Guide to the Nova Scotia Provincial Nominee Program for Entrepreneurs: Essential Information.

If you’re an accomplished professional, investor, or entrepreneur considering business immigration to Nova Scotia, the Nova Scotia Nominee Program (NSNP) Entrepreneur Stream might be a viable pathway for you. Tailored for experienced business owners and senior managers who wish to settle in Nova Scotia, this program offers the opportunity to establish or purchase a business there. This article will provide a comprehensive guide to help you assess if the Stream suits you and outline the steps to a successful application.

Entrepreneur Category: Who Can Apply for NSNP

If you wish to apply for the NSNP Entrepreneur Stream, you need to meet several criteria:

• Age: You must be at least 21 years old.
• Net Worth: If you plan to operate a business within the Halifax Regional Municipality (HRM), you must have a net worth of at least $600,000. For businesses outside HRM, the requirement is at least $400,000. Your net worth must be legally acquired, and you must demonstrate that you can transfer these funds to Canada.
• Investment: You need to make a minimum investment of $150,000 within HRM or $100,000 outside HRM. This investment must be made into the business you intend to operate, and you must own at least one-third of the equity in that business.
• Business Experience: You should have at least three years of experience as a business owner or five years as a senior business manager within the last ten years.
• Language Proficiency: You must meet the language requirements – at least a Canadian Language Benchmark (CLB) Level 5 in English or French.
• Educational Qualifications: You should have at least a Canadian high school diploma or an equivalent foreign credential.
• Intent to Reside in Nova Scotia: You must show your intent to live and operate your business in Nova Scotia permanently.

Business Immigration: Nova Scotia Nominee Program Ranking System

In addition to meeting the eligibility criteria, you should score above 85 points to be invited to apply for the NSNP Entrepreneur Stream. The following table shows you how the province awards points:

How to Apply for NSNP Entrepreneur Category: 10 Important Steps

Applying for the Nova Scotia Nominee Program Entrepreneur Stream involves multiple steps and is run by the provincial and federal governments. Below is a step-by-step guide to describe the whole process.

Step 1: Calculate Your Points

The Nova Scotia Entrepreneur Stream evaluates applicants using a points-based system. Your score is determined by such factors as your business experience, personal net worth, language proficiency, education, and proposed business in Nova Scotia.

To find out where you stand, download our NS PNP Points Calculator and calculate your score today.

• Good Chances of Selection: If you score between 85-105 points, you stand a good chance of being selected.
• Excellent Chances of Selection: If you score above 105 points, your chances of being selected are excellent.

Step 2: Prepare Your Language Test and Educational Credentials

To submit an Expression of Interest (EOI), you must have results from an approved language test and an Educational Credential Assessment (ECA) certificate.

• Language Test: You should score above Canadian Language Benchmark (CLB) 5 in each band (Reading, Writing, Listening, and Speaking). Higher scores improve your overall points and chances of selection.
• ECA Report: Your ECA should be no older than 5 years from the date of your application. Ensure you order the ECA report specifically for immigration purposes.

Important Tip: Start this step early, as these processes can take time, and both are mandatory for registering your EOI.

Step 3: Research Nova Scotia Cities and Decide on Your Business

Before submitting your EOI, it’s essential to research Nova Scotia’s cities and decide on the type of business you intend to start or purchase for your business immigration purposes. You don’t need to have every detail figured out, but you should have a general understanding of:

• Location: Whether you plan to operate inside the Halifax Regional Municipality (HRM) or outside it.
• Type of Business: Decide on the industry or type of business that aligns with your experience and goals.
• Budget: Have a clear idea of the investment you’re willing to make.

Important Tip: If you plan to purchase an existing business, you’ll need to conduct an exploratory visit to Nova Scotia within 6 months of receiving an invitation to apply. Since IRCC can take 3-4 months to process a visitor visa (if you need one), it’s advisable to apply for a visa as soon as possible to avoid delays.

Step 4: Submit an Expression of Interest (EOI)

Once you have your points calculated, language test results, ECA, and a general business plan, you can submit your Expression of Interest. The EOI consists of approximately 51 questions where you’ll provide personal information, confirm your eligibility, and include details from your ECA report, language test, and your proposed business. EOIs are entered into monthly draws. If your score is sufficient, you’ll receive an Invitation to Apply (ITA) in approximately 30 days.

Step 5: Submit Your Business Application

When you reach the business application stage of the NSNP Entrepreneur Stream, it’s critical to ensure all required documents are meticulously prepared and submitted on time. This stage involves several vital documents, including your Business Establishment Plan, Net Worth Verification Report, and Review Engagement and Special Purpose Report.

The Business Establishment Plan is the centrepiece of your application. It must demonstrate the viability of your business, your role in its operation, and your thorough understanding of the Nova Scotian market. It must cover aspects such as your business idea, ownership structure, investment details, marketing strategies, and a detailed action plan.

Additionally, if you are purchasing an existing Nova Scotia business, you must provide a preliminary purchase price and an evaluation of the business.

Remember, your Net Worth Verification Report must be prepared by a designated verifier and submitted within 180 days of receiving your Invitation to Apply. This report will confirm that your financial assets meet Nova Scotia Nominee Program requirements and that these funds can be transferred to Canada.

Practically, timing is everything during this stage. From the moment you receive your Invitation to Apply, you have specific deadlines:

• 20 days to select a Net Worth Verifier;
• 90 days to submit the Business Establishment Plan and other supporting documents and
• 180 days for the Net Worth Verification Report.

To avoid delays, gather your financial documents and work on your Business Establishment Plan as early as possible. If you plan to purchase an existing business, an exploratory visit to Nova Scotia will be necessary to meet the current owner and assess the business in person—this should be arranged well in advance.

Finally, ensure all your documents are accurate, complete, and submitted in the correct format. Missing or incorrect information can result in your application being closed.

Step 6: Interview

Once your application is reviewed, you will be invited to participate in an interview with Nova Scotia immigration officials. This interview is typically conducted virtually, but you can request an in-person interview.

During the interview, NSNP officers will focus on several key areas:

• Business Idea: They will evaluate the viability of your business idea, including whether it has a reasonable chance of success and how well you have researched the Nova Scotia market, economy, and culture. You must demonstrate that you can begin operating the business shortly after arriving in Nova Scotia and plan to be involved in its day-to-day operations.
• Sales and Marketing Plan: Officers will ask questions about your customers, products or services, distribution methods, business hours, physical space requirements, suppliers, and competition. Detailed research must support your responses to these questions.
• Action Plan: They will assess your action plan, looking at your timeline for starting the business, hiring staff, and achieving critical financial milestones. This plan should cover at least two years and include dates for specific activities.
• Compliance with Nova Scotia Regulations: They will check your understanding of the rules and regulations relevant to your business, such as environmental and health regulations, zoning rules, and labour laws. You must show how you plan to comply with these regulations and overcome potential difficulties.
• Involvement in the Business: You must describe your role in the business, including the number of hours you plan to work weekly and any training or preparation you have undertaken to become an entrepreneur in Nova Scotia. Officers will also examine how your education and experience relate to the business and, if not, how your other knowledge and experience apply.
• Human Resources: Officers will review how you plan to involve others in your business, including the number of Canadian citizens or permanent residents you will employ, their roles, and the qualifications you require.

Make sure to prepare thoroughly and review your Business Establishment Plan. Passing the interview is a critical step toward receiving your Business Performance Agreement, so approach it with seriousness, as failure at this stage means your application will be closed without an appeal option.

Step 7. Business Performance Agreement

You will be asked to sign a Business Performance Agreement (BPA) if you pass the interview. This legal contract between you and the Nova Scotia government outlines your commitment to invest and operate a business in the province. The BPA will detail the amount of money you will invest, the type of business you will operate, the number of employees you will hire, and other essential aspects of your business plan. 

Step 8. Work Permit Application

After signing the BPA, you and your family can apply for a work permit through Immigration, Refugees and Citizenship Canada (IRCC). The work permit allows you to move to Nova Scotia and start operating your business. It’s important to note that obtaining a work permit is not guaranteed, as IRCC has its assessment criteria.

Step 9. Arrival in Nova Scotia and Business Operation

You and your dependant family must arrive in Nova Scotia within six months of receiving your port of entry letter and begin operating your business as detailed in your plan.

Upon your arrival in Nova Scotia, you must also attend an Arrival Meeting within 60 calendar days of the issuance of your work permit. During this meeting, you must provide several critical documents as part of the Arrival Report. These include:

• Photocopies of your passport
• Temporary Work Permit 
• Nova Scotia driver’s license and/or health card. 
• Proof of your residence in Nova Scotia (such as utility bills, a lease agreement, or a mortgage document).
• Proof that you have transferred the funds specified in your Business Performance Agreement to a bank account in Nova Scotia. This can be evidenced through bank statements showing the withdrawal from your home country account and the deposit into your Nova Scotia account. 

You will be required to run the business for at least one full year before you can apply for permanent residence. During this time, you must adhere to the terms of your BPA, including:

• Investment Requirement: You must make a minimum investment according to your approved Business Establishment Plan.
• Ownership and Management: You must maintain at least 33.33% ownership of the business and be actively involved in the day-to-day management. This includes regular attendance at the business premises and holding a managerial position within the company.
• Compliance and Reporting: You must comply with all relevant federal, provincial, and municipal laws, including obtaining necessary permits and licenses. Additionally, you must provide regular progress reports and allow for audits as part of the monitoring process by NSNP officials.
• Duration of Obligations: You must actively manage the business for a minimum of 12 months before you can apply for nomination for permanent residency. Your compliance with the BPA will be closely monitored during this period.
• Proof of Compliance: You must submit various documents, including financial statements, business licenses, and evidence of investments. These documents are essential to demonstrate that you have met all the requirements outlined in the BPA.

Step 10. Application for Permanent Residence

After successfully operating your business for a year, you can apply for permanent residence in Canada. This final step involves submitting additional supporting documentation to prove that you have met the Entrepreneur Stream’s requirements. If approved, you, your spouse, and your dependents will receive permanent resident status.

Nova Scotia Entrepreneur Category: Financial Requirements and Costs

Understanding the financial commitments involved in the NSNP Entrepreneur Stream is crucial. Beyond the initial investment in your business, there are several other costs you need to consider:

• Net Worth Verification ($4,500- $7,500): After receiving an ITA, you must hire an approved service provider to verify your net worth. This process can be costly, and fees vary depending on the service provider. You should budget between $4,500 and $7,500 for net worth verification. 
• Business Establishment Plan ($8,000- $10,000): You may need to hire a consultant to help you prepare a detailed Business Establishment Plan, a critical part of your application. Fees for this service can also vary. On average, you should budget between $8,000 and $10,000 for this step. 
• Financial Statement Review ($3,000- $7,500): you must also hire an approved service provider to verify the financial statements of your Business Establishment Plan. The review includes assessing your business’s financial viability and sustainability, identifying any challenges or concerns, and providing recommendations to improve its viability. This process can be costly, and fees vary depending on the service provider. On average, you should budget between $3,000 and $7,500. 
• Work Permit Fees: When applying for your work permit, you must pay application fees to IRCC. These fees are non-refundable, even if your application is denied. The work permit application fee for the principal applicant is $155. If you are applying with a spouse, there is an additional fee of $255. Each dependent child will require a payment of $150. Additionally, if you have an employer in Canada, they must pay a compliance fee of $230.
• Permanent Residence Fees: The fee for the principal applicant is $2,385.00, which covers the processing of the application. If you are applying with a spouse, an additional fee of $1,525.00 is required. The fee for each dependent child is $260.00. Additionally, adults over 14 may be required to pay biometric fees, which are $85.00 per person.
• Legal and Professional Fees: If you choose to use a representative or lawyer to assist with your application, you should also budget for their services. Legal fees will usually range between $35,000 to $75,000 for the representation in the entire process. 
• Operating Expenses: When starting your business, you must be prepared to cover various operating expenses, including rent, salaries, utilities, and marketing costs. Plan to set aside an additional $50,000-$100,000 to cover your business’s operational costs. 

Nova Scotia Entrepreneur Category Processing Time

The entire journey from calculating your points to receiving a decision on your permanent residence application could take between 2.5 years to 3.5 years, depending on various factors such as processing times and personal preparation speed.

Here is a detailed timeline for each step in the NSNP Entrepreneur Stream process, starting with point calculations and ending with permanent residency (PR):

• Within the first 2-3 months:

• Calculate Your Points.
• Prepare Your Language Test and Educational Credential Assessment.
• Research Nova Scotia and Plan Your Business.
• Submit an Expression of Interest.
• Receive Invitation to Apply.
• Submit Full Application (Business Application Submission): 3 months.
• Interview: 1-2 months after application submission.
• Sign the Business Performance Agreement: 1-2 weeks (approximately 0.5 months).
• Apply for Work Permit: 1-3 months.
• Arrival in Nova Scotia: Within 6 months after Work Permit issuance.
• Operate Your Business: 12 months.
• Apply for Permanent Residence: 1-3 months after 12 months of business operation.
• Permanent Residence Decision: 6-12 months.

Working on multiple tasks in parallel is essential to saving time and ensuring the smooth and speedy processing of your NSNP Entrepreneur Stream application. Start your net worth verification and business search early while simultaneously organizing your documents and preparing for each stage of the process. Staying organized with your records and maintaining accurate documentation is crucial.

Aligning your activities and working on several fronts simultaneously will help reduce wait times and keep your application on track. Effective multitasking and good alignment of all these efforts are vital to minimizing delays and ensuring a successful outcome.

Business Opportunities in Nova Scotia

Nova Scotia offers many business opportunities, particularly in industries vital to the province’s economic growth. Some sectors that are highly encouraged include:

• Technology and Innovation: Nova Scotia is a growing hub for technology and innovation, with opportunities in software development, cybersecurity, and digital media.
• Tourism and Hospitality: The province’s natural beauty and rich cultural heritage make it an attractive destination for tourism-related businesses, including hotels, restaurants, and tour services.
• Agriculture and Fisheries: Nova Scotia has a strong tradition in agriculture and fisheries, offering opportunities for businesses involved in food production, processing, and distribution.
• Healthcare and Life Sciences: The robust healthcare infrastructure of Nova Scotia offers opportunities for businesses in healthcare services, medical technology, and pharmaceuticals.
• Renewable Energy: Nova Scotia is committed to renewable energy and sustainability, creating business opportunities in wind, solar, and other green technologies.

Business Immigration to Nova Scotia Through NSNP Entrepreneur Category: Assessing Your Chances of Success

While the NSNP Entrepreneur Stream offers a promising pathway to Canadian permanent residence, it’s important to realistically assess your chances of success. Here are some factors to consider:

• Points System: Your EOI will be scored based on several factors, including your business experience, net worth, investment amount, and language proficiency. Only the highest-scoring candidates will receive an ITA.
• Business Plan Viability: The success of your application largely depends on the strength of your Business Establishment Plan. Ensure your plan is well-researched, feasible, and aligns with Nova Scotia’s economic priorities.
• Financial Preparedness: Be prepared for significant financial commitments, including the initial investment, operating costs, and professional fees. A solid financial foundation is essential for success.
• Commitment to Nova Scotia: Your genuine intent to live and operate your business in Nova Scotia will be closely scrutinized. Be prepared to demonstrate your commitment during the interview and in your Business Performance Agreement.

How Sobirovs Can Help

One of the most challenging aspects of this application is finding the right business opportunity, and that’s where our expertise comes in. We can guide you in identifying viable business options and facilitate introductions that will help you meet the Nova Scotia Nominee Program requirements and maximize your chances of success. We can support you through this crucial phase by:

• Helping you build a strong network of local contacts
• Secure endorsement letters
• Connect with potential sellers of businesses that align with your goals. 

In addition, we can support you at every stage of the NSNP Entrepreneur Stream process. When you work with us, you can expect comprehensive, hands-on support at every step.

Our goal is to simplify your journey, reduce wait times, and ensure that every aspect of your application is handled with precision and care. We’re dedicated to helping you succeed in establishing your business and achieving permanent residency in Nova Scotia.

We invite you to contact us by booking an appointment with our senior lawyers.