 3
Areas Covered: Anywhere in BC
Min Ownership: 33 1/3%
2. Regional Business Category
An application under Business Skills allows the applicant to set up the business anywhere in BC, that is outside the Greater Vancouver Regional District (“GVRD”) and Abbotsford.
The requirements are:
Net Worth: $400,000
Investment Required: $200,000
Jobs to Create: 1
Areas Covered: Outside GVRD and Abbotsford
Min Ownership: 33 1/3%
After the provincial nomination, the investor will have 2 options to choose from:
1) getting BC PNP approval, getting the two year work permit, meeting the requirements and then applying for the permanent resident status;
OR
2) getting BC PNP approval, taking the “Fast Track” option and paying the $125,000 performance bond and getting immediate nomination for permanent residence and being “fast tracked” for expedited processing of the permanent residence part of the application.
If the applicant performs what the applicant has agreed to the applicant will get the $125,000 deposit returned to the applicant. If the applicant fails to do what the applicant has agreed to do, the Province of BC and BC PNP will keep the $125,000 amount but the applicant will keep the permanent residence status.
About ParsCan
We are an immigration company with offices in Canada and China owned by Mr. Kambiz Rouzbeh, Immigration Consultant since 2004, Licensed with ICCRC.
We are specialized in business class immigration including Provincial Nominee programs. We provide professional business proposal and business plans for our associate colleagues and companies as well.
For more information please contact us at: (416) 671-6687.
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