ANNOUNCEMENT 02 Jul 2015In July 2015, the government of Canada/Province of British Columbia announced a change for the labour market access of foreign workers.
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On July 2, 2015 the British Columbia Ministry of Jobs, Tourism and Skills Training and Responsible for Labour announced a revamping of its Entrepreneur Immigration program. It combined the previous Business Skills and Regional Business categories into one, updated Entrepreneur Immigration stream that targets investment-ready entrepreneurs who support innovation and create jobs. Registrations will be valid for six months and the PNP will limit the number of new registrations to 200 each month. Periodically and based on program capacity the highest-scoring registrants will be invited to apply. Those registrants invited to apply will be required to meet a minimum net worth threshold of $600,000 and must complete a third-party review of their net worth by a qualified accounting firm. There is no change to the minimum requirements to invest of at least $200,000 in eligible expenses and create at least one new job in the B.C. business. The revised program introduced an Entrepreneur Immigrant Registration and a registration fee of $300. There will also be an increase in the Entrepreneur application fee from $3,000 to $3,500. One analysis observed that the previous Business Immigration stream had been suspended earlier in 2015 due to a surge of applications received following the cancellation of the federal immigrant investor program (see http://www.globaltradealert.org/measure/canada-replacement-previous-econ...). The surge of new applications reportedly included many who were motivated more by the desire to be in Canada than to undertake new investments. "The new points-based Entrepreneur Immigration stream," according to this interpretation, "has been introduced in an attempt to ensure the immigration stream is solely a pathway for serious entrepreneurs."