Alberta Foreign Graduate Start-up Visa Stream
What Foreign Graduate Entrepreneur Stream?
This Foreign Graduate Entrepreneur Stream is known as an Economic immigration program, which is created for Qualified foreign-educated graduates from outside Canada. This program is especially for those who wish to launch a start-up business and innovative businesses in Alberta. If Foreign graduates want to apply under this program then they must work with the designated organization. If Empowered Startups determines that the foreign graduate satisfies the AAIP requirements, it will provide a letter of recommendation.
This Foreign Graduate Entrepreneur Stream (FGES) is one stream of AINP (Alberta Immigrant Nominee Program), a Provincial Nominee Program (PNP) which is operated by the Alberta province. The Foreign Graduate Entrepreneur Stream provides a route to permanent residence to recent graduates who have completed the international post-secondary qualification and who have an interest in commencing and running a company in the Alberta province
Eligibility Criteria for Foreign Graduate Entrepreneur Stream
The Eligibility requirements for the foreign graduate entrepreneur stream are as follows:
Experience in the workplace
The Candidates must have a work experience of a minimum of 6 months. This can be a combination of actively running or controlling the company, or something similar.
Education Requirements
The applicants should have completed a degree from a post-secondary institution away from Canada with an educational Credential Assessment (ECA). The degree should be completed within the previous 10 years, and the degree must be related to the degree of Canada.
Language Requirements
For both English and French, the candidates must achieve a level of 5 on the Canadian Language Benchmark.
Establishment of Business
If the business is located in an urban center then the Candidates must have a minimum of 34 % of ownership, if the business is located in a regional area away from the metropolitan areas then candidates must have at least 51 % of ownership. The eligible business should be in any one of the sectors like financial services, energy, agriculture, technology, aerospace, life sciences, tourism, and pharmaceuticals.
Investment in a Business
Before arriving in Alberta, the candidate should have made a minimum investment from their equity or a reputable Canadian financial institution, venture capital, or angel investment business. A regional location must have a minimum investment of $50,000, whereas an urban center must have a minimum investment of $100,000. Those who have invested more before traveling to Alberta will receive more points. Points are given for either the regional area or the urban center, but not both.
Recommendation Letter
The Candidates must have a letter of recommendation letter from an AAIP-authorized designated agency.
Funds for settlement
The Candidates need to show that they have money to start up a business and support themselves while having a work permit and starting their business.
Benefits of Foreign Graduate Entrepreneur Stream
The benefits of the Alberta Foreign Graduate Entrepreneur stream are:
- This Foreign Graduate Entrepreneur Stream provides low taxes, which makes it more affordable for businesses.
- The number of applicants for this program is unlimited, there are no certain limits for this stream.
- The quality of Alberta’s life is very high, with excellent living conditions.
- This program offers various opportunities for entrepreneurs to grow their businesses.
- World-class and excellent services are offered in Alberta.
- Alberta welcomes newcomers because it is home to a wide variety of cultures and communities.
Foreign Graduate Entrepreneur Stream Application Process
The application process for the Foreign Graduate Entrepreneur Stream includes”
Reading of All Terms And Conditions
Under this process, The AAIP has some specific terms and conditions for applicants to follow, the availability of programs and streams may change based on the demand and this can be closed without any notice. The AAIP chooses which applications to evaluate based on criteria like quality, eligibility, and market demands; applications may not be processed in the order they are received.
Fulfilling the prerequisites does not ensure admission. Additionally, the AAIP has the right to change the requirements at any time. Hence the applicants need to show a high likelihood of establishing an excellent life in Alberta.
Reviewing The Eligibility Criteria
The candidates are advised to carefully review the Foreign Graduate Entrepreneur Stream eligibility criteria and AAIP Terms and Conditions. Fulfilling the requirements does not assure your application will be assessed or does not guarantee that you will receive a nomination. Merely Submission does not guarantee a permanent resident visa.
Submission Of An Expression Of Interest
If the candidates fulfill the criteria of the Foreign Graduate Entrepreneur Stream then they can submit their EOI (Expression of Interest) by getting into the AAIP Portal. within 30 days of submission of the EOI, the AAIP will review and score it. The Candidates with the highest score will be invited to submit a business application. The candidates need to pay to submit an EOI, a Fee of $200 should be paid for all the EOIs. Each submitted EOI is required to pay a separate application fee. To make the payment the candidates can follow the instructions in the portal. The fee should be paid within 24 hours of submitting their request in the portal.
Submission of The Business Applications Package
The candidates can log into the AAIP portal to submit their business application. In the AAIP portal, a draft will be created from their EOI (Expression of Interest), review and update all the details in the draft, ensure whether it is correct or not. The candidates must fill out the forms on the business application document checklist and upload all required files.
Remember to pay the non-refundable fee of $ 3500 within 24 hours of submitting your application. After getting the request, make sure your application is complete and completed within ninety days. Your application will be canceled and you will have to file a new EOI if the deadline is missed.
Support For Business Applications
If AAIP receives your business application, based on the eligibility requirements they will evaluate it. They will contact you if they want any further information. Once your application is approved then you will receive a business performance agreement and a 205(a) Letter of Support for a work permit. You can ask for an extension of time if it is denied.
Establishment of business in Alberta
After receiving your business application Approval letter and your work is permitted then you need to reside in Alberta, you must own and operate your eligible business actively in Alberta with a minimum of 34% of ownership in an urban center and 51 % of ownership in a regional area at least for 12 months. You have to fulfill all the business performance agreement conditions that you signed with the Alberta government.
Final Nomination Report
Once you meet all the terms and conditions of the Business Performance Agreement then you can submit your final report for nomination. If it is approved, then you will receive a nomination certificate to apply for permanent residence through IRCC. You will receive a judgment letter if you are rejected, and if you think there was a mistake, you can ask to have it reconsidered.
How to Proceed After Being Nominated
Once the candidates get nominated for the Foreign Graduate Entrepreneur Stream, then they have to follow various things. Those are
- The candidates need to apply for permanent residence within 6 months. Your nomination can be extended by the Alberta Advantage Immigration Program (AAIP).
- Then the applicant must submit a business progress report to the AAIP, 6 months after the date of their nomination. The candidates are given 2 weeks to submit the report.
- They should keep the AAIP and they are required to notify the federal government and AAIP of any changes to your situation.
- While your application for permanent residency is under consideration, you must continue to be able to live and work in Alberta. Options for extending your work permit are detailed below.
- The AAIP has the right to cancel your nomination at any time, Incase if you submitted an AAIP business application with misleading or incorrect information or If you no longer meet the requirements for nomination