Important Considerations About the BC Business Plan for the Entrepreneur Pathway

1. Important Considerations About the BC Business Plan for the Entrepreneur Pathway Business immigration in Canada focuses largely on the province. Nearly every province has their own provincial nominee program (PNP). Within each PNP, most have an entrepreneur pathway, or some variation of one. British Columbia is no exception. The BC PNP Entrepreneur Immigration is one of the more popular programs out there. There are several things you need to know about the BC Business Plan that will be required for your application. Business Concept Before BC Business Plan There is a very important step to consider before you write your BC business plan for the entrepreneur pathway. First, you have to register your expression of interest (EOI). This EOI is how you alert British Columbia of your intent, or interest as the name implies, to be considered for the BC PNP Entrepreneur Pathway. During this stage you will provide information about your business concept, as well as personal information regarding your financial situation and professional experience. This information is scored and only registrants with the highest scores will receive an invitation to apply. Your business concept is 40% - or 80 out of 200 points – of your score.

2. When to Write the BC Business Plan Now that you understand that the BC business plan is not required for the beginning stage, you may wonder when you should write it. Technically, you can write the BC business plan for the entrepreneur pathway after the business concept. However, it is recommended to write it, or at least outline it, before the business concept. The reason for this is because if you are invited to apply, your business plan must align with your business concept. Any changes or deviation from your initial concept can result in denial or cancelation of your entrepreneur pathway application. That is why it is recommended to write the BC business plan first. Even if it is not formally constructed, you should have gone through the full business planning process. What to Include in Your BC Business Plan for the Entrepreneur Pathway Unlike a traditional business plan, your BC business plan needs to be written with immigration priorities at the forefront. You should have all the same basic sections and cover all the same information. What you focus on will be different though. The entrepreneur pathway priorities are to benefit the economy of the region and/or province. You need to do this while proving the business is viable and can be successful. That is why you should focus on the following elements: · Job creation – Creating jobs for current citizens and residents is one of the main priorities of the Entrepreneur Pathway. You need to be reasonable, but make sure you create as many jobs as possible. Economic contribution – The BC business plan financials should make it very clear when the company will begin to generate a profit and the level of profit it will produce. This is what you will pay taxes on and how you will contribute to the economy in a broader sense. Cultural contribution – One thing to be aware of in the entrepreneur pathway is to bring something to the area that they are missing or need more of. Often, this contribution is cultural. Viability – If your business fails you won’t create the jobs you promise or have the economic impact you claim. Make sure that you support your idea through the BC business plan so it is evident that the plan is viable. Stability – Beyond viability, the BC business plan needs to appear stable. The Canadian and provincial governments want to accept businesses that will contribute to long-term improvements and growth. You need to make sure that it is clear the business can make it for the long haul. · · · · Understanding all of the above and focusing your BC Business Plan on these specific elements will put you well on your way to a successful BC PNP Entrepreneur Immigration case.