This category of immigration is for people who are looking forward to invest and further take part in the daily operation of a business in the province of Prince Edward Island.
Here are the streams that come under this broad category:
This stream helps foreign nationals who want to assume a 100% ownership of a business in the province, whether it’s a new or an existing business, to immigrate to PEI.
The following criteria should be met by a business in order for it to qualify, and let the applicant qualify as well, under this stream:
- It should not be a non-profit organization.
It should stand good on its every debt and obligation.
- The main headquarters as well as the permanent establishment of the company should be maintained in the province.
- They should pay all of their income tax.
- Their assets should have a book value that amounts to no less than $150,000.
- The company should have the potential to economically benefit the provincial economy.
There are businesses which are given more priority over others. These are the criteria which decide whether or not a business should be given more priority:
- If they're more oriented towards exports.
- If they make major use of the primary resources that the province has to offer, like IT, renewable energy, bioscience, and aerospace.
- If they play a role in bringing in more economic diversification to the rural areas of the province, especially.
There are some kinds of businesses which are deemed ineligible to participate in this stream. They are:
- Businesses based out of one’s home, which would include bed and breakfast, hobby farms, etc.
- Payday loan services, cheque cashing, and money changing.
- Used good sales, such as pawnbrokers.
- Business brokerage, real estate brokerage, and insurance brokerage.
- Consulting services, professional practices, and financial services.
- A business that might be at a risk of causing any disrepute to the government as well as the province.
- A business which might have been created only to get an access to the PNP program of Prince Edward Island.
If an individual, instead of attaining the full ownership of a business, purchases a part of a locally run business, by either investing in a third of the total shares, or making at least a $1,000,000 worth of an equity investment, might get to immigrate to PEI, through this stream.
If a foreign national needs a work permit to work in the province till they can move permanently there and work in a business which they themselves invest in. Before actually investing all that money, a person would find a great opportunity under this stream to look after the business and operate it on a daily basis before they invest such a huge sum. In all other aspects, this stream has the same criteria as the partial ownership stream.
Every applicant, irrespective of the streams under this category, will have to cater to the following general criteria:
- The applicant will have to be anywhere between 21 years and 59 years of age.
- They should have at least passed high school.
- Their net worth should be no less than $600,000.
- They IELTS score should be at least 4.0.
In addition to the general criteria, here is the list of additional requirements for the individuals applying under the 100% Ownership Stream:
The applicant would have to provide a comprehensively prepared business plan first.
- They should be providing a more active and a steady management from within the province.
- They would also be signing an escrow agreement which shows a $200,000 worth of deposit stipulations.
- The applicant would have to invest no less than $150,000 in this business.
In addition to the general criteria, here is the list of additional requirements for the individuals applying under the Partial Ownership Stream:
- They should be providing a decent and a comprehensive plan for the business.
- Their participation in the business should be an active one, and from within PEI.
- Stipulations on a $200,000 worth of deposit should be mentioned on the escrow agreement.
- At least an amount of $150,000 would be required for the applicant to partially own no less than a third of the voting shares; otherwise, they would have to invest at least $1 million in the business.
- The business should not be a startup; but, if it is a recently incorporated company, it may be permitted.
In addition to the general criteria, here is the list of additional requirements for the individuals applying under the Work Permit Stream:
They must obtain for themselves a work permit, in the province.
- Whether they plan to have a full ownership, or a partial one, they will have to submit a comprehensive business plan.
- They will have to participate actively in managing the business from inside the province itself.
- They will also be required to sign a Performance Agreement containing stipulations on an investment of no less than $150,000 made in the business.