An entrepreneur is a person who sets up a business with the aim of making a gain. An entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services, and business/or methods. The graduate entrepreneur stream is earning a degree in entrepreneurship qualifies graduates to work as experts in many business fields. Many individuals go on to lead a start-up and create a new business. Graduates may also work as consultants, offering advice and guidance to fledgling entrepreneurs.
The Graduate Entrepreneur Stream allows Alberta to nominate qualified international graduates from Alberta post-secondary institutions who want to establish or operate a business in Alberta to apply for permanent residence. Entrepreneurs play a key role in Alberta’s economy, using their skills and initiative to anticipate needs and create jobs for Albertans. Entrepreneurs who verify to be successful in taking on the hazards of a start-up business are awarded with earnings and continued growth opportunities.
To be qualified for this stream, candidates must have met the following criteria:
- Level of Education
To be eligible for the Foreign Graduate Entrepreneur Stream, candidates must have completed a post-secondary degree and obtained an Education Credential Assessment (ECA) report demonstrating its equivalence to a Canadian credential. The foreign credential must have been completed within the last ten years at the time of EOI submission.
- Work Experience
Candidates must retain at least six months of relevant full-time work knowledge. This can be verified through experience as an active business owner-manager, or director, or experience with a business incubator or business accelerator.
- Business Establishment
Candidates must establish a new business or buy an existing business in Alberta with at least 34% ownership if it is located in an urban area or at least 51% ownership if the business is located outside of Calgary or Edmonton.
Qualifying businesses must be in one of the following key or priority sectors:
- technology
- aerospace
- financial services
- energy
- agriculture
- tourism
- life sciences
- pharmaceuticals
4.Application procedure
The Foreign Graduate Entrepreneur Stream operates on an Expression of Interest (EOI) system. Candidates who meet the minimum stream requirements can register a profile using AINP’s online portal. Once the profile has been submitted, candidates will be assigned a score and ranked against one another using the FGES Points Grid. The highest-ranking candidates will be contacted by AINP and invited to submit a Business Application.
Candidates invited to submit a Business Application must submit a complete application to the stream within 90 days from when they receive the request to do so. The business plan must be evaluated by an anAINP-designated agency and Qualified Service Provider. All online AINP Business Applications are subject to a CAD CAD 3,500D application fee.
If AINP approves the Business Application, candidates must sign a Business Performance Agreement. This is a legal agreement signed with Alberta that outlines the conditions under which the candidate will receive a nomination for permanent residence. Alberta will issue a Business Application Approval Letter once all parties have signed the Business Performance Agreement. Candidates are expected to meet the conditions of the business performance agreement and reside and operate their business in Alberta for at least 12 months before submitting a final report for AINP Nomination.
After receiving an effective nomination, the applicant has six months to present a national application for Canadian permanent residence. Applicants in this program must complete and submit a paper-based application for a permanent home and submit it by mail to the reasonable application center. Paper-based PNP applications for permanent residence are generally processed within 18 months.
Alberta Foreign Graduate Entrepreneur Stream Points Ranking System
The Foreign Graduate Entrepreneur Stream uses the following points to rank candidates who have registered profiles. Only those candidates with the most competitive scores will be invited to apply to the program.
Language-30
Education -35
Business Management/Ownership Experience-35
Business Plan-40
Investment before coming to Alberta-25
Proposed investment after launch-20
Job Creation-15
Total=200
If one follows all the above points, it will be a great help to the graduate entrepreneurs. And let us know how this blog helps you in your life.
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Writer
Morsheda Begum
Intern, Content Writing Department
YSSE