In this program, applicant will get Canadian permanent residency by submitting a $200,000 CAN deposit.
Eligibility:
- Minimum net assets belong to applicant and his/her accompanying spouse $600,000 CAN. (Assets including properties, bank accounts and business value)
- Be within 21-59 years of age at the time of application.
- Have a minimum education of secondary school diploma
- Meet minimum IELTS language test requirements equivalent to listening 4.5, reading 3.5, writing 4 and speaking 4.
- Obtain minimum points of 135 from points grid system.
Process Description:
In this program the business concept which is the summary of the business plan will be prepared based on the applicant’s management experience and applicant’s business. At the same time, the application for applicant’s tourist visa will submitted. Meanwhile, there will be enough time for the applicant to obtain language requirements from General IELTS test (listening 4.5, reading 3.5, writing 4 and speaking 4). Once the applicant get the ILETS requirement, the online profile created in the expression of interest (EOI) system will be completed. The EOI, which includes business concept, employment experience, education and IELTS, will be submitted and those applicants who have points above 135 will be selected from the EOI waiting list.
Upon the selection, there is 3 months time for submitting the full application and providing all required documents including business plan and appraisal reports of applicant’s claimed assets. It will take about 6 months to process the application. If initial application is accepted, applicant will be invited to attend an interview in Prince Edward Island. The interview will be in English based on the provided IELTS test. It is recommended that prior to the interview, applicant conduct an exploratory visit to the province for at least 5 working days to gain knowledge about the Province and its business environment.
If successful, applicant will be requested to submit the deposit in the amount of $200,000 CAN.
After the amount is paid, applicant will be issued a nomination certificate. After nomination by PEI, application for permanent residency will be submitted to the Federal Government of Canada, who issues permanent residency to applicant, accompanying spouse and children under 22 after about 6-8 months.
Point System:
| Age | Points |
|---|---|
| 21-24 | 7 |
| 25-29 | 20 |
| 30-44 | 20 |
| 45-49 | 20 |
| 50-54 | 7 |
| Over 54 | 0 |
| Business Ownership/Senior Management/Farming Experience | Points |
|---|---|
| At least 3 out of last 5 years experience as an Owner (greater than 50%) and manager. | 40 |
| At least 5 out of last 7 years experience as an Owner (greater than 50%) and manager. | 50 |
| At least 3 out of last 5 years experience as an Owner (20%-50%) and manager. | 25 |
| At least 5 out of last 7 years experience as an Owner (20%-50%) and manager. | 35 |
| At least 3 out of last 5 years as a senior manager, supervising at least 3 staff and own less than 20% of the company. | 20 |
| At least 5 out of last 7 years as a senior manager, supervising at least 3 staff and own less than 20% of the company | 30 |
| Education | Points |
|---|---|
| Post-secondary diploma | 0 |
| Associate Degree (at least two years of full-time study after secondary school) | 12 |
| Bachelor’s Degree | 17 |
| Master’s Degree or PhD | 20 |
Advantages:
• Low Capital Investment Requirement;
• Permanent residency granted based on deposit agreement ($200,000), without the requirement to actually establish the business;
• Low Eligibility Requirements: There is no preliminary pool in accepting applicants;
• Speedy provincial processing (an interview will be scheduled approximately 60-90 days after the complete application is filed)
Fees:
FAQ:
Is the program accepting new applications now?
Yes it is.
Do I need to use PEI Agents?
No, applicants to the program will be able to pursue Island businesses directly without immigration representation or they can use the services of an Island agent. The Island agents will also be available to assist businesses in finding an applicant interested in investing in their business.
Who are PEI approved agents?
Visit the Agents page for a complete list of approved Island Agents of the Prince Edward Island Provincial Nominee Program.
What are Transaction Requirements?
Any sale of equity to an applicant under the Business Impact Category,at a minimum:
• Must make a minimum investment of $150,000 Canadian dollars (CAD).
• Must control not less than 33 1/3 % of the equity in the business or make an equity investment in the business of at least $1,000,000 CAD.
• Must provide active and on-going management of the business from within Prince Edward Island.
• Must not include a redemption option in the terms of the investment.
What is the proposed Business Eligibility Criteria?
• The business must be a for-profit corporation incorporated under the Companies Act of Prince Edward Island or the Canada Business Corporations Act and operated for the primary purpose of earning profits from active income through the provision of products/services.
• The business must be in good standing with the Province on all debts and obligations.
• The business’ corporate headquarters are located in Prince Edward Island.
• The business maintains a “permanent establishment” in Prince Edward Island as defined under the Income Tax Act by regulation 400 (2).
• The business is liable to pay income tax on taxable income earned as a result of a “permanent establishment” in Prince Edward Island, irrespective of income or other taxes which may also be payable in other jurisdictions as a result of income earned or other business activity.
• The business must have good potential for sustained commercial viability.
• The business must have assets with a book value of at least $150,000 CAD which are actively used for the business. Businesses will also be considered if they have assets with a fair market value of $ 150,000 CAD as valued by a certified appraiser or have received a valuation for their business from a professional accountant stating a value greater than $ 150,000 CAD.
• Any business selling a portion of equity to an applicant (i.e., interested in the Partial Ownership Stream) must have also incurred a total of $ 60,000 CAD in wages and/or net income and demonstrate the ability to sustain an applicant’s salary.
• The business must have the potential to create significant economic benefits to Prince Edward Island by contributing to one or more of the following:
• Increasing value-added manufacturing, processing or primary resource activity
• Increasing exports of goods or services
• Increasing destination tourism, tourism attractions, tourism fixed roof accommodations
• Increasing research and development/technology commercialization
• Servicing an underserved local or regional market
• Diversifying retail and restaurant investment
• If the business is an Inn or Boutique Hotel, it must
• have at least 5 rental units, each having at least a three-piece bath;
• have revenues of at least $100,000 in the last operating year, supported by financial statements or a tax return;
• have eligible operating expenses of at least $75,000 in the last operating year, supported by financial statements or a tax return
• If the business is in the Construction/Renovation sector, the Applicant must
• have at least 3 arms-length staff employed full time for at least 6 months of the year;
• rent or construct a space that is outside of their residence to conduct business from;
• demonstrate relevant education or a minimum of 5 years experience in the proposed business;
• meet all other terms and conditions of their escrow agreement.
Which businesses are ineligible?
Applications will NOT be considered for the following types of businesses:
• Bed and breakfasts, hobby farms (see definitions) and home-based businesses
• Pay day loan, cheque cashing, money changing and cash machine businesses
• Pawnbrokers
• Sale of used goods (excluding collectibles, or where the business provides value-added services such as repairs, refurbishing, or recycling)
• Real estate development, unless deemed to be significant economic benefit to the Prince Edward Island economy
• Real estate, insurance or business brokerage
• Businesses started for the sole purpose of gaining access to immigrant investment through the program
• Professional practices
• Financial services
• Consulting services
• Any other type of business that by association would tend to bring the program or the Government of Prince Edward Island into disrepute.
• An entity that cannot issue shares.
What is procedure of applying for the program?
Step # 1. Complete and submit the Business Impact Category self-assessment, business proposal and application guide
Step # 2. Interview with the Office of Immigration
Step # 3. Submission of business and settlement plans to the Office of Immigration for approval
Step # 4. Nomination for permanent residency
Step # 5. CIC approval, landing in Canada and reporting to the Office of Immigration
Step # 6. Compliance with the escrow agreement
Step # 7. Successfully meeting conditions of the escrow agreement and receiving deposit
