Advanced Education, Skills and Labour
November 5, 2018
Provincial Government Seeks Auditors to Ensure Success of New Immigration Categories
The Provincial Government has issued a Request for Qualifications (RFQ) for auditors to verify net worth and source of funding for applicants under the new business immigration categories of the Newfoundland and Labrador Provincial Nominee Program (NLPNP) announced in July 2018.
Through the RFQ, auditing firms will be selected and become designated to provide financial services to business immigration applicants under the International Entrepreneur category. The designated firms will verify applicants’ claimed net worth and their legal accumulation of funds, and provide a Net Worth Verification Report to the provincial Office of Immigration and Multiculturalism and the applicant.
In addition to providing a Net Worth Verification Report, applicants to both the International Graduate Entrepreneur and the International Entrepreneur categories will be required to submit an Audit Opinion and Special Purpose Report as part of their application. The reports must be prepared by certified professionals with expertise in auditing financial statements.
The RFQ can be found here www.ppa.gov.nl.ca/gs/report/. Information regarding the new categories in the NLPNP can be found in the backgrounder below.
The introduction of the two new categories delivers on commitments in The Way Forward to strengthen the province’s economic foundation and deliver better services and better outcomes for residents. The Way Forward outlines all actions the Provincial Government is taking to achieve a strong, diversified province with a high standard of living, and can be viewed at thewayforward.gov.nl.ca.
“It is critical that we have an independent process in place to verify the financial information submitted by applicants ensuring the integrity of the program and reducing the risk of fraud and misrepresentation. The process also addresses previous concerns raised by the Auditor General in 2008 regarding international entrepreneur categories. We want to make sure that people coming to Newfoundland and Labrador under these new business categories truly want to make this province their home.”
Honourable Al Hawkins
Minister of Advanced Education, Skills and Labour
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Advanced Education, Skills and Labour
Eligibility Requirements for New Categories Under Newfoundland and Labrador Provincial Nominee Program (NLPNP)
International Graduate Entrepreneur
- Graduated or completed a program of at least two years in length from a public post-secondary institution, as per Federal Government requirements.
- Canadian Language Benchmark 7 level of English or French in speaking, listening, reading, and writing.
- No minimum investment is required, however, an applicant must have at least one year’s experience in actively managing and owning a business in which they hold a minimum one-third ownership in Newfoundland and Labrador prior to seeking provincial nomination.
- 21 to 59 years of age.
- Canadian Language Benchmark 5 level of English or French in speaking, listening, reading, and writing.
- $600,000 in unencumbered net business and personal assets that could readily be transferred to Newfoundland and Labrador.
- $200,000 ready to invest in a new or existing business in the province.
- At least two years’ experience actively managing and owning a business, or more than five years’ experience in a senior business management role.
Candidates in both categories will be required to have at least one year’s experience owning and actively operating their business in Newfoundland and Labrador prior to seeking a provincial nomination.
International graduate entrepreneurs with existing businesses will be eligible for nomination, pending business viability.
Both international graduate entrepreneurs and international entrepreneurs will be required to submit an Expression of Interest to the Office of Immigration and Multiculturalism.
Expression of Interest intake from International Graduate Entrepreneur applicants will be ongoing. Expression of Interest intake from International Entrepreneur applicants will be opened periodically.
2018 11 05 3:30 p.m.