The Business Impact Category provides the opportunity for foreign nationals who wish to work and live in Prince Edward Island to be nominated by the Province thus becoming permanent residents of Canada. The purpose of this program is to attract businesspersons who are willing to make an equity purchase in and actively manage a new or existing business in Prince Edward Island.
Applicants must meet the program’s criteria in the stream they are applying under. Immigration Services requires all applicants to submit a business proposal and a complete application with all required documentation to support the eligibility, experience, language ability, business acumen and financial capacity of the applicant to successfully operate a business in Prince Edward Island.
Applicants are required to identify the stream, which they are applying under, and the sector within Prince Edward Island in which they will likely be involved. Immigration Services will assess the application on the merits of the applicant to demonstrate the capacity to operate a prospective business based on the abilities, experience and business proposal.
Once the applicant has identified the potential business opportunity, has applied and been approved, the applicant is then required to arrange a five day exploratory visit to Prince Edward Island. The applicant is then required to meet with Immigration Services to discuss both the process for nomination and the potential business opportunity. While in Prince Edward Island, applicants are required to not only meet with officials of the prospective business, if applicable, but also to examine the business environment and lifestyle looking at issues such as housing costs, education or recreational activities. Upon completion of the exploratory visit, applicants are required to provide a business plan and settlement plan to Immigration Services for assessment.
Partial Ownership Stream
After receiving approval, Immigration Services will forward the nomination to CIC for adjudication for the Partial Ownership Stream. Upon CIC approval, a Canadian Visa for Permanent Residency and Landing in Canada document is issued.
The applicant then has two years with which to execute on the terms and conditions in the escrow agreement. During this time the applicant will be required to report periodically on the progress towards meeting the terms and conditions of the escrow agreement. As well, the applicant is required to provide follow up information as part of ongoing evaluation of the program by Immigration Services. Upon the terms and conditions being met and verified by Immigration Services, the applicant is eligible for refund of the $100,000 CAD escrow deposit, without interest.
The applicant must meet the requirements at each stage and receive approval prior to advancing to the next step.
Step #1 Complete and submit the Business Impact Category self-assessment, business proposal and application guide:
- Read the entire application guide before completing the application forms.
- Complete the self-assessment and score 50 or more points to proceed to the application guide.
- The application guide provides detailed instructions and includes all forms.
- Follow the checklist and answer every question, gather all required supporting documents and include the application fee.
- Applicants should photocopy the complete application package for their records.
- Deliver the application package to Immigration Services.
- Notification to the applicant will occur when Immigration Services receives the application and a decision has been made.
Step #2 Make a 5 day exploratory visit and attend an interview with Immigration Services:
- Upon review and having met the requirements of the Business Impact Category the applicant will be required to make an exploratory visit to Prince Edward Island and will be invited to an interview with Immigration Services. The applicant is required to make the exploratory visit to gain knowledge about Prince Edward Island and its business environment. During the visit the applicant must meet with potential business officials (i.e. owners of businesses which may be invested in, etc), professional advisors (accountants, lawyers, bankers, etc.) and learn pertinent information about Prince Edward Island to aid in settling and integrating into Prince Edward Island.
Step #3 Submission of business and settlement plans to Immigration Services:
- Following the exploratory visit to the province, the applicant will forward a formal business plan accompanied by a settlement plan for the applicant’s family, to Immigration Services for review.
- Immigration Services must approve these plans prior to the applicant proceeding to the next step.
Step # 4 Nomination for permanent residency:
- Upon being approved, the applicant will execute all required agreements including an escrow agreement outlining the terms and conditions of the applicant’s intentions to invest through the Business Impact Category in an identified Prince Edward Island business.
- The applicant is required to make a conditionally refundable deposit of $100,000 CAD to Immigration Services subject to the terms of the escrow agreement.
- The applicant will, upon signing the escrow agreement, receive a letter of approval and letter of instruction.
- Upon receipt of the letter of approval, the applicant will need to apply to CIC to continue the immigration process for permanent residency to Canada.
- The applicant will be required to provide the letter of approval to CIC along with all CIC forms, supporting documents and applicable fees.
- CIC will provide notification to the applicant upon receipt of the application and a decision has been made. (Immigration Services makes no representation of processing times for permanent resident visas by CIC, for details visit http://www.cic.gc.ca/english/information/times/index.asp)