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The provincial government re-examined a previously closed immigration program, seeking to allow entrepreneurs from outside the province to settle in Newfoundland and Labrador.
On Monday, the Minister of Higher Education, Skills and Labor, Al Hawkins, announced two ways for immigrants to start a business in Newfoundland and Labrador.
The "International Graduate Entrepreneur" category will allow graduates from Memorial University and North Atlantic College to start a business in the province. The International Entrepreneur Program is open to immigrants who want to start, join or run a business in the province.
The first category will require a graduate student from a program of at least two years, with a reference level of seven levels of English or French. No initial investment is required in a local business, but applicants must have at least one year of experience in managing or owning a business in the province before they qualify. .
The second category is open to immigrants aged 21 to 59 years. They must own $ 500,000 in net business and personal badets that can be transferred to the province, with at least two years of experience in running a business.
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The announcement took place at the HeyOrca headquarters, a local technology company co-founded by Sahand Seifi of Iranian origin and Joe Teo of Malaysian origin. The company employs 35 people between Newfoundland and Labrador and Toronto, the majority of employees coming from outside.
Seifi says this announcement is a positive move by the province.
"For me, I've been mentoring a lot of out-of-school, mostly international, students who want to start their business," said Seifi.
"Their first question is about staying in Canada and starting a business. I can tell them that now they can take a road and that they do not have to worry about this aspect of business creation now.
According to the previous rules, HeyOrca's co-founder, Joe Teo, had to give up his participation in the company for a while, in order to obtain his permanent resident status, which he received last year.
Teo says he's engaged in Newfoundland and Labrador, although he acknowledges potential problems on the horizon.
"Rising costs are a universal problem, and I think it all depends on the optimism that immigrants have, especially (they are) willing to take the risk of a better life here," said Teo.
"Some industries in Newfoundland are thriving, like the technology scene, for example, so I think there are certainly some challenges, but there are also a lot of opportunities." [19659002] A similar immigration program offered by the federal government was closed in 2010 after the federal auditor general discovered that the system was being abused by newcomers across the Atlantic provinces.
Investors were able to transfer their wealth in the provinces in exchange for visas to work and live in Canada faster than through other immigration routes.According to a 2011 National Post article published in PEI, the Auditor General n & # 39; 39; a hole Only 368 of the 1,100 immigrants registered with the provincial authorities after using the program.
In a statement, the Ministry of Higher Education and Skills states that protective measures are in place this time to ensure that the program is not used in any way. abusive.
" International candidates for entrepreneurship and the international graduate contractor will report regularly on the progress of their business and will accept regular independent audits of their business activities", she read.
"The new categories will require individuals to own a business for 12 months before being appointed by Newfoundland and Labrador, to ensure that entrepreneurs who invest in our province establish themselves there.
Twitter: DavidMaherNL
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