Prince Edward Island Business Impact Category

Eligibility Requirement

The eligibility criteria for Prince Edward Island Business Impact Category includes:

• Requirement of Personal Net Worth

  Under this requirement, the applicant must have a minimum supportable personal net worth of C$600,000. This is applicable for all the 3 categories of 100% Ownership Stream, Partial Ownership Stream, Work Permit Stream under the Prince Edward Island business Impact Category.

• Education Qualification

  Under all the 3 categories, the candidates must have a minimum education qualification of high school equivalent.

• Age

  During the time of application, the applicants must be between 21 and 59 years of age. This requirement is similar for all three categories.

• Skills for Management

  The applicant must have transferable management skills and past employment experience while applying for the Prince Edward Island Business Impact Category. This requirement is similar for all three 3 categories.

• Requirement of Language Proficiency

  Those who applying for this category must score at least 4.0 on the IELTS within the past 2 years.

• Business Plan

  The applicants are required to submit a business plan that shows the sustainability of their business and how it contributes to Prince Edward Island economic growth.

• Escrow Contract

  Under 100% Ownership Stream and Partial Ownership Stream, the candidates must sign an escrow contract or document along with the deposit of C$200,000 to detain with the Province till meeting the agreement’s terms and conditions.

• Investment

  Under 100% Ownership Stream the applicants must make a minimum investment of C$150,000 in a new or existing Prince Edward Island owned and operated business. Under Partial Ownership Stream, they must have a minimum investment of C$150,000 into an existing Prince Edward Island operated and owned business for a partial ownership interest of at least 33 1/3% of voting shares or they should make a minimum investment of C$1 million. Under the Work Permit Stream, the applicants must make a minimum investment of C$150,000 into a new or existing Prince Edward Island owned and operated business.

Advantages of Prince Edward Island Business Impact Category

1. Prince Edward Island Business Impact Category provides a route to becoming a permanent resident of Canada for foreign nationals who make an investment in PEI and who strongly manage a business there.
2. The Prince Edward Island has a growing and strong economy, especially in some sectors like seafood, agriculture, and technology. By these markets, the business owners or entrepreneurs are given access to both foreign and domestic customers.
3. Compared to other provinces of Canada, PEI provides a lower cost of living including lower housing costs. By this, the business owners can maintain a favorable quality of life while developing their business.
4. This category supports the business environment of the Canadian province with numerous grants, incentives of the government, and it also supports the programs for new entrepreneurs. Along with this, it offers access to mentorship, opportunities for networking and resources that may help to guide new entrepreneurs from the initial stage of the business.
5. This program helps in the economic development of the candidate province with the diverse industries of the economy, like fishing, agriculture, renewable energy, and technology.
6. It benefits the individuals to live a high quality of life with the strong focus on work-life balance. The Prince Edward Island is also famous for its beautiful sceneries, fresh air, and outdoor activities for the entrepreneurs and their families. This can lead to living a high quality of life.

Application Process

The application process for Prince Edward Island Business Impact Category is discussed further. Follow all the processes for a successful application.

Assessment of Eligibility Requirements:

The first step in the application process is to meet all the requirements. The candidates need to ensure that they meet all eligibility criteria like Net worth, Investment, Business Experience, Language Proficiency, and Intention to Settle.

Expression of Interest (EOI):

In this process, the applicants must submit an EOI (Expression of Interest) to the Prince Edward Island Provincial Nominee Program (PEI PNP). This is a preliminary stage of application where you have to provide basic details about your financial background, business experience, and goal or intention. With the provided information, the PEI PNP will assess your stability for this program. Expression of Interest will be assessed based on the points granted for some factors like net worth, business experience, capacity of business, and language efficiency.

Invitation To Apply (ITA):

If you score high in the EOI, then you may get an invitation to Apply (ITA) for the PEI Business Impact Category. The Invitation to Apply is an official invitation for the submission of the complete application for the program.

Submission of Application:

After getting the ITA, the applicants must submit a complete application to the PEI PNP along with the details of a business plan, financial resources proof, and identification and background documents.

Interview And Application Processing:

After submission of the application, the PEI PNP will assess your application and you may get an invitation for an interview. This interview is conducted to check your knowledge of the proposal of the business, local market, and commitment to start your own business in PEI. Your application is likely to be accepted if you meet the program's requirements and have a strong business plan.

Nomination By PEI:

Once your application is approved, the PEI PNP will offer a nomination certificate. This certificate allows you to apply for permanent residency via the Express Entry or through the paper-based application process to the federal government of Canada.

Application For Permanent Residency At The Federal Level:

The applicants may apply for permanent residency to Immigration, Refugees, and Citizenship Canada (IRCC) after receiving a provincial nomination. Applying through Express Entry will increase your chances of being invited to apply for permanent residency by adding points to your Comprehensive Ranking System (CRS) score.

Temporary Work Permit (If Applicable):

The applicants may issue a temporary work permit if they are away from Canada. This temporary work permit helps you to start operating your own business in PEI. This will allow the applicants to start their business in PEI before receiving permanent residency status.

Approval Of Permanent Residency:

After the approval of your federal application, the applicant and their family members (if applicable)will receive permanent residency status in Canada. You need to fulfill the requirements to operate your business and settle in PEI to maintain your permanent residency status.

Why Choose Croyez Immigration

Croyez Immigration is a leading immigration consultant that stands out as your trusted partner. We profile transparent service for those who seek to navigate the Prince Edward Island Business Impact Category.

• Croyez offers provide expert guidance for your specific goals of business and personal situation.
• Our experienced team members have in-depth knowledge in the Prince Edward Island Business Impact Category.
• We provide professionalised support to enhance your chance of success and help you to secure a business visa and establish your business in the province of Canada.
• At Croyez, we are committed to making a smooth, efficient immigration process, and making you stress free.

The Prince Edward Island Business Impact helps the applicants who have strong leadership skills, vision, and determination. It provides a great chance for experienced business entrepreneurs and managers to purchase, establish, or invest in a business in Prince Edward Island.