BC PNP Business Plan

How to write a business plan for the BC PNP Entrepreneur program.

• Are you preparing your business plan for the BC PNP Entrepreneur program and don’t know where to start?
• Have you always wanted to bring your brilliant business idea to the province of British Columbia, but the sheer amount of nuanced requirements seem overwhelming?
• Or, maybe you have already conducted thorough research and mastered navigating the documents needed for your business idea. But still, you’d like to ensure that you can stand out in presenting your business plan in your immigration application. In any case, we have got you covered.

At Wealth Theory, we have written numerous business plans for immigration programs. We have extensive experience finding the right business idea and preparing the business plan for the BC PNP program. We work with clients, immigration lawyers and immigration consultants. We have a deep knowledge of the economy and business climate in BC. After all, our main office is located in the beautiful province of British Columbia, Canada. Here we would like to cover why you need a comprehensive business plan and what you will need to include in your plan.

What is the BC PNP? And why is it one of the best programs for entrepreneurs starting their businesses in Canada?

The British Columbia Provincial Nominee Program (BC PNP) is one of Canada’s most extensive provincial immigration programs. Part of this program is the Entrepreneur Immigration (EI) stream which allows international entrepreneurs to set up their businesses within the province of BC and obtain permanent residency.

This immigration stream has three categories: Base Category, Regional Pilot, and Strategic Projects. All three categories will need a comprehensive business plan as part of the application.

The most critical document for this immigration program is your Business Plan. The Business Plan shows the program’s officers why your business idea is an excellent fit for the province of BC and why it will be successful.

What should you include in the BC PNP Business plan?

As part of your entrepreneur immigration application, you will need to submit a detailed document setting out your business’s objectives and how it plans to achieve them in the province of British Columbia.

The business plan should cover the research that has gone into developing the business idea, how it is suited to your unique knowledge and experience, and how it will benefit the province of BC. In the document, you will need to show how the business will grow and expand under your management and how it will generate enough revenue to be able to cover all its costs and make a profit.

Business Plans for the BC PNP program should always be written based on the business concept submitted during the initial registration phase. The officers will use your business plan as the primary document to determine the feasibility of a business.

The BC PNP expects to see the following sections covered in the business plan:

1. Business Overview – General explanation of the business

1. Describe the business model and clearly identify the goods and services that your business will offer. This section must be as transparent as possible.
2. Explain the research activities and how this business idea was considered
3. Identify what the key success factors in your business are
4. Provide an analysis of how the company will be commercially viable (i.e. generate revenue to cover its cost and make a profit)
5. Show how you will be managing the business. You must show how your background and experiences relate to handling the new business in BC, and you are qualified to do so
6. Explain the physical location needed for running the business, including details on the size, zoning, purchasing or leasing, and specifications. Must also illustrate the research done on finding the ideal location for a business.

2. Company Structure – Type of legal business framework and share structure

1. Explain what type of business structure you will start in BC and why? (e.g. incorporation, partnership, etc.)
2. Describe what percentage of the future business will be yours and how you intend to fund the new business

3. Management Structure – Your management role in the business

1. Clearly define your role as the business manager, including day-to-day activities. (Not having a direct role or ‘Passive investment’ is not allowed in the BC PNP program)
2. Explain what roles the other shareholders (if applicable) will have and how their background and past work experience relate to the position they will take on in the new business.

4. Operations – Where you explain you company’s objectives, goals, procedures, and timeline

1. Must identify and provide information on the potential suppliers of the products, raw materials and services for your business
2. Explain how the business is creating value and wealth through its process and operations
3. Provide a cost analysis of the business, which include operations, overheard, etc.
4. Precisely pinpoint your target market (immediate customers) for the products or services the business will offer

5. Human Resource – Employees and their positions

1. Clearly identify the number and position of employees needed for delivering the products or services
2. Provide the job description, qualification and salary for every position in the business, including the rationale and data
3. Display a hiring schedule for bringing on employees in the new business

6. Market Study and Risk Management – Show your understanding of the market and new environment

1. Recognize and provide analysis on the main competitors in the market with the new business
2. Identify the target segment and positioning of the products or services offered
3. Explain the marketing strategy that the business intends to use
4. Provide explanations on the distribution channels and pricing strategy for the business
5. Provide SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis
6. Identify internal and external risks for the new business, such as market risks, barriers to entry, currency exchange risks, business environmental factors, and financial risks.
7. Explain your strategy for managing and mitigating the risks for the business
8. Provide break-even point and Return on Investment (ROI) analysis

7. Laws, Regulations and Licensing

1. Identify essential and relevant laws, regulations, licensing requirements and other legal barriers to entry for the new business in BC
2. Explain industry regulatory requirements and how the business will address them (if applicable)

8. Investment Breakdown

1. A comprehensive investment breakdown must be provided, categorizing the investments and detailing and providing explanations on major investments. Each investment item must have a rationale for the amount to be spent and must fall within the conditions of the program (not all business investments are accepted)

9. Financial Statements for the Business (at least two years)

1. Balance Sheets
2. Income Statements
3. Cashflow
4. Detailed rationale and explanation for the calculations of the financial statements and the sources used for data estimation

10. Your CV/Resume

1. Your detailed resume covering your education and previous work experience highlighting sections relevant to your management of the new business you intend to start

11. Documents for Purchasing a Business in BC (if applicable)

1. Most recent two years of (Notice to Reader) financial statements for the existing business in B.C., including balance sheets and income statements prepared by a certified professional accountant
2. The Business’ most recent tax document (T4 Summary)
3. Proof of current and past ownership of the business. Must show it is within the requirements of the BC PNP for purchasing an already active business
4. Business License
5. Fair market value calculations, evidence, and rationale for arriving at the number. Must show the trail of negotiations and due diligence performed, including submitting a professional business valuation (if applicable)

12. Documents for Franchise Businesses (if applicable)Toggle Title

1. Franchise Disclosure Document and Franchise Agreement identifying you as a potential franchisee
2. Letter from franchisor demonstrating the franchisor’s acceptance of your expansion plan (for the purchase of an existing franchise location, if applicable)

13. Farm/Agriculture Business (if applicable)

1. Feasibility Statement prepared by a qualified business consultant

It is expected that your business plan covering all the materials mentioned be between 15 – 25 pages, excluding charts and graphs.

You should know that business plans written for immigration are very different from other types of business plans (e.g., for investors, internal usage, etc.). Business plans for immigration not only have to cover the feasibility of the business (as other business plans do) but must also satisfy the requirements and the wishes of the officers and the BC PNP program.

For this reason, we always suggest keeping the target audience of the business plan in mind when preparing the document. In the case of the BC PNP, the target audience for the Business Plan will be the officers reviewing your business idea and documents. As you can imagine, the officers have other priorities in mind than just the business’s profitability. For various reasons, these priorities are not communicated through their website, and each applicant must try to guess how they can fulfill these wishes through their proposal. There are many criteria that officers look for in an immigration business idea, such as benefit to the province, effect on the local market and other businesses, relevancy of employment positions with the BC government’s long-term plans and much more.

After you submit your business plan for the BC PNP Entrepreneur program, an officer will review the plan along with other required documents and invite you for an interview session.

Do you need help with your business plan? Contact us

The interview is the last step before an officer makes a final decision on the case. In the interview, the officer will be covering three main areas:

1. Your background: including education and work experience: Also, will cover the businesses you own and ask questions about the operation and other aspects of the work.
2. Your Net Worth: In some cases, the officers might ask questions related to the net worth verification report and your personal and business finances.
3. Your Business in BC: Officers will ask questions about the business you will be starting in BC. The primary source for the officers’ questions would be the Business Plan submitted. Here, they will ask for clarification on any assumption or contradiction within the business documents submitted (business concept and plan) and would want to know more about the different aspects of how the business would be able to operate.

The majority of the interview time will be dedicated to covering the business plan, as it is the most crucial document in the PNP Entrepreneurship application. Because of this importance, we suggest you spend considerable time researching and obtaining the needed data and information even before you start writing the business plan.

Not including factual data and research to show the feasibility of the business plan or having contradictory information in the business plan can bring down the chances of approval through the program.

Through the many years that we have helped clients find the right business idea and produce the best business plan, we have seen the major pitfalls of a poorly researched business idea and plan. We have covered some of these cases in our case study section, which we routinely send to our partners.

We don’t believe that everyone should use the services of a professional firm in the preparation of their business plan. There are some that are fully cable of understanding the requirements and spending a significant amount of time to carefully prepare their business plans. However, most clients interested in the BC PNP Entrepreneur program do not fully understand the Canadian market and regulations and cannot obtain the correct data for assessing their business idea. For this group of interested applicants, we suggest they use the help of a team that understands the Canadian market and the immigration program and can help them to prepare a comprehensive business plan for the program.

If you want to discuss your business plan with our firm and use our help, feel free to contact us. We would be glad to share our experience with you and help you start a successful business in Canada.

Need help with your business plan? Contact us.