The former PEI investor program has changed drastically since the provincial government decided to scrap the old program in favor of a more stable process that connects legitimate, motivated applicants to the province.
Currently, the Prince Edward Island provincial nominee program has been altered to provide different paths to permanent residency for immigrants entering the province to conduct business. Similar to the previous PEI investor program, the business impact category within the PEI PNP gives business immigrants a chance to become permanent residents of Canada and PEI by investing in the economic development of the province and the nation as a whole.
Different Categories of PEI Immigration
The provincial nominee program for Prince Edward Island has been streamlined into separate categories, each dedicated to a specific path for immigration into the province. The labour impact category deals with attracting skilled workers and vital talent required for PEI business and institutions to grow and prosper, involving skilled worker, critical worker and international graduate streams. The express entry program expedites the connection between business and skilled labor without formally applying to enter, resulting in another pathway to Canada.Analogous to the PEI investor program, the business impact category provides business owners and those working to create business in the province with the ability to earn permanent residency. Similar to the labour impact stream, the business impact program is divided into three categories. The work permit process gives people the ability to arrive and work on developing their business in the province.
The partial ownership process details immigration to the province for those who own a significant part of a large business, boosting investment in PEI. Requirements for the full ownership program differ from the partial ownership stream, although in the end, the biggest factor when successfully applying to this program is the amount of money you’re willing to invest in the creation of new business within the province.
Requirements for the Full Ownership Stream
PEI’s office of immigration website states that they seek, “interested business persons who can demonstrate vision, leadership and determination to contribute to the Prince Edward Island economy.”
As such, they list the minimum requirements for those interested in applying to the 100% ownership stream:
- Provide all necessary supporting documentation and paperwork for federal and provincial authorities.
- Have a minimum net worth of $600,000 that’s been verified as legal and legitimate income.
- Have a high-school diploma or equivalent along with required business experience.
- Be between the age of 21 and 59 with a minimum IELTS band score of 4.0 over the last two years.
- Present an acceptable business plan along with a $200,000 escrow agreement with the province and a minimum of $150,000 CDN investment into the province.
- Plan to be an active part of managing the business while living in the province.
Requirements for the Partial Ownership Stream
The requirements for the partial ownership stream are similar to the full ownership stream with a few key exceptions. Since you’re not applying as a full owner, you need to meet a minimum investment ratio. All applicants have to own at least 33.3% of a business, with the same minimum contribution of $150,000.
However, for large, multi-million dollar business ventures, the required 33.3% ratio for ownership doesn’t apply as long as you meet all the other prerequisites. However, the minimum investment in this case rises to $1,000,000 instead of $150,000, which still allows investment to flow into the province.
Requirements For The Work Permit Stream
For those who can contribute to the development of business within PEI but are unable to meet the full or partial ownership requirements, a work permit stream allows people who have significant experience growing business elsewhere to contribute their skills to Canadian business development.
In addition to the minimum requirements outlined in the 100% ownership stream, applicants for this program have to apply to Citizenship and Immigration Canada for a work permit. They also must “sign a performance agreement containing stipulations on the business investment that must be satisfied to proceed”, linking applicant performance to their permanent residency in PEI.
PEI’s Business Priorities
When considering applications, PEI focuses on fulfilling sectors that will help the economy of the province grow the most. The following are listed as the most important to PEI:
- Creation or growth of business that export goods and services.
- Development of forestry, fisheries and agricultural concerns.
- Sectors that diversify the economy, especially in rural communities.
- Innovation-based business such as information technology, renewable energy, bioscience and aerospace.
Protect Your Immigration Investment
Business immigration can be a complex but rewarding path to becoming a Canadian citizen. When you’re navigating the current version of the PEI investor program, it’s best to recruit legal counsel that ensures your time and money aren’t wasted due to errors or missed prerequisites. There’s too much at stake to risk doing it yourself or hiring an inexperienced lawyer.
With firms in international hubs such as Vancouver and Toronto, My Visa Source is well-suited to meet your needs. We are a BBB Accredited Business (Better Business Bureau).To start your journey, don’t hesitate to fill out the form on the right to ask us any questions you may have. A member of our staff will get in touch with you quickly. Or you can call the phone number at the top of the page to speak to us directly.