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Prince Edward Island PNP  Entrepreneur Immigration

Prince Edward Island PNP Entrepreneur Work Permit Stream

Though Prince Edward Island (PEI) is Canada’s smallest province, it is one of the best suited for foreign entrepreneurs and business people who are interested in immigrating to Canada to invest in and run a business. PEI welcomes any capable business person with an entrepreneurial spirit to come to the province to contribute to the economy and create jobs.

The PEI Provincial Nominee Program is divided into three major categories: Express Entry, Business Impact, and Labor Impact. Each of these PEI provincial nominee program categories is then further divided into various subcategories, also called “streams”.

 Business Impact Category – Prince Edward Entrepreneur

The Business Work Permit stream of the Prince Edward Island Provincial Nominee Program (PEI PNP) provides the opportunity for qualified foreign business managers and entrepreneurs with business ownership or extensive management experience who would like to move to PEI to start, own, and actively manage their business. PEI PNP gives prospective candidates the chance to receive a provincial nomination through one of its immigration streams. The candidates may then be nominated for permanent residency.

Candidates must establish a new business or purchase an established one and actively participate in the management of the business. Application to the stream is by invitation only.

Before being nominated by the province for permanent residency, the applicants must plan to obtain their work permit and become a sole or partial owner of a business by investing in and actively managing an eligible business in Prince Edward Island. They must meet specific criteria to be nominated under the program. Successful applicants first move to PEI on a work permit before eventually transitioning to permanent residence, if certain business-related targets are satisfied.

This immigration PEI stream is for foreign nationals who assume full ownership of a local business- whether a new business or an existing one- in Prince Edward Island by purchasing it entirely.

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PEI PNP Work Permit Stream – Prince Edward Entrepreneur

The work permit stream is suited for those who have significant business and managerial or entrepreneurial experience. The candidate will be granted a work permit, so s/he can move to PEI and work there in the business they plan to invest in. This is suitable for the candidates who want to experience the day-to-day operations of the business before they invest money. Otherwise, the work permit stream has the same requirements as the partial ownership stream.

To be eligible for nomination through the PEI PNP Work Permit stream you must:

• Complete and submit all required PNP forms and supporting documentation
• Apply to CIC for approval of a work permit for a business in Prince Edward Island
• have a minimum verifiable personal net worth of $600,000 CAD, accumulated through legal and legitimate sources in your own right
• have a minimum education of secondary 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 Canadian Language Benchmark (CLB) 4.0
• Provide a detailed business plan that meets all program criteria
• intend to live and work in PEI while providing day-to-day active and ongoing management of your PEI-based company
• attend an interview with staff from the PEI Office of Immigration
• meet the terms and conditions of the Performance Agreement signed with the Office of Immigration
• make a minimum of $150,000 investment into a new or existing Prince Edward Island owned and operated business

Business Plan – Prince Edward Entrepreneur

The business plan must include:

• A company overview
• A description of products and services offered
• A description of the industry in which the business will operate
• A description of the competitive landscape in which the business will operate
• A marketing plan
• An operational plan
• A description of the company’s management team and staffing
• A description of the applicant’s role in the business
• Historical financial statements
• If requested, projected financial statements prepared by a qualified accountant

PEI PNP Work Permit stream application process

The applicant must follow the step-by-step application process. If you meet the eligibility criteria outlined above, you may then create a profile in the PEI Expression of Interest (EOI) system.  You will be requested to provide a valid email address and identification information including your passport details. Once your account has been verified, you will be able to proceed to complete your profile so that a ranking score (points) may be awarded best on your credentials. Applicants can only have one active profile at any one time.

Your profile will remain active for 6 months. You must ensure the information provided in your profile is accurate and verifiable. If your situation changes before being invited to apply, you may update your profile. If your situation changes after being invited to apply, you must contact the PEI PNP Office with the new information, as this may impact the ultimate decision on your file.

An Expression of Interest is not an application, but an indication of your interest in being considered to apply to the PEI PNP. Based on your score that shows the strength and merits of your application and the economic value to Prince Edward Island, you may receive an invitation to apply when PEI conducts one of its EOI draws. PEI PNP will invite the highest-scoring applicants to submit a full application. If you are invited to apply, you will receive an email notification that will include your file and instructions for submission of your file. If you are invited to apply, you must complete the application forms. You will require an in-person interview too. You will discuss your background, work experience, education, proposed business, and settlement plan in the interview with the PEI Office of Immigration.

If you are invited, you may apply to CIC for a temporary work permit to come to Prince Edward Island to start the process to invest in and operate the business in Prince Edward Island. If you are approved by the Office of Immigration, you will receive a letter of support from PEI for a temporary work permit so that you can move to Canada and establish the business in PEI.

After you are approved for a work permit, you must move to PEI and start your business. After at least 12 months, in case you have fulfilled all of the terms and conditions of your Performance Agreement as determined by the Office of Immigration, you will be issued a nomination certificate, allowing then to apply for Canadian permanent residency. Upon Federal approval, a Canadian visa for permanent residency is issued. The performance agreement includes, but is not limited to, the timeline and amount of investment, reporting and monitoring guidelines, as well as pre-and post-nomination requirements.

Landing in Canada, the applicant must meet the terms and conditions in the escrow agreement in 2 years. During this time, the applicant must report periodically on the progress and provide follow-up information as part of an ongoing evaluation of the program by the Office of Immigration. Once the applicant meets the terms and conditions verified by the Office of Immigration, s/he is eligible for a refund of the $200,000 CAD escrow deposit, without interest.

The step-b-step process is explained here in summary. The applicant must meet the requirements at each stage and receive approval before advancing to the next step.

Step 1- Complete and submit the Business Impact Category self-assessment as well as a business proposal

Step 2- Interview with the Office of Immigration

Step 3- Submission of business and settlement plans to the Office of Immigration

Step 4- Nomination for permanent residency

Step 5- CIC approval, landing in Canada, and reporting to the Office of Immigration, and settlement

Step 6- Compliance with the escrow agreement

Step 7- Successfully meeting conditions of the escrow agreement and receiving deposit

Please be advised that a Prince Edward Island nomination does not guarantee that the applicant will receive a permanent resident visa. Do not make permanent arrangements to move to Prince Edward Island, such as leaving your job or selling your properties, until the application for a permanent resident visa is assessed and confirmed by CIC via the visa office/embassy.

CIC is the final authority to approve or refuse an application for permanent residency. It is responsible for ensuring all applications for permanent resident status meet the requirements of the Immigration and Refugee Protection Act and all statutory admissibility checks are completed.

Community Endorsement

The Prince Edward Entrepreneur Program has developed a new category for communities to endorse the selection of potential business applicants under the PEI PNP Work Permit stream. The vision is to have communities collaborate to identify potential candidates, provide guidance and business support that will lead to improved visibility for communities and a greater likelihood for engagement and successful integration for the foreign national in that community.

If the community provides an endorsement, they agree to provide the following services:

• Engage and provide integration support to newcomers endorsed by the community. This engagement to include business advice and guidance on items such as business location possibilities, additional markets or partnerships, and key business relationships in the community;
• Provide an overview of the community including infrastructure and services that exist, industry profiles, business patterns, demographics, housing, and opportunities to enhance business integration (such as Chamber memberships, etc.); and
• Provide notification and required details to the Office when newcomers are provided with an endorsement

If you receive a community endorsement and claim the associated points, you are required to establish your business in the endorsing community to be compliant with your Work Permit Performance Agreement.

PEI PNP Work Permit stream EOI Ranking System

Candidates are evaluated across various factors. They will be awarded up to 200 assessment points based on their age, language, education, business ownership or management experience, community endorsement, and adaptability.

Points for Business Experience will be awarded based on either proof of owner and management experience OR senior management experience.

Community Endorsement points will be awarded based on a signed endorsement from a participating PEI community.

Based on your score, you may receive an invitation to apply when PEI conducts one of its EOI draws.

Application Processing Time – Prince Edward Entrepreneur

Registrations are valid for 6 months with monthly draws to issue invitations to apply. Decisions upon applications are usually made within 3-6 months. Applications for nomination are usually assessed within 2-4 months. Permanent residence application processing time for the Provincial Nominee class is currently 15 to 19 months.