Canada ~ Prince Edward Island Program (PEI)
Time to Permanent Residency: 0 Year ~ Time to Citizenship: 5 Years
The Prince Edward Island Provincial Nominee Program, Business Impact Category, is a permanent residence permit granted to entrepreneurs, together with their dependents, who start or purchase a business in the state of Prince Edward Island, Canada.
There are three pathways to permanent residency through the Business Impact Category of the Prince Edward Island Provincial Nominee Program: the 100% Ownership Stream; the Partial Ownership Stream; and the Work Permit Stream.
You must obtain at least 50 points on a Business impact assessment to be nominated to qualify for any of these programs.
For the 100% Ownership and Partial Ownership streams, you may start a business venture in PEI or purchase an existing qualified business.
You will be required to have an interview with the Office of Immigration. If you pass the interview, you must submit your business plan and get it approved. You must demonstrate your intention to live and work in PEI, and provide day-to-day activity and ongoing management details of your company from PEI.
Investment
Business Impact Category
It is required to sign an escrow agreement with the Province and submit a CAD200,000 deposit.
CAD50,000 corresponds to a residency portion, which will be refunded in two parts at two different times: CAD25,000 after you reside in PEI for six months, and CAD25,000 after you reside in PEI for one year.
The other CAD150,000 corresponds to the business portion, and will be refunded after you meet the terms and conditions of your escrow agreement, including operating your business for a minimum of 12 consecutive months.
For the work stream, you must be already living and working in PEI, and provide day-to-day activity and ongoing management of the PEI-based company. You will be required to attend an interview and, if successfully passed, submit a business plan. You will sign a performance agreement.
You will be requested to submit a letter providing a legal opinion written by a Canadian lawyer, stating that your application meets the IRCC Regulations and IRPA 87. After this is received by our office, you will be issued a letter of support for a work permit. Once the terms of your performance agreement are met you will be eligible to get your permanent residency permit.
To keep your permanent residency status, you must physically be in Canada at least 730 days (2 years) in a five-year period. Failure of your business will not affect your permanent resident status.
After 5 years holding the permanent residency status, you will be eligible to apply for citizenship, provided that you have lived 1,095 days in Canada within the five years, and 183 days during each of three calendar years that are fully or partially within the six years right before the date you apply.
To apply for citizenship, you must also have met your personal income tax filing obligations in three years that are fully or partially within the five years right before the date you apply. You must also take a language (French or English) test and pass an exam regarding Canadian values, history, symbols, institutions, rights, responsibilities and privileges of citizenship.
Requirements
– Score a minimum of 50 points on the Business Impact Self Assessment.
– Have a minimum verifiable personal net worth of CAD600,000 which has been accumulated through legal and legitimate sources in your own right.
– Have a minimum education of high school equivalent.
– Be within 21-59 years of age at the time of application.
– Have transferable management skills and past employment or business ownership experience.
– Meet minimum language requirements equivalent to a band score of 4.0 on an IELTS test.
– Business Plan including company overview, products/services, industry analysis and competitive landscape, marketing plan, management team and staffing, applicant’s role in the business, historical financial statements (if purchasing a business) and financial projections prepared by a qualified accountant (if starting a business).
Documents Required
Certified copy of passport- Evidence of language skills
- Letter of support of designated entity
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Certified copy of ID Card
- Evidence of Residential Address
- Affidavit of support for Dependents
- Original Police Clearance Certificate
- Two passport-size photos
- Bank Statement
- Original Bank Reference Letter (Not older than 6 month)
- Proof of net wealth
- Statement of Source of Funds
- Evidence of Business Background
- Curriculum Vitae
- Professional and academic certificates
- Medical Certificate
