PEI Business Impact
The Prince Edward Island (PEI) Business Impact Provincial Nominee Program (PNP) is a pathway for experienced entrepreneurs and business professionals who are interested in immigrating to PEI and investing in the province’s economy. The program is designed to attract and retain entrepreneurs who have the skills, experience, and financial resources needed to start or invest in a business in PEI.
The PEI Business Impact PNP has three categories: the Work Permit Stream, the 100% Ownership Stream, and the Partial Ownership Stream. The Work Permit Stream is for individuals who wish to own and operate a business in PEI while working in the province on a temporary work permit. The 100% Ownership Stream is for individuals who wish to establish a new business or purchase an existing business in PEI and own 100% of it. The Partial Ownership Stream is for individuals who wish to invest in an existing PEI business and become a partial owner.
To be eligible for the PEI Business Impact PNP, candidates must demonstrate that they have a personal net worth of at least CAD $600,000 and a minimum investment of CAD $150,000 in the province’s economy. They must also have experience in managing a business or have extensive experience in a senior management role.
Successful candidates under the PEI Business Impact PNP will receive a provincial nomination from PEI, which will provide them with additional points toward their application for permanent residency in Canada. With the PEI Business Impact PNP, entrepreneurs, and business professionals can take advantage of PEI’s supportive business environment, strategic location, and high quality of life to establish and grow successful businesses in one of Canada’s most beautiful provinces.
There is one pathway that is currently in operation under the Business Impact Provincial Nominee Program:
PEI Work Permit
The Work Permit Stream is for people who want to come to PEI with a work permit and run a business there for at least a year before being nominated for permanent residency. If you’re selected to apply in this stream, you’ll have to sign a Performance Agreement and, if your application is accepted, you’ll get a letter of support from the Office of Immigration that you may use to apply for a federal work visa.
You will be nominated for permanent residency if the Performance Agreement’s requirements and conditions have been followed.
Application Process
Step 1: Assess your Eligibility
The applicant must have:
| Criterion | Minimum Requirement |
|---|---|
| Personal Net Worth |
$600,000 Must have been accumulated through legal and legitimate sources |
| Minimum Education |
Secondary school equivalent |
| Age |
Between 21-59 years |
| Work Experience |
Must have transferable management skills and past employment or business ownership experience; |
| Language Requirements |
Minimum CLB/NCLC 4 |
| Intention To Reside In PEI |
The applicant must intend to live and work in PEI, They must provide a day-to-day active and ongoing management of their PEI-based business |
Step 2: Create your Profile
You or your representative may create a profile in the EOI system if you or your representative match the program’s eligibility conditions, which are given above. You will be required to enter a working email address as well as personal data from your passport in order to create a profile. You may proceed to finish your profile when your account has been authenticated.
For a period of six months, your profile will be active. You need to make sure the data you include in your profile is true and verified. You have the option to amend your profile if circumstances change before you receive an invitation to apply. If your circumstances change after being asked to apply, you must inform the office of the new details since this might affect the final decision about your case.
Step 3: Invitation to Apply
If you are selected to apply, you will be sent an email with information on how to submit your application and verify your net worth as well as your file number. Those who are invited to apply will be taken out of the pool and have up to 60 days from the date of the invitation to apply.
Step 4: Net Worth Verification Report
You must contact a net worth verifier that has been chosen by the Office of Immigration within 15 days of getting an ITA.
They will examine your claims about your personal net worth and your financial accumulation through an examination of the financial records you provide, and they will produce a Net Worth Verification Report on your behalf.
Step 5: Prepare your Application
If you receive an application invitation, you must fill out all necessary Provincial and Federal forms and compile the needed supporting materials.
Step 6: Submit your Application
Within 60 days of receiving an invitation to apply, you may deliver your entire application and all necessary supporting documentation
in person,
by courier, or
by mail package.
Application fee – $10,000
Complete application packages can be submitted to:
Office of Immigration
94 Euston Street, 2nd Floor
PO Box 1176
Charlottetown, PE
Canada,
C1A 7M8.
Step 7: Attend an Interview
You will get an invitation to an interview with the Office of Immigration personnel if your application is approved.
Step 8: Final Submission
During the interview, you will be required to bring a signed Performance Agreement. If your application is accepted, Island Investment Development Inc. will sign the contract and issue you a letter of support for a work permit.
Step 9: Application for a Work Permit to the Federal Government
You must apply for a work permit from IRCC after receiving your letter of support from the province.
Step 10: Arrival in Prince Edward Island
You must report in person to the Office within 30 days of your arrival in Canada if your work visa application is granted by IRCC in order to stay in compliance with your Agreement.
Step 11: Compliance with your Agreement
Your designated Settlement Officer will meet with you at your initial appointment with the office. This officer will work with you to support you as you start and run your business. They will notify you of available business assistance services as well as pertinent provincial legislation.
Throughout the course of your agreement, they will periodically check in with you to provide a progress report.
You will receive a letter of reminder informing you of the papers you need to submit and the deadline for doing so.
After you adhere to the terms and conditions of your Performance Agreement, you will receive a nomination and thereafter proceed to apply for permanent residence.