The Prince Edward Island government has announced the closure of the 100% Ownership Stream, with the final Expression of Interest draw on September 20, 2018. Business candidates for P.E.I. should consider the Work Permit stream.
Those who seek to apply for business immigration to Prince Edward Island under the 100% Ownership Program must be prepared to solely own, invest in and actively manage a business in PEI. All applications under the 100% Ownership Program will be assessed based on the applicant’s business proposal and business experience as well as the likelihood that the applicant’s business in PEI will be successful.
Requirements for PEI 100% Ownership Program:
Under the 100% Ownership program, an applicant must:
- Complete and submit all required immigration forms
- Submit all other required documents
- Possess a minimum personal net worth of $600,000. This net worth must have been acquired legally.
- Possess at least a high school education
- Aged between 21 and 59 years of age at the time of application
- Have previous experience and significant talent in business management
- Scored a minimum of 4.0 on the IELTS within the last 2 years
- Provide a detailed business plan. The plan must involve the applicant owning 100% of a PEI business. The business must also be eligible under PEI business immigration program requirements. For a general overview of PEI business immigration, click here.
- Provide active and on-going management of the business from within Prince Edward Island.
- Sign an escrow agreement committing to give a deposit of $200,000 to the PEI government until all program requirements are met. After all requirements are met, the money will be returned to the applicant.
- Make a total investment in a PEI business of at least $150,000.
All applicants participating in this program must also submit a Purchase and Sale Agreement to the PEI Office of Immigration. The Agreement must include:
- All relevant details of the proposed investment
- Confirmation that the business being acquired is not operated primarily for the purpose of acquiring investment income such as:
- Interest income
- Dividend income
- Capital gains
- The purchase price for the business
- The number, class and conditions of the shares being purchased (if applicable).
- Confirmation that the investment does not include a redemption option.
- Confirmation that the applicant will provide active and ongoing management of the business from within PEI.
- Timelines for the purchase of the business
- Confirmation that the purchase price is for the entire business
- A detailed description of the activities of the business.
The PEI government will give priority to applications that are in the following sectors:
- Export-oriented business
- Businesses that bring economic diversity to rural communities in PEI.
- Information technology
- Renewable energy.
PEI 100% Ownership Business Immigration Application Process:
There are a number of steps involved in applying under the 100% Ownership program.
Step 1: Complete and Submit All Relevant Documents
Required documents include:
- A business impact category self-assessment
- A business proposal
- A completed application guide from the PEI Immigration Office.
The application and supporting documents must be submitted to the PEI Office of Immigration.
Step 2: Interview
Applicants who meet the requirements for 100% Ownership program will be invited to PEI for an interview. While they are in PEI for the interview, it is recommended that applicants travel throughout the province and learn about the province’s social and economic landscape.
Step 3: Submission of Business and Settlement Plans
Following a successful interview, the applicant will be asked to submit a business plan to the PEI Immigration Office. The applicant will also be requested to provide a settlement plan describing how the applicant and family dependents plan to settle in PEI.
Step 4: Sign Escrow Agreement
If all required documents are completed and the application is successful, the applicant will be asked to sign an escrow agreement. As mentioned above, all successful applicants mustsign an escrow agreement committing to deposit $200,000 to the PEI government until all program requirements are met. Once all the requirements are met, the deposit will be returned to the applicant.
Step 5: Nomination for Permanent Residency
After the escrow agreement is signed, successful applicants will receive a letter of approval (nomination) and a letter of instruction from the PEI government. The applicant must then use these documents to apply for permanent residence with the Canadian federal government. Note: being nominated for permanent residence by the PEI government DOES NOT guarantee that you will be accepted for permanent residence by the federal Canadian government. The Canadian government has its own set of immigration requirements, primarily related to health, security that must be met.
Step 6: Approval by the Canadian Government
If all immigration requirements are met, the applicant and accompanying dependants will be granted Canadian permanent residence. Once the permanent residence visa is activated, the applicant will be able to start living in PEI.
Step 7: Fulfill Escrow Conditions
After moving to PEI, completing their investment and fulfilling the conditions of their escrow agreement, applicants will receive back their $200,000 deposit.
Interested employers: Kindly contact us here to receive further information.
Interested candidates: Find out whether you qualify to Canada by completing our free on-line evaluation. We will provide you with our evaluation within 1-2 business days.