Prince Edward Island Business Work Permit
Prince Edward Island encourages foreign nationals with relevant entrepreneurial experience and investment capabilities to apply through the Business Work Permit Stream. The candidates interested in establishing and operating their business in the province of PEI can apply for this program.
The approved applicants shall receive a temporary work permit and eventually a Provincial Nomination to work and reside in Prince Edward Island. This shall ultimately provide a pathway to apply for a Permanent Residence to Canada.
What are the minimum eligibility criteria to apply?
To be eligible for a nomination through the PEI PNP Business Work Permit stream you must qualify the following criteria:
- Net Worth: The applicant should have a minimum personal net worth of $600,000, accumulated through legal and legitimate sources and verified by a designated third-party service provider
- Education: The applicant should have a Canadian secondary school equivalent
- Age: The acceptable age-limit should be within 21-59 years at the time of application;
- Experience: The prospective entrepreneur should have transferable management skills in terms of past employment or business ownership experience in the last 10 years
- Language proficiency: the candidate should meet the Canadian Language Benchmark (CLB) 4 or above in either French or English
- Adaptability: The proposed business should be intended to be established in the province of PEI. The candidate should also intend to live in PEI while providing day-to-day active management in the proposed business company;
- Performance Agreement: In order to receive a nomination, the applicant must meet the terms and conditions of the Performance Agreement signed with the Office of Immigration.
What is the required application fee for PEI Work Permit Stream?
There is no application fee to be submitted to register an Expression of Interest (EOI) to the PEI PNP Work Permit stream. However, if the candidate gets selected for nomination by PEI, the application fee is $10,000 CAD, which must be submitted along with your application. In case the application file is not accepted, the entire fee shall be refunded. If the file is declined or withdrawn prior to being interviewed, $7,500 shall be refunded. But once the interview is conducted and the file is declined or withdrawn, the entire fee becomes non-refundable.
What are the steps to apply?
Step 1: Submit an Expression of Interest (EOI) to PEI
The candidate should foremostly evaluate his or her eligibility before submitting the EOI profile. All the required criteria for Business Impact Category should be fulfilled by the applicant. To complete the profile, you must fill in all the relevant information like email address, identification number and passport details. The EOI profile is valid for 6 months.
Step 2: Receive an Invitation to Apply
The selected candidates from the EOI pool shall be receiving an Invitation to Apply. The invitation is sent to the top-ranking candidates from the EOI pool. You need to apply within a span of 60 days from receiving the invitation. The frequency of receiving the invitations majorly depends upon the various provincial requirements like annual allocation of nomination or the processing capacity.
Step 3: Prepare and submit your application
The candidate is then to submit all the supporting documents according to Provincial and Federal forms. Note that the Office has reserved the rights to ask for any additional documentational proof at any given point. Any updates or changes in the status of your application should be notified to the IRCC office. The complete application should be submitted within 60 days of receiving the ITA. An application fee of $10,000 CAD must also be paid.
Step 4: Assessment and Interview
The next step is to attend an interview with a designated official. It is generally advisable that all applicants should visit PEI to know about the province and its business and economic environment. The applicant must be prepared for the interview prepared in accordance with the proposed business plan. The following is a list of ineligible business that are not acceptable by the province of PEI:
- Property rental, investment, and leasing activities;
- Real estate construction/development/brokerage, insurance brokerage, or business brokerage;
- Professional services or self-employed business operators requiring licensing or accreditation;
- Pay day loan, cheque cashing, money changing, and cash machines;
- Credit unions;
- Home-based businesses, including bed-and-breakfasts and lodging houses;
- Co-operatives; and
- Investments into a business operated primarily for the purposes of deriving passive investment income.
- A business located in a multi-business retail/condo/location/project or business incubator that is not completed/operational, and/or is targeted or dependant on investment or business operations by SINP entrepreneurs for the development, completion or ongoing operation of the project.
Step 5: Sign a Business Performance Agreement
After successfully undergoing the interview, you will be requested to submit a signed Performance Agreement. Should your application be approved, the signed agreement by Island Investment Development Inc. and the letter of support for a work permit will be issued.
Step 6: Receive a Temporary Work Permit
After receiving the Approval Letter, the applicant applies for a Temporary Work Permit. While the entrepreneur implements his business plan in PEI for 2 years, he or she can reside and work legally in Canada. On arriving in Canada, the applicant needs to attend a meeting in Prince Edward Island within 18 months of receiving the Approval Letter, or the application shall be closed.
Step 7: Apply for Provincial Nomination
The applicant is then issued a nomination after he meets the terms of his Business Performance Agreement. The following conditions are to be fulfilled:
- The principal applicant with their accompanying family (which includes spouse and school-aged children) must maintain a residence in Prince Edward Island while operating the business and be physically living in Prince Edward Island for a minimum of 9 months.
- Investment of minimum of $150,000 CAD is to be made into the proposed business within 12 months of arriving in PEI
- Operate the business for a minimum one year
- Be actively involved in the management of the business from within PEI
- Provide a financial statements noting a minimum of $75,000 in eligible operating expenses
- Meet all other terms and conditions of the Performance Agreement.
Step 8: Apply for a Permanent Residence
Once the candidate has complied with all the terms and conditions mentioned in the BPA and the is granted a nomination, the final step for all applicants shall be to apply for a Canadian PR to IRCC within 6 months of receiving the provincial nomination.