Business Investment and Immigration

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Business Investment and Immigration

The Province of Prince Edward Island in Canada welcomes newcomers wishing to embrace the opportunities presented by living in Canada’s smallest province.
The Business Impact Category provides the opportunity for foreign nationals to be nominated by Prince Edward Island to become permanent residents of Canada providing they invest in and actively manage a business in Prince Edward Island.
There are three streams under the Business Impact Category, all leading to Permanent Residency. The below information is in regard to the 100% Ownership and Partial Ownership Streams.

Benefits
The benefits of the Business Impact Category include the following:

  • Small initial payment of $10,000 (plus $15,000 to be paid upon Invitation to Apply, $245,000 to be paid after approval, and $150,000 to be invested in a business after landing)
  • Speedy provincial processing (an interview will be scheduled approximately 4-7 months after the complete application is filed)
  • Fast federal processing is expected (9-12 months in most posts)

Criteria
Applicants in all streams of the Business Impact Category must meet the following criteria:

  • Intend to settle in PEI, and to manage, invest in, or own a business in PEI
  • Make a minimum investment in a PEI business in accordance with Section 87 of the IRPA regulations
  • Have minimum $600,000 in Net Worth
  • Be able to document the source of funds for $600,000 (it must be earned through the applicant’s own endeavours; loans, inheritance, and gifts cannot be used)
  • Be between 21 and 59 years of age
  • Have completed at least 12 years of school (completed secondary school)
  • Have minimum 3 years (in the past 5 years) of transferable management or business ownership experience, directly managing at least 3 employees
  • Have basic proficiency in English or French (CLB 4 or greater)
  • Syrians must obtain a DFAIT permit before applying

Application process

The Application Process is summarized below:

  1. Please submit the following documents to Life Ashore electronically (e.g. via email):
    • Passport for each family member
    • English and/or French language assessment for the principal applicant (and spouse, if applicable)
    • Self Assessment form completed and signed by the principal applicant
    • Completed Business Plan Builder
    • Resume and reference letters for both principal applicant and spouse
    • Schedule 4A and supporting net worth documents
    • Narrative document, explaining how the principal applicant and spouse accumulated/earned their combined net worth (it can not be inherited or gifted)
    • Proof of education (e.g. diplomas)
    • Proof of enrolment and current attendance of any children in PEI schools (minimum 6 months), if applicable
    • Proof of spouse’s attendance at a post-secondary institution in PEI, if applicable
    • Proof of close relatives (parent, grandparent, child, brother, sister, aunt, or uncle) living in PEI for minimum 1 year, if applicable
    • Proof of experience in agriculture and expressed desire to operate a farm in PEI, if applicable
    • Professional Services Agreement, completed and signed by the applicant
  2. We will evaluate your client’s qualifications within 1 business day and suggest ways in which he/she may increase his/her score if applicable.
  3. We will enter your client’s profile into the Immigration Services (PEI Government) EOI database, and a deposit of $10,000 is required at this time. This amount will be refunded to the applicant if Immigration Services does not select his/her file from the database within 6 months. It is non-refundable once Immigration Services selects the file (issues an Invitation to Apply), if the client misrepresents, or if the client voluntarily withdraws.
  4. Once Immigration Services issues an Invitation to Apply, please send all application documents to Life Ashore within 45 days (maximum). We will submit the applicant’s complete, paper file to Immigration Services as quickly as possible. All PEIPNP forms must be original, but all federal forms and supporting documents should be copies (or certified translations, as applicable). If any discrepancies are found between the scoring grid and the supporting documents, the applicant will be deemed to have misrepresented, and will be barred from re-applying for 2 years.
  5. The applicant will remit $15,000 to Life Ashore at this stage ($5,000 fee to Life Ashore, plus $10,000 PEI Government application fee)
  6. Once the paper file is submitted, Immigration Services will review the file, and may request additional documents (if necessary). The Government will then invite the client for interview.
  7. With the client’s review and input, the Business Plan will be completed prior to the exploratory visit and interview. The applicant will present the Business Plan to Immigration Services at the interview and must be prepared to discuss it.
  8. We will coordinate the client’s interview and exploratory visit, and will provide the following executive-level, professional services at no cost to the client: personalized airport pickup, tailored tours (including residential areas, schools, and places of relevance to the client), and transportation to meet potential investee businesses, accountants, bankers, real estate agents, lawyers, etc. The client will be escorted to an interview with Immigration Services during this visit.
  9. Following a successful interview, Immigration Services will approve the Business Plan and request the escrow funds. The nominee will transfer the balance of $245,000 to us ($200,000 escrow deposit, plus balance of our fees). We will then transfer the conditionally-refundable escrow deposit to Immigration Services.
  10. Immigration Services will issue a Letter of Approval (Nomination Certificate) to the nominee. This Letter of Approval will accompany the nominee’s federal application to Citizenship and Immigration Canada (CIC).
  11. Once visas are issued by CIC, the nominee must visit Immigration Services in Charlottetown within 30 days of landing.
  12. Upon completing the terms of the escrow agreement, the nominee will be eligible to recoup the $200,000 escrow deposit. The escrow agreement states that the nominee must invest at least $150,000 to start a new business (or purchase at least 33.33% of an existing business) within 2 years of landing in PEI, and he/she must manage the business from within PEI for one year.

CONTACT LIFE ASHORE REPRESENTATIVE FOR MORE DETAILS…….

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