• Age – Preferably between 21 to 59 years
• Provide a business plan with supporting financial documentation verified by a recognized third-party professional
• Education – Minimum of Canadian high school diploma or equivalent foreign credential verified by an Education Credential Assessment (ECA), taken in the last five years prior to the date the Expression of Interest (EOI) is submitted
• Applicant must be willing to live permanently in Newfoundland and Labrador while owning and actively managing a local business that has the potential to create significant economic benefit to the province
• Have at least $600,000 CAD in unencumbered net business and personal assets that can readily be transferred to Canada
• Be able to invest at least $200,000 CAD of their own money to establish a business in Newfoundland and Labrador with a minimum ownership of 33.3 per cent, or $1 million in equity investment
• Demonstrate ability to create at least one full-time equivalent job for local population (permanent residents and Canadian citizens)
• Demonstrate that the business is a for-profit entity with the primary purpose of earning profits through the sale of goods and/or services
• Have at least two years’ experience of actively managing and owning a business (25% minimum ownership) in the last five years OR 5 or more years’ of experience in a senior business management role in the last ten years
• Have a score of at least 5 band in each category of IELTS

Applicants meeting the above criteria can complete an online Expression of Interest (EOI). If they qualify, they will receive an Invitation to Apply from the Office of Immigration and Multiculturalism.

Applicants intending to support regional economic development or focus on high-demand industries or sectors (e.g. Agriculture, Aquaculture, Technology, Natural Resources) will receive priority consideration.

It is mandatory that applicants undertake an exploratory visit to Newfoundland and Labrador prior to submitting an official application.

International Entrepreneur – Additional requirements

There are two streams within the International Entrepreneur category:

• Starting a new business and
• Purchasing an existing business

Each stream has its own unique requirements criteria in addition to the aforementioned criteria.

Additional requirements when starting a new business:

• Applicants must create a minimum of one full-time employment opportunity for a Canadian citizen or permanent resident in Newfoundland and Labrador
• This position must be other than the one filled by the approved applicant
• Jobs created for or filled by dependents or relatives of the applicant are not eligible
• Position must be relevant and directly related to the applicant’s business; and
• Position must meet the prevailing wage levels

Additional requirements when purchasing an existing business:

• The business must have been in continuous operation by the same owner for the previous five (5) years
• All applicants purchasing or partnering in an existing business must complete an exploratory visit to meet the current owner(s)
• Applicants must provide evidence that reasonable efforts were taken to establish a fair market value for the business
• The business must be actively in operation and not in receivership; and
• Applicants must offer employment on similar terms and conditions to existing staff, including maintaining existing wages and employment terms