A Guide to Prince Edward Island Entrepreneur Program
Get Canadian Permanent residence through PEI PNP Business Impact Category. Check if you’re eligible for Prince Edward Island Entrepreneur Program.
Prince Edward Island is among Canada’s most scenic maritime provinces. It is known for its sandy red beaches, fertile farmlands, and lighthouses. The province also has a growing economy that attracts entrepreneurs from around the globe.
Prospective business people who would like to move to Prince Edward Island and start and operate their own business can do so thanks to the PEI PNP Work Permit Stream. This guide will examine this immigration program’s eligibility requirements and the application process for the PEI PNP Business Impact Category (Work Permit Stream).
Prince Edward Island Entrepreneur Program: Business Impact
The PEI PNP Business Impact Category is a Prince Edward Island Entrepreneur Program that attracts entrepreneurs. The program caters to foreign business people who can invest in the province by setting up and operating a business there.
This program contains one stream, the PEI PNP Work Permit Stream or the PEI PNP Entrepreneur Stream. Prospective entrepreneurs and foreign business people can use this stream to receive a provincial nomination and apply for permanent residence via the Federal Government.
Prince Edward Island Entrepreneur Program Requirements
The minimum eligibility requirements for the Prince Edward Island Entrepreneur Program’s Work Permit Stream are summarized below:
Age
- Prospective candidates must be between 21 and 59 years of age.
- Applicants will also be awarded points on the Points Grid for their age, with applicants between 25 and 44 years of age receiving the highest points.
Work Experience
- Prospective business people must possess relevant work experience to qualify for this program.
- This includes 3 years of business ownership or senior management experience gained in the last five years.
Business Ownership
Candidates can get additional Grid Points if they own more than 50% of the business they acquired experience in or if they have five years of experience gained in the last seven years.
Net Worth
Prospective candidates must have a personal net worth valued at $600,000 CAD or more. This net worth must have been acquired through legitimate and legal means.
Minimum Investment
The candidate must invest a minimum of $125,000 CAD in the business in Prince Edward Island within 12 months of landing in the province.
Business Plan
- Prospective business people must submit a comprehensive business plan and financial documents that support their plan.
- This plan should include a company overview, a marketing plan, information on how the business will benefit the PEI economy, and the management team and staff list.
Language Proficiency
Minimum language requirements equivalent to a CLB 4 or NCLC 4
Intend to live and work in PEI
The candidate has to prove the intention to live and work in PEI while providing routine activities and ongoing management of your PEI-based company
Interview
The candidate must attend an interview with staff from the Office of Immigration.
Performance Agreement
The candidate must meet the terms and conditions of the Performance Agreement signed with the Office of Immigration.
Step-by-Step Process: Prince Edward Island Entrepreneur Program
Applicants who meet the above requirements can begin the Prince Edward Island Entrepreneur Program’s Business Impact Category process using the following steps:
Stage 1
- Research & Preparation
- Registration
- Receiving an Invitation to Apply (ITA)
- Application Assessment
- Performance Agreement
Stage 2
- Applying for a Temporary Work Permit Before Arriving in BC
- Establishing the Business After Arriving in BC
- Receiving a Nomination for Permanent Residence
- Applying For Permanent Residence
Stage One
1. Research & Preparation
- Candidates should first determine if they meet the eligibility requirements stated above.
- They can also visit Prince Edward Island and assess its business environment and make business contacts during this step. This is not a mandatory application requirement, but it may improve their chances of establishing a successful business in the province.
- Prospective business people can then calculate how many points they are eligible for under the Points Grid.
2. Registration
Next, business people must fill out their Expression of Interest (EOI) and submit it online. Prospective candidates should ensure the information they provide in their EOI is accurate and up to date. They will then be placed in a pool of candidates and be ranked depending on the number of points they have.
3. Application
- Successful business applicants will then receive an Invitation to Apply (ITA) from the province.
- They will then have sixty days to submit their application for the program and pay the $10,000 CAD application fee.
- If the applicant’s application is rejected before reaching the interview stage, they will be refunded $7,500 CAD.
- Candidates should note that the number of invitations issued during each draw varies based on annual allocations, the immigration office’s processing capacity, and other requirements.
4. Interview
The province will invite successful applicants for an interview at the Office of Immigration. During this interview, candidates will be asked about their background, work experience, education, and key details about their business plan.
Candidates will be provided a Performance Agreement that details the terms and conditions for operating their business in PEI. They must sign and return this document at the end of the interview.
Stage Two
6. Applying for a Temporary Work Permit Before Arriving in PEI
The province will issue the candidate a letter of support. The candidate can use this letter to apply for a work permit that allows them to come to PEI and start their business in the province.
7. Establishing the Business After Arriving in PEI
Candidates are expected to report to the Office of Immigration within 30 days of arriving in Canada. They will then be assigned a Settlement Officer who will guide them in establishing and operating their business.
The candidate is then responsible for operating their business according to the Performance Agreement’s terms and conditions. Once they have met these requirements and have operated their business for a minimum of twelve months, they will be issued a provincial nomination.
8. Receiving a Nomination for Permanent Residence
Applicants who meet all the PEI PNP Work Permit Stream requirements can then submit a “Final Report” to the Office of Immigration. The province will then review the business as per the performance agreement. Successful entrepreneurs will then be nominated for permanent residence.
9. Applying For Permanent Residence
Successful applicants who receive a provincial nomination can use it to apply for permanent residence with Immigration, Refugees, and Citizenship Canada (IRCC).
They should also ensure they maintain their legal status in Canada and possess a valid work permit until IRCC makes a decision regarding their application.
How ELAAR can help you?
Prospective business people who wish to immigrate to PEI via the Prince Edward Island Entrepreneur Program’s Business Impact Category should contact our experts. Our exceptional team of Regulated Immigration Consultants is familiar with the program’s requirements and application process.
We can help optimize your application to improve your odds of receiving a provincial nomination. Please contact us today and take the next step in your business immigration journey to Prince Edward Island.
FAQ: PEI PNP Business Impact Category
1. How much personal net worth is required for the Prince Edward Island Entrepreneur program?
A candidate must have at least a verifiable personal net worth of $600,000 CAD which is not locked-in or real estate property.
2. What main components must be incorporated in the business plan?
• Company overview;
• Products/services offered, industry analysis, and competitive landscape;
• Marketing plan;
• Employee management plan;
• Description of the management team;
• Experience ties into the business;
• How the business will provide a significant economic impact on the Province;
• Historical financial statements (if purchasing a business); and
• Financial projections are prepared by a qualified accountant (CPA) (if not purchasing a business).
3. What are the different adaptability components?
• Dependent child (ren) has been admitted to one of the PEI education institutes.
• Spouse/Common-Law partners must be successfully passed out from a PEI post-secondary institute.
• Spouse/Common Law Partner must have a Canadian Language Ability (CLB) of Level 6 or higher.
• Spouse/Common Law Partners must have at least 3 years of work experience in the last 5 years.
• A close family member must be a resident of PEI for a minimum of 12 consecutive months.
• Must have farming experience and a detailed plan to operate a farm in PEI. The candidate must be an owner and active in day-to-day activities.
Apply for Prince Edward Island Entrepreneur Program
Immigrate to PEI as an entrepreneur through the Prince Edward Island Entrepreneur Program.
