Prince Edward Island
The Prince Edward Island (PEI) Provincial Nominee Program (PNP) expedites immigration to Canada for individuals and their families who can increase the province’s business and economic development, the supply of skilled workers and the population.
Prince Edward Island (PEI) Business Immigration Program
There are two different streams of the Business Impact Category:
- The 100% Ownership Stream; and
- The Partial Ownership Stream.
100% Ownership Stream
PEI is looking for businesspeople who will contribute to its economy.
The 100% Ownership Stream attracts experienced business managers and entrepreneurs.
You must plan to invest in and actively manage an eligible business in PEI and satisfy the following specific criteria:
- Have a net worth of CAD$600,000;
- Have, at minimum, a high-school diploma;
- Be 21-59 years of age at the time of application;
- Have transferable management skills and past employment;
- Have taken the IELTS test and scored at least 4 within the last 2 years;
- Provide a detailed business plan;
- Actively manage the business from within PEI;
- Sign an escrow agreement to allow PEI to hold CAD$200,000 until the terms of the business plan have been met; and
- Make a minimum of CAD$150,000 investment into a new or existing PEI business.
The CAD$200,000 that is held in escrow will be returned to you as follows:
a) CAD$25,000 will be refunded after 6 months of residency in PEI;
b) CAD$25,000 will be refunded after 1 year of residency in PEI;
c) The remaining CAD$150,000 will be released when you fulfill the requirements outlined in the escrow agreement.
Purchase and Sale Agreement
You must submit to the Office of Immigration, Settlement and Population a written purchase and sale agreement as evidence that you have purchased 100% of an eligible PEI business. The agreement must confirm the following:
- The business being purchased is not operated primarily to derive investment income such as interest, dividends and/or capital gains;
- The number, class and conditions of the shares being purchased (if applicable);
- The activities of the business;
- There is no redemption option; and
- You will actively and continuously manage the business in PEI.
PEI chooses candidates who are best suited to enhancing the province’s economy.
If your business touches on the following, you will receive priority processing:
- Utilizing agriculture, fishery or forestry resources;
- Diversifying rural communities in PEI; or
- Developing PEI’s emerging innovative sectors: bioscience, information technology, aerospace and renewable energy.
You will also have more priority if you can show that you will increase or maintain employment levels within the business.
- Bed and breakfasts, hobby farms and home-based businesses
- Pay day loan, cheque cashing, money changing and cash machine businesses
- Sale of used goods (excluding collectibles, or where the business provides value-added services such as repairs, refurbishing, or recycling)
- Real estate development (unless there is significant economic benefit to PEI’s economy)
- Real estate, insurance or business brokerage
- Businesses started for the purpose of gaining access to immigrant investment
- Professional practices
- Financial services
- Consulting services
- Any other type of business that by association would tend to bring the program or the Government of PEI into disrepute
- An entity that cannot issue shares
Partial Ownership Stream
You also have the option of purchasing part of a business rather than 100%. The requirements for this stream are as follows:
- Acquire 33 1/3% of the business’ equity, or invest CAD$1 million in the equity of the business;
- Fulfill the general program criteria listed above; and
- Sign an escrow agreement and make a conditionally refundable deposit of CAD$200,000.