Catherine Sas Says Let’s get business immigration back on the fast track You may be surprised to learn that it now takes three to five years to process a typical business application for immigration to Canada. And this was supposed to be a fast-track program! As originally developed, the concept was to bring foreign entrepreneurs and investors to Canada with the skills and financial resources to create jobs and wealth here. And to do so in an expedited manner. However, due to abuses by criminal elements and investor losses in projects that never got off the ground, the application process has been revised several times until it is no longer either fast or expeditious. The result is that many worthy applicants – people who would make a positive contribution here – give up in frustration and take their assets elsewhere rather than grind their way through a long and drawn-out process. However, the feds don’t totally control immigration and a small portion of the jurisdiction is in provincial government hands. So the B.C. government has come up with its own program to entice qualified business applicants with business expertise and has gotten the go-ahead from Ottawa to implement it. It’s called the BC PNP (Provincial Nominee Program) and I believe it represents an exciting new opportunity to bring in people with the right stuff to our province. The key benefit is speed of processing. Rather than taking several years to asses an application, the BC PNP program fast-tracks the procedure, while putting the onus on applicants to prove themselves worthy of residency here. Firstly, business applicants must make a preliminary application based on a business initiative in one of the key sectors of the provincial economy. Successful applicants are then invited to make a formal application which must be accompanied by a detailed business plan and a $3,000 fee. The province undertakes to make a decision within three months. If the application is accepted, the next stage is to sign a performance agreement. Once the agreement is in place, participants are eligible for work permits enabling them to start on their project immediately while the immigration application process is finalized. If they don’t perform, out they go. There are three categories of eligibility, but basically applicants in the projects category in the Greater Vancouver area must be prepared to invest $800,000 on a new venture or expand an existing one. They must have a net worth of $2 million and have a minimum one third equity in the venture. They must create five new jobs and have an active management role. If they are prepared to go outside the Lower Mainland, the rules are different. They will need to invest $300,000 in the venture, show a net worth of $600,000, have a minimum of 50 percent equity, create two new jobs, and actively manage the business. I think these are sensible rules. These people’s money and skills can be put to work in months rather than years. The result is a greater degree of transparency, predictability, speed and – most importantly – accountability for the government, the applicant, and the business venture. I say, bring it on. Text starts here. this section to avoid bg image from tiling. Archives: Aug/05 Why are the provinces stymieing this sensible legislation? July/05 Let’s get business immigration back on the fast track May/05 Why Immigration gets an A-grade for helping foreign students