The Prince Edward Island Provincial Nominee Program (PEIPNP) is a good route for businesspeople who wish to immigrate to Canada.
There are three streams under the Business Impact Category, all leading to Permanent Residency. The below information is in regard to the 100% Ownership and Partial Ownership Streams.
The benefits of the Business Impact Category include the following:
- small initial payment of $5,000 (plus $15,000 to be paid upon Invitation to Apply, $245,000 to be paid after approval, and $150,000 to be invested in a business after landing)
- speedy provincial processing (an interview will be scheduled approximately 4-7 months after the complete application is filed)
- fast federal processing is expected (9-12 months in most posts)
Applicants in all streams of the Business Impact Category must meet the following criteria:
- intend to settle in PEI, and to manage, invest in, or own a business in PEI
- make a minimum investment in a PEI business in accordance with Section 87 of the IRPA regulations
- have minimum $600,000 in Net Worth (principal applicant’s and spouse’s assets combined)
- be able to document the source of funds for $600,000 (it must be earned through the applicant’s own endeavours; loans, inheritance, and gifts cannot be used)
- be between 21 and 59 years of age
- have completed at least 12 years of school (completed secondary school)
- have minimum 3 years (in the past 5 years) of transferable management or business ownership experience, directly managing at least 3 employees
- have basic proficiency in English or French (CLB 4 or greater)
- Syrians must obtain a DFAIT permit before applying
The preliminary steps are as follows:
- passport for each family member
- English and/or French language assessment for the principal applicant (and spouse, if applicable). IELTS is the accepted English language test. TEF is the accepted French language test.
- a document explaining how the principal applicant and spouse accumulated/earned their combined net worth (it can not be inherited or gifted)
- proof of education (e.g. diplomas)
- proof of enrolment and current attendance of any children in PEI schools (minimum 6 months), if applicable
- proof of spouse’s attendance at a post-secondary institution in PEI, if applicable
- proof of close relatives (parent, grandparent, child, brother, sister, aunt, or uncle) living in PEI for minimum 1 year, if applicable
- proof of experience in agriculture and expressed desire to operate a farm in PEI, if applicable
Note that you must be prepared to sign an escrow agreement with the province and submit a $200,000 deposit, which will be refunded upon you meeting the terms and conditions of the escrow agreement.
Please contact us to discuss this opportunity.