{"id":97477,"date":"2022-03-29T12:49:22","date_gmt":"2022-03-29T16:49:22","guid":{"rendered":"https:\/\/immigration.ca\/newfoundland-and-labrador-makes-it-easier-for-foreign-nationals-to-sit-on-corporate-boards"},"modified":"2022-03-29T12:53:07","modified_gmt":"2022-03-29T16:53:07","slug":"newfoundland-and-labrador-makes-it-easier-for-foreign-nationals-to-sit-on-corporate-boards","status":"publish","type":"post","link":"https:\/\/immigration.ca\/fr\/newfoundland-and-labrador-makes-it-easier-for-foreign-nationals-to-sit-on-corporate-boards\/","title":{"rendered":"Newfoundland and Labrador Makes It Easier For Foreign Nationals To Sit On Corporate Boards"},"content":{"rendered":"<p class=\"p1\">Temporary residents in Canada will be able to more easily set up corporations and sit on corporate boards in Newfoundland and Labrador starting this Friday due to a change the province is making to its Corporations Act.<\/p>\n<p class=\"p1\">Under the law as it stands, corporations in that province now need to have a minimum of 25 per cent of their directors be Canadian residents, defined as being Canadian citizens, <a href=\"https:\/\/immigration.ca\/fr\/les-avantages-et-obligations-du-statut-de-resident-permanent-du-canada\"><span class=\"s1\">permanent residents<\/span><\/a>, <a href=\"https:\/\/immigration.ca\/fr\/immigration-terre-neuve\"><span class=\"s1\">international entrepreneurs, or international graduate entrepreneurs<\/span><\/a>.<\/p>\n<hr \/>\n<p class=\"p1\"><b>Read More<\/b><\/p>\n<p class=\"p2\"><span class=\"s2\"><a href=\"https:\/\/immigration.ca\/fr\/newfoundland-labrador-boosts-immigrant-settlement-and-credential-recognition-services\">Newfoundland &amp; Labrador Boosts Immigrant Settlement and Credential Recognition Services<\/a><\/span><span class=\"s3\"><br \/>\n<a href=\"https:\/\/immigration.ca\/newfoundland-enhances-healthcare-available-to-international-students\"><span class=\"s1\">Newfoundland Enhances Healthcare Available To International Students<\/span><\/a><br \/>\n<a href=\"https:\/\/immigration.ca\/canada-labour-shortage-top-10-most-in-demand-jobs-in-newfoundland-and-labrador\"><span class=\"s1\">Canada Labour Shortage: Top 10 Most In-Demand Jobs in Newfoundland and Labrador<\/span><\/a><\/span><\/p>\n<hr \/>\n<p class=\"p1\">That definition effectively prevents <a href=\"https:\/\/immigration.ca\/fr\/visa-canadien-temporaire-apercu\"><span class=\"s1\">temporary residents<\/span><\/a> from comprising all of the members of the board of directors of a company in Newfoundland and Labrador.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">That changes Apr. 1.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<h3 class=\"p1\">Temporary Residents To Get Opportunities To Sit On Corporate Boards<\/h3>\n<p class=\"p1\">On Friday, the province will be dropping that 25 per cent Canadian residency requirement for corporate boards in Newfoundland and Labrador.<\/p>\n<p class=\"p1\">Premier Andrew Furey figures the greater openness to temporary residents on corporate boards will help grow the provincial economy.<\/p>\n<p class=\"p1\">\u201cWe already know that many newcomers share an entrepreneurial spirit so amendments to our Corporations Act offer another tool for them to access the supports they need to start businesses, create jobs, be successful and put down roots to grow their families right here in our beautiful province,\u201d said Furey.<\/p>\n<p class=\"p1\">Immigration Minister Sean Fraser agrees.<\/p>\n<p class=\"p1\">\u201cNewcomers drive our local economies and bring rich cultures to our communities,\u201d he said. \u201cI applaud the Government of Newfoundland and Labrador on their commitment to support even more newcomers to do business in the province and look forward to working with them to promote economic growth and create jobs in the region.\u201d<\/p>\n<hr \/>\n<p class=\"p1\"><b>Watch Video<\/b><\/p>\n<p><iframe title=\"YouTube video player\" src=\"https:\/\/www.youtube.com\/embed\/kosXiqfsKCg\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<hr \/>\n<p class=\"p1\">With the amendment to the act, temporary residents will be able to do in Newfoundland and Labrador what they can already do in most Canadian provinces.<\/p>\n<p class=\"p1\">Chilean-Canadian Constanza Safatle founded her St. John\u2019s-based Newbornlander Baby Store five years ago and now employs four other immigrants. She was one of the driving forces to get the legislation amended.<\/p>\n<p class=\"p1\">\u201cThis amendment to the Corporations Act opens opportunities for temporary residents who can\u2019t find meaningful jobs or who face barriers to entry to the labour market so they can create their own jobs and businesses and play an important role in the economy of the province,\u201d she said.<\/p>\n<p class=\"p1\">\u201cThis is a big step in the right direction to improve retention in our province.\u201d<\/p>\n<h3 class=\"p1\">Newfoundland Hope Change Will Boost Immigration Retention<\/h3>\n<p class=\"p1\">In mid-December last year, Statistics Canada released a study that looked at how well each Canadian province fared in terms of hanging onto the immigrants five year after they settled in those provinces in 2014.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p class=\"p1\">That study, <i>Longitudinal Immigration Database: Immigrants&rsquo; Mobility During The Initial Years Since Admission<\/i>, revealed the Atlantic provinces had done a poor job of retaining immigrants during those five years compared to the rest of Canada.<\/p>\n<p class=\"p1\">The immigrant retention rate in Newfoundland and Labrador was reported in that study at only 46.2 per cent, far lower than the Canadian average of 85.5 per cent. Only New Brunswick and Prince Edward Island had lower retention rates than Newfoundland and Labrador.<\/p>\n<p class=\"p1\">The provincial government in Newfoundland and Labrador is hoping the change to the Corporations Act is one initiative that will help boost that retention rate.<\/p>\n<p class=\"p1\">\u201cThe removal of the residency requirement makes Newfoundland and Labrador more attractive for newcomers,\u201d said Digital Government and Service NL Minister Sarah Stoodley.<\/p>\n<p class=\"p1\">\u201cWe must position our province to become a destination of choice for people looking for a new place in which to work, settle and raise a family.\u201d<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Temporary residents in Canada will be able to more easily set up corporations and sit on corporate boards in Newfoundland and Labrador starting this Friday due to a change the province is making to its Corporations Act. Under the law as it stands, corporations in that province now need to have a minimum of 25&hellip;<\/p>\n","protected":false},"author":16,"featured_media":79634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4859,22349,10558],"tags":[71536,71537,70018,69955,58574],"class_list":["post-97477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lactualite-canadienne","category-newfoundland-news-fr","category-provincial-news-fr","tag-canada-temporary-residents-fr","tag-international-entrepreneurs-fr","tag-labrador-fr","tag-newfoundland-fr","tag-permanent-residents-fr","category-4859","category-22349","category-10558","description-off"],"acf":[],"_links":{"self":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts\/97477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/comments?post=97477"}],"version-history":[{"count":0,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/posts\/97477\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/media\/79634"}],"wp:attachment":[{"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/media?parent=97477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/categories?post=97477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/immigration.ca\/fr\/wp-json\/wp\/v2\/tags?post=97477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}