Saskatchewan Immigrant Nominee Program (SINP) for Entrepreneur
Saskatchewan Immigrant Nominee Program (SINP) for entrepreneurs provides an excellent opportunity to invest in the province of Saskatchewan and become a permanent resident (PR) in Canada. An Entrepreneur can establish a new business, acquire an existing business, or partner in a business in Saskatchewan.
Process – Four Steps to get permanent residency in Saskatchewan
Expression of Interest
An entrepreneur must express his/her interest in residing in Saskatchewan and running a business. An entrepreneur must also provide details of his/her entrepreneurial experience, assets, and Business Establishment Plan. All this information must be uploaded on an online portal, and the candidate who meets the minimum selection criteria will be accepted in a pool of candidates. All the candidates in the pool would be given scores based on the point criteria grid and ranked accordingly.
Candidates are ranked based on their scores, and the candidates with higher scores will be called upon and required to submit their applications. All the selected candidates are required to apply to SINP. The information provided by the candidates will be scrutinized. Candidates need to submit application processing fees, a third-party verification report of net worth, and all the supporting documents. A candidate may be called for an in-person interview or through video-conferencing. After the final interview, a Business Performance Agreement will be sent to the candidate. Candidates need to review and sign this agreement.
Candidates who pass this step will be issued SINP Entrepreneur Approval Letter. This letter is extremely important because, with the support of this letter, candidates would apply at Immigration, Refugees and Citizenship Canada (IRCC) for a two-year temporary work permit (TWP).
An entrepreneur who has received a temporary work permit (TWP) must attend an arrival meeting in Saskatchewan within 18 months of the date of SINP Entrepreneur Approval letter. The entrepreneur must send Business Establishment Progress Report to the SINP within 12 months of arriving in Saskatchewan. To be eligible for nomination, an entrepreneur must satisfy the terms and conditions of the Business Performance Agreement.
Upon satisfy the terms and conditions of the Business Performance Agreement, entrepreneurs and dependents are eligible to apply to SINP for the nomination. SINP will assess entrepreneur compliance with the Business Performance Agreement and other criteria. SINP will send a nomination certificate to IRCC and a letter to the entrepreneur explaining the process of acquiring permanent residency.
Minimum Requirements for Candidates
• An entrepreneur must have a minimum of $500,000 in Net Business and Personal Assets.• Should have a plan to invest a minimum of $300,000 in Regina and Saskatoon, or a minimum of $200,000 in the rest of the Saskatchewan communities.
• A relevant three-years (at least) of entrepreneurial or business management experience acquired in the last ten years.
• Ownership of at least one-third of the proposed business.
• Should create at least two jobs for Canadian citizens or permanent residents (non-relatives), if establishing business in Regina or Saskatoon.
• Should have in-depth knowledge of Business Establishment Plan.
• Must sign a Business Performance Agreement with the Government of Saskatchewan.
• Must reside in the province of Saskatchewan with their dependent family.
• The proposed business must be for profit. The primary aim of the business is to earn profit through the sale of goods or services or both.
• The business should have the potential to create economic benefits for the province of Saskatchewan. The business should meet the economic needs of the province.
• The business entity will be considered as a “permanent establishment” as defined under subsection 400(2) of the Canadian Income Tax Regulations, 1985.
• Should meet the legal requirements of the community they operate in.
Purchasing an Existing Business
Additional points are awarded to the entrepreneurs if they are buying an operational business.
• The business should be operational in the province of Saskatchewan by the same owner for the last three years.
• The entrepreneur must have an exploratory visit with the previous owner.
• Business worth should be evaluated at fair market value.
• Canadian citizen and permanent resident should not lose their job due to a change of ownership.
• Should be a complete transfer of ownership.
Net Worth Evaluation
To assess the net worth of the entrepreneur, SNIP uses two third-party service providers. They are KPMG and MNP Ltd. An entrepreneur is required to contact either of the above two service providers and get the assessment done. An entrepreneur is required to provide all the necessary documents including financial statements and bank statements. An entrepreneur must make sure that all the information provided is correct. Once the assessment is complete, the entrepreneur will get the report from the service provider.
Not all businesses are eligible for SNIP Entrepreneur category. An entrepreneur must make sure that the business they are planning to start should not fall on the list of ineligible businesses. Some of them are
• Property rental, investment, and leasing activities.
• Real estate construction, development, brokerage.
• Insurance brokerage or business brokerage.
• Professional services or self-employed business operators requiring licensing or accreditation.
• Pay day loan, cheque cashing, money changing and cash machines.
• Credit Unions.
• Home-based businesses, including bed-and-breakfasts and lodging houses.