The province of Manitoba has announced immediate changes to its Manitoba Provincial Nominee Program-Business (MBNP) stream. It will be now be known as the Business Investment Stream (BIS). It has been split into an Entrepreneur Pathway and a Farm Investor Pathway. We will concentrate on the Entrepreneur Pathway here.
From the government website:
A new business investor stream will give priority to applicants who start a business within the first 12 months of their arrival in Manitoba, particularly those who start a business outside of Winnipeg. Effective immediately, applicants in this stream will no longer be required to submit a deposit to the MPNP. Applicants will instead sign a business performance agreement to purchase an existing business or start a new one, and the MPNP will provide a letter of support for a temporary work permit. These changes will ensure applicants are investing in businesses that create jobs and contribute to Manitoba’s economy, the minister added.
Highlights:
- As of November 15, 2017, the old stream is closed for Expressions of Interest. It is anticipated the new Business Investment Stream (BIS) criteria will be in effect by March, 2018.
- The new BIS Entrepreneur Pathway will move away from the Permanent Resident (PR)/Deposit model to a work permit/PR model.
- Criteria for the Entrepreneur Pathway includes business experience, official language proficiency (English or French), and an age range preference of 25-49.
- The minimum business investment is $250,000 for a business located in Winnipeg and vicinity, and $150,00 for a business outside of the Winnipeg area.
- A minimum net worth of $500,000 will be required. However, the deposit of $100,000 will no longer be required.
- The ranking points for the criteria have not yet been announced. I will post updates as they happen.
If you are interested in discussing this program, contact us.