Nova Scotia today announced that two new business streams will become part of the Nova Scotia Nominee Program (NSNP). The Canadian province aims to attract international entrepreneurs and to retain international graduates of provincial universities and colleges.

The Entrepreneur Stream and the International Graduate Entrepreneur Stream will open on January 1, 2016. Successful applicants to either stream will obtain permanent resident status in Canada.

Candidates for the Entrepreneur Stream will be required to have a net worth of at least $600,000 and at least $150,000 to invest in a Nova Scotia business. The Entrepreneur Stream aims to attract candidates who want to start or buy and actively manage a business in Nova Scotia.

Meanwhile, the International Graduate Entrepreneur Stream aims to encourage international students studying in Nova Scotia to remain in the province and open a business once they have completed their studies.

“We’re excited that the International Graduate Entrepreneur Stream is the first of its kind in the country,” said Nova Scotia Immigration Minister Lena Metlege Diab. “These two new business streams have been carefully developed using best practises from around the world to ensure they have the maximum economic benefit for Nova Scotia.”

Nova Scotia has been active in the area of Canadian immigration over recent months. It is the only province that offers two dedicated streams ed with the federal Express Entry immigration selection system, and just last week it received an additional allocation of 300 nominations from the federal government for the NSNP, bringing its total allocation for 2015 to 1,350 places.