Immigrants now find it easier to run businesses in Newfoundland and Labrador

Immigrants now find it easier to run businesses in Newfoundland and Labrador

The province has amended the local corporation law.

The Corporations Act Newfoundland and Labrador required that at least 25% of executives in the province must be residents of Canada. There was no such condition in the laws of the other provinces.

Local immigrants have secured an amendment that will take effect on April 1, 2022. This means that foreign graduates of Canadian universities and entrepreneurs from other countries will be free to open their own businesses in Newfoundland and Labrador.

The 25% rule remains in the laws of Newfoundland and Labrador — now there is no discrimination by resident or non-resident status, but corporations are required to identify specific individuals who have more than 25% control over the decisions of the corporation and publish information about them in the public domain.

Canadian Immigration Minister Sean Fraser and Premier Andrew Furey have expressed confidence that foreign entrepreneurs will now find Newfoundland and Labrador a more attractive place to invest. There may be more willing to immigrate to the province on one of the streams for entrepreneurs, although this amendment is primarily designed to attract representatives of international corporations. If they did open branches in Newfoundland and Labrador, they preferred to register them in other provinces, where it was easier to do so.

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