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The two most sought-after provinces for investor programs are British Columbia (Vancouver) and Ontario (Toronto). Both programs start with a work permit and lead to final permanent residency while you are working inside Canada. What’s the difference between these two programs and what should you consider before applying for either one?
The primary Entrepreneur PNP programs within Ontario and British Columbia have the highest net worth and investment requirements of any province. However, both provinces also offer lower requirement pathways for entrepreneurs looking to invest outside of the major city centres.
The alternative pathway, Ontario’s Entrepreneur Success Initiative, allows applicants to create businesses outside of GTA (Greater Toronto Area). This program is not limited to a small list of cities, like BC is and you don’t need an endorsement letter to apply here.
The Regional Pilot program in British Columbia is actually one of the lowest investment programs available– but only a select few communities, listed on their website, qualify. British Columbia PNP also has the Strategic Initiative for larger organizations looking to set up a presence and bring in multiple key staff to nominate for PR in the future.
The focus of the comparison in this article looks at the primary program for both provinces.
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* Your business or management experience can be anytime in the last 10 years – 3 or 4 years (depending on whether you were a business owner or senior manager)
* You can be exempt from education requirements with certain business experience.
* You can invest anywhere in BC – with no restrictions.
* Language requirements are not mandatory at the beginning of the process. You can submit it later before you are nominated for the final PR.
* You can have a co-applicant for your investment & business proposal.
* Your qualifying worth assets can be in the name of the main applicant, spouse/partner, and dependent children.
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* There is a registration fee, even before you are invited ($300).
* You are restricted from residing in a 50KM radius from the place of business you intend to operate.
* They have a very tricky points matrix which makes it more difficult to be able to claim enough points to be selected by the British Columbia PNP.
* Applicants inside of Vancouver are rarely selected with the minimum investment amount of $200,000.
* They have the highest refusal rates post-interview.
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* IT and communication-based businesses can be considered for lower investment and net worth requirements.
* There are no language requirements up front. Only before final nomination after 18 months of running the business.
* You can invest anywhere in the province of Ontario.
* You can claim bonus points for your EOI (Expression of Interest) if you were involved in an export-based business back home or had 20% growth in 2 consecutive years or related industry experience based on your proposed business in Ontario.
* They provide a database of businesses for sale through an approved PNP service provider (in case the applicant would like to purchase an existing business)
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* They have the highest investment and net worth requirements of all the provinces in Canada.
* Your net worth assets can only be under the name of the applicant, not the spouse or common-law partner.
* The reduced investment and net worth requirements outside of GTA are not as significant as other rural programs.
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Both programs require an EOI, and both will score profiles and business plans using a points-based matrix system. Both also require in-person interviews.
There are a few requirement differences that set these programs apart from each other as well.
Category Ontario British Columbia
|
Minimum Investment |
$600,000 (within GTA) $200 (outside GTA) |
$200,000 |
|
New Worth |
$800,000 (within GTA), $400,000 (outside GTA) |
$600,000 |
|
Education |
None |
2 yr. post-secondary diploma/degree or 100% equity in business ownership for 3 out of 5 years. |
|
Registration Fee |
None |
$300 |
|
Application Processing Fee |
$2000 (within GTA) $1,500 (outside of GTA |
$3,500 after ITA |
Although these programs require some of the highest net worth and investment numbers, they also offer amazing growth and succession opportunities for entrepreneurial applicants who qualify and are looking to create or buy a business in these thriving communities. Deciding which provincial program is best for you depends on what you bring to the table and which province offers the opportunities and advantages you’re looking for. You can find out more about each program by going to their respective websites: Ontario or British Columbia
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