New Brunswick Entrepreneurial Stream targets qualified foreign entrepreneurs who are interested in owning and actively managing a business that will contribute to New Brunswick’s economy.
The first step in this process is the submission of an EOI to the New Brunswick Department of Post Secondary Education, Training and Labour. Once an application is reviewed and assessed based on the eligibility requirements, an applicant is assigned a score based on various factors.
The highest-ranked candidates are invited to submit an application for a provincial nomination under the NBPNP.
Eligibility Requirements for New Brunswick Entrepreneurial Stream
In order to be eligible for the New Brunswick Entrepreneurial Stream, individuals must:
- Be between 22 and 55 years of age;
- Have a minimum of a two-year post-secondary education after high school;
- Have a minimum level of Canadian Language Benchmark (CLB) 5 in English or French;
- Demonstrate an intention to live and operate a business in New Brunswick;
- The applicant must assume a day-to-day management role in the business.
- Provide a business plan, approved by a New Brunswick government official, that will show how the business will benefit New Brunswick;
- Have a personal net worth of at least $600,000 CAD of which $300,000 must be unaffected by debts or other obligations;
- Have at least three out of five years of experience in managing and owning a business (of at least 33.3%) or have five years out of five of experience in a senior business management role or more, and be responsible for supervising at least two employees;
- Want to live permanently in New Brunswick, while owning and managing a local business;
- Present a business concept that demonstrates the potential to provide significant economic benefit to the province; and
- Score at least 65 points on New Brunswick's unique selection grid.
Selection Factors and Points
If all other eligibility criteria outlined above are met and the business plan is approved, applicants will be assessed and assigned a score. An individual must score at least 65 points out of 100 to be considered eligible. Factor 1: Age
Candidates at the age of 35-50 get maximum points (10). Factor 2: Language
Applicant must meet the minimum level of Canadian Language Benchmark (CLB) 5 in English or French in all four language abilities: reading, writing, listening and speaking.Factor 3: Education
Applicants may be awarded a maximum of 25 points for education and must have a minimum of two years post-secondary education after high school.
Foreign educational credentials must be supported by an Educational Credential Assessment (ECA) that dates back no later than five years prior to the date an application registered by the Department. Factor 4: Personal net worth
Applicants must have a verifiable personal net worth of at least $600,000 CAD of which $300,000 CAD must be liquid and unencumbered by debts and/or other obligations.
Even though there are no points awarded for meeting the requirements for personal net worth, applicants must be able to answer “yes” to the following two questions:
Factor 5: Business ownership and /or Senior Management Experience
- Does the applicant have $600,000 CAD, or greater, in total personal net worth?
- Does the applicant have at least $300,000 CAD of personal net worth readily transferable and completely unaffected by debts and/or other obligations?
Applicants are assessed based on the number of years they have owned a business or worked as a senior manager in a business as well as based on the type of management experience. Applicants may be awarded a maximum of 20 points based on business ownership and/or senior management experience.
Business owners must have had a third of the business equity for three of the five years prior to submitting an application in a business with at least two employees.
To claim points for senior management experience, applicants must demonstrate five years of experience as a senior manager in a private sector, for-profit business within the past five years. As a senior manager, the applicant must have been:
Factor 6: Business Concept
- responsible for supervising at least two employees,
- the person responsible for hiring and firing, or able to recommend these and other personnel actions, such as promotion and leave authorization; and
- personally involved in the day-to-day operations as a primary decision maker.
Under the Entrepreneurial Stream, all candidates are required to submit a business concept with their application. The business concept is a written document explaining how the business will operate.Factor 7: Adaptability Points for Spouse or Common-Law Partner
A candidate may be awarded a maximum of 5 points if his or her spouse/common-law partner has studied or worked in New Brunswick and meets the minimum language requirements.
For the Eligibility Requirements for the New Brunswick Business
and the Application process
of the NB Entrepreneurial Stream, contact
our office in Vancouver, BC.