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As per the information, such a step has been taken following low success rate of applicants.
BC fast-track permanent residency program suspended—Pat Bell, BC. Minister of Jobs, Tourism and Skills Training, revealed that the B.C. immigration program for business immigrants has been suspended as of now.
BC government cited low success rate of applicants for B.C. fast-track permanent residency program as the primary reason for its suspension.
Normally, the success rate for BC fast-track permanent residency program is expected to be around 60 percent.
But the fast-track permanent residency program’s success rate was merely below 20 percent. So, the results achieved through this program were quite uncomfortable since they could spell trouble, he maintained.
The program is going to be reviewed to make sure it helps in creation of new jobs and support economic growth in British Columbia.
B.C. fast-track permanent residency versus B.C. Provincial Nominee Program—B.C. fast-track permanent residency program gives authority to the government to select applicants for fast-track permanent residency. It is a part of the BC Provincial Nominee Program that allows business immigrants wanting to come and set up businesses here.
However, in case of BC Provincial Nominee Program(without fast-track permanent residency), selection of business migrants is done seeing their success in business establishment after coming to BC on a temporary work permit(of two years duration) and subject to fulfillment of other conditions.
Qualification criteria for BC fast-track program--Applicants after arriving in B.C. can get nominated immediately under the BC fast-track permanent residency program. They are required to furnish a performance bond worth $125,000 with British Columbia(B.C.).
The bond is given back to the applicants subject to fulfillment of their performance requisites in B.C.
Talking of performance requirements, business immigrants under BC Fast-track permanent residency program are required to –
• Form a company in B.C.;
• Lease a building for the business;
• Purchase and install equipment;
• Get permits
• Recruit workforce for the business in B.C.
In case the BC fast-track permanent residency program makes a comeback, it is quite likely that the performance bond amount will be increased to a minimum of $250,000, feels an immigration lawyer based in Vancouver, Richard Kurland.
Some other requirements might include asking applicants to stay in BC for a specified period after gaining permanent residency in British Columbia.