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VISA FREE COUNTRIES

142

POPULATION

34,834,841

GDP

43,100 USD


LOCATION

Northern North America

CAPITAL

Ottawa

LANGUAGE

English, French

RELIGION

Catholic, Protestant

GOVERNMENT TYPE

Parliamentary Democracy

CURRENCY

Canadian Dollar (CAN)

 

Prince Edward Island Business Program

 

Overview


Prince Edward Island is one of eastern Canada's maritime provinces. The large island is marked by red-sand beaches, lighthouses, and fertile farmland. PEI is renowned not only for its lush farmland and beautiful coasts, but it is also home to a burgeoning economy centered on agriculture, tourism, and fishing.
With growing business opportunities in multiple sectors and favorable business taxation, the Island’s Business Immigration Program will interest those who:

The applicant has three streams from which he can choose accordingly to his skill set and abilities to run that particular business:

 

Features

 

100% Ownership Stream


This PEI immigration stream is for foreign business people who have the determination and entrepreneurial spirit to either purchase an existing PEI business or for those who want to start their own business in PEI. In either circumstance, applicants under this program must own 100% of the business. The business must generate revenue by selling goods or services at arm’s length to third parties. As such, this excludes business operating primarily for the purpose of deriving investment income, real estate rental operations, investment companies and other non-active investment companies.

 

Partial Ownership Stream


The PEI PNP Partial Ownership Stream is for those foreign nationals who wish to buy part of a business in PEI. Among many other requirements, the applicant must buy at least 1/3 of the business’ equity or make an investment of $1,000,000 in the equity of the business. 

 

Work Permit Stream


This stream is much like that of the partial ownership stream, except that the applicant is granted a work permit to work in the PEI business they intend to invest in before making such an investment. This allows the applicant’s to move to PEI faster and helps facilitate the applicant’s settlement and immigration to PEI. Upon meeting all the requirements and conditions of a performance agreement, the applicant will then be nominated to apply for their permanent residency. 


Requirements*


Below you will find some of the requirements necessary to be approved under this program. Note that the three streams share the same eligibility criteria, except for the Escrow agreement and deposit of $200,000 which is not applicable to the Work Permit stream. 

 

Business Proposal


At the time of application, a Business Proposal is required that outlines the proposed investment, the applicant’s related experience, the market environment, and other relevant information.

 

Business Plan


Following your interview, a formal Business Plan must be prepared and submitted. It will be prepared by a Chartered Accountant in PEI. This Plan should include evidence that the Applicant has access to sufficient liquid assets to cover the intended investment, and living costs for up to two years after landing. 

 

Approval


The Application is then filed with Citizenship and Immigration Canada for priority processing to the granting of Canadian Permanent Residence status.

 

*Other conditions apply.  Your legal advisor will gladly give you further details upon request and guide you throughout the numerous steps of the program. 

** Escrow Agreement
The escrow agreement outlines the terms that the applicant must meet in order for his or her $200,000 CAD deposit to be refunded. The agreement and its terms are unique to the applicant and are based on his or her intentions according to the business plan.
The deposit is to be submitted to the Office of Immigration and made payable to IIDI, to be held in escrow until all terms are met. The deposit will be returned, without interest, to the applicant according to the following timeline: $25,000 CAD will be refunded after six months of residence in PEI, another $25,000 CAD after one full year of residence, and the remaining $150,000 CAD once the applicant has met all terms of the escrow agreement. 

 

 

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Program brochure for Prince Edward Island
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