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. The Business Impact Category is looking for interested businesspersons who can demonstrate vision, leadership and determination. Together with a growing population and economy, we are confident that a choice to invest in and operate a business in Prince Edward Island will serve not only the interests of the business person themselves but the entire province at large.
The Business Impact Category has three streams from which an applicant can choose:
100% Ownership Stream
Businesspersons are integral to the advancement of the Prince Edward Island economy. Prince Edward Island recognizes that this is still the fact and welcomes any capable individuals with entrepreneurial spirit to come to our province and help the progress continue. For foreign nationals, one avenue for entry into the Province to showcase entrepreneurial ability is through the 100% Ownership Stream.
The applicant must follow the step by step application process. If approved by Immigration Services, the applicant will receive nomination from Prince Edward Island and will need to sign an escrow agreement. The escrow agreement requires the applicant to obtain 100% control of a business through the outright purchase of an existing business or the start of a new business in Prince Edward Island.
The applicant must meet the program criteria, minimum net worth and investment thresholds and will be required to make a conditionally refundable deposit of $100,000 Canadian dollars (CAD) to be held in escrow. This $100,000 CAD deposit will be released upon the applicant meeting the requirements outlined in the escrow agreement.
100% Ownership Stream Criteria
100% Ownership Stream Application Process
Partial Ownership Stream
The Partial Ownership Stream is designed for applicants who wish to transition into the Prince Edward Island business community by becoming a part owner in a business.
The applicant must follow the step by step application process. If approved by Immigration Services, the applicant will receive a nomination from Prince Edward Island and will sign the necessary agreements. The applicant, amongst other conditions, must obtain 33 1/3% of the business’ equity or invest $1,000,000 CAD in the equity of the business.
The applicant must meet the program criteria, minimum net worth and investment thresholds and will be required to make a conditionally refundable deposit of $100,000 CAD to be held in escrow. Upon applying, meeting the criteria of the program, signing the necessary agreements and making the $100,000 CAD refundable escrow deposit, the applicant will be granted nomination. This $100,000 CAD deposit will be released upon the applicant meeting the requirements outlined in the escrow agreement.
Partial Ownership Stream Criteria
Partial Ownership Stream Application Process
Work Permit Stream
Applicants may wish to transition in a more timely fashion to start a new life and business utilizing a work permit to enter Canada and begin the journey. The Work Permit Stream will allow applicants to come to Prince Edward Island and begin working and learning about the business they will be investing in prior to nomination by the Province of Prince Edward Island.
The applicant must follow the step by step application process. If conditionally approved by Immigration Services, the applicant will 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. At the time of work permit issuance, the applicant will sign the necessary agreements outlining what is required of them. Upon meeting the terms and conditions of a performance agreement, the applicant will be nominated by Immigration Services for permanent residency to Canada.
Work Permit Stream Application Process
Prioritization
Due to limitations on immigration levels nationally and the effects on the Provincial Nominee Programs, the province of Prince Edward Island reserves the right to prioritize nominations to the three streams of the Business Impact Category based on the strengths and merits of the application and the economic value to Prince Edward Island.
- 100% Ownership Stream Criteria+
- 100% Ownership Stream Application Process+
- Partial Ownership Stream Criteria+
- Partial Ownership Stream Application Process+
- Work Permit Stream Criteria+
- Work Permit Stream Application Process+