Saskatchewan Entrepreneur Program
Saskatchewan Entrepreneur Program: Pioneering Business Ventures in Canada
Unlock your entrepreneurial dreams with the Saskatchewan Entrepreneur Program. Crafted for aspiring business moguls seeking to establish their ventures in Saskatchewan, this program offers a pathway to Canadian permanent residence.
Eligibility goes beyond minimum requirements; a point-based system assesses factors like age, education, investment, and business plan. Successful candidates, meeting or exceeding draw thresholds in regular SINP draws, secure an Invitation to Apply (ITA).
Distinct from the Express Entry Program, the Entrepreneur Stream involves a longer processing timeline. However, the program’s promise of entrepreneurial success and Canadian residency makes it a compelling choice for determined visionaries.
Embark on your entrepreneurial journey with Saskatchewan – where business opportunities meet Canadian aspirations.
Saskatchewan Entrepreneur Stream Eligibility Requirements
For Prospective Applicants:
- Financial Standing: Applicants must possess a verifiable net worth of at least $500,000 CAD, substantiated by an accredited third-party verifier. This financial status should be founded on legitimate sources.
- Entrepreneurial Background: A minimum of 3 years' entrepreneurial experience within the last decade is mandatory, showcasing the candidate's proficiency in business operations.
- Investment Commitment: The proposed business plan requires a substantial financial commitment from the applicant. In Regina or Saskatoon, a minimum investment of $300,000 CAD is required; whereas in other Saskatchewan communities, a minimum investment of $200,000 CAD suffices.
- Business Plan Acumen: A comprehensive understanding of the Business Establishment Plan (BEP) is essential, underscoring the applicant's grasp of their intended business venture.
- Job Generation: Applicants are mandated to generate and maintain a minimum of 2 jobs for Canadian citizens or permanent residents.
- Equity Share: For investments under $1,000,000, the applicant should maintain ownership of at least one-third of equity within the proposed business.
- Saskatchewan Residency: The intent to reside exclusively in Saskatchewan with dependents is a prerequisite, highlighting a commitment to local community integration.
- Business Performance Agreement: Upon SINP application approval, candidates must enter into a Business Performance Agreement with the Government of Saskatchewan. This formal agreement is pivotal for securing the nomination.
Aspiring entrepreneurs seeking entry via the Saskatchewan Entrepreneur Stream must meet these rigorous eligibility benchmarks. From financial stature to business prowess, this pathway underscores commitment to both local economies and Canadian entrepreneurship.
For Enterprises:
- Economic Enrichment: Businesses must exhibit the potential to positively impact Saskatchewan's economic landscape, fostering growth and advancement.
- Profit-Centric Operation: The core objective of businesses should center around profit generation via the sale of goods or services, driving sustainable financial viability.
- Permanent Establishment: Businesses are mandated to align with the parameters of a "permanent establishment" according to the Canadian Income Tax Regulations of 1985.
- Legal Adherence: Conformance to all legal requisites of the targeted community for establishment and operation is imperative, ensuring compliance at all levels.
- Structural Flexibility: Proposed businesses can take shape as Sole Proprietorships, Corporations, or Partnerships, providing versatile avenues for entrepreneurial expression.
For entrepreneurs, these business prerequisites underscore the symbiotic relationship between enterprise success and Saskatchewan’s economic prosperity.
Below outlines a roster of disqualified candidates and categories of ineligible businesses:
Inadmissible Applicants:
-Individuals seeking refugee status in Canada.
-Individuals residing unlawfully in their home country or in Canada.
-Those with removal orders from IRCC or Canada Border Services Agency.
-Individuals barred from entering Canada.
-Applicants with dependent family members (regardless of accompaniment) facing severe medical conditions.
-Applicants with dependent family members over 18 years old carrying a criminal record.
-Those entangled in unresolved family custody or child support conflicts affecting any family member.
-Applicants who have deliberately misrepresented themselves in their application.
Inadmissible Business Ventures:
-Activities revolving around property rental, investment, and leasing.
-Real estate construction, development, brokerage, insurance brokerage, or business brokerage.
-Professions demanding licensing or accreditation for self-employment.
-Businesses engaged in payday loans, cheque cashing, money-changing, and cash machines.
-Involvement with credit unions.
-Home-based enterprises including bed-and-breakfasts and lodging houses.
-Ventures structured as co-operatives.
-Investments targeting businesses primarily aimed at generating passive investment income.
-Businesses situated within a multi-business retail/condo/location/project or business incubator not yet operational, dependent on SINP entrepreneur investment or operations for development or continuity.
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Essential Documentation for Saskatchewan Entrepreneur Program
Upon receiving an Invitation to Apply for the Saskatchewan Entrepreneur stream, applicants must furnish the following pivotal documents:
- A financial assessment report, promptly provided within 20 days, facilitated by a designated third-party service provider.
- A comprehensive SINP application encompassing corroborative paperwork and a Business Establishment Plan, all due within 90 days.
Application Fee for Saskatchewan Entrepreneur Program
For the Saskatchewan Entrepreneur stream, a non-reimbursable processing fee of 2,500 CAD is obligatory from the applicant.
Estimated Application Processing Time:
As of the latest data spanning January 1 to March 31, 2021, the SINP processes entrepreneur stream applications within the following timeframes:
Upon the applicant’s submission of a comprehensive application and third-party verification report to the SINP, an Approval Letter and Temporary Work Permit Support Letter are issued. The subsequent step involves a waiting period of approximately 14 weeks for the issuance of the Provincial Nomination.
Step-by-Step Process for Saskatchewan Entrepreneur Stream Application:
Step 1: Express Interest Submission
Commence the journey by expressing interest in establishing a business and residing in Saskatchewan. This involves submitting crucial details like entrepreneurial experience, investment intentions, net worth, and a comprehensive business establishment plan.
Candidates meeting eligibility criteria enter the Expression of Interest (EOI) pool, where they undergo evaluation and ranking via a score-based system.
Step 2: Invitation to Apply (ITA)
Selected candidates from the EOI pool receive an Invitation to Apply. Top-ranking candidates gain priority for formal ITAs. This initiates the verification phase, with candidates having 20 days to pay a non-refundable fee of $2,500 CAD. Supporting documents and a Business Establishment Plan must be submitted within 90 days, along with a third-party verification report within 180 days post-ITA reception.
Step 3: Evaluation and Interview
Candidates undergo a video conference interview as part of the evaluation process. Notably, interview costs are the responsibility of the candidate.
Step 4: Business Performance Agreement (BPA)
Successful interviews lead to the signing of a Business Performance Agreement within 30 days. This legally binding document outlines investment amounts, business operation timelines, job creation goals, and essential business milestones.
Step 5: Acquire Temporary Work Permit (TWP)
Upon receiving an Approval Letter from SINP Entrepreneur, candidates can apply for a Temporary Work Permit. This facilitates a 2-year work period in Saskatchewan to implement the proposed business plan.
Step 6: Provincial Nomination Application
Upon fulfilling all Business Performance Agreement terms, candidates can apply for provincial nomination. This requires adhering to financial obligations, legal requirements, and operating the proposed business in line with the BPA for a minimum of 6 months.
Step 7: Permanent Residence Application
With a Saskatchewan provincial nomination in hand, the final stride is submitting a permanent residence application to IRCC within 6 months.
Embark on your Saskatchewan Entrepreneur Stream journey with confidence, armed with a comprehensive understanding of the step-by-step process.
How Izago Immigration Can Assist You ?
How can Izago Immigration help you?
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