Prince Edward Island encourages foreign nationals with relevant entrepreneurial experience and investment capabilities to apply through the Business Work Permit Stream. 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 in Canada.
To be eligible for a nomination through the PEI PNP Business Work Permit stream you must qualify the following criteria:
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 If the file is declined or withdrawn prior to being interviewed, $7,500 shall be refunded. But once the interview is conducted and the file is declined or withdrawn, the entire fee becomes non-refundable.
The candidate should foremost 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.
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 the annual allocation of nominations or the processing capacity.
The candidate is then to submit all the supporting documents according to Provincial and Federal forms. Note that the Office has reserved the right to ask for any additional documentation 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.
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 businesses that are not acceptable by the province of PEI:
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.
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.
The applicant is then issued a nomination after he meets the terms of his Business Performance Agreement. The following conditions are to be fulfilled:
Once the candidate has complied with all the terms and conditions mentioned in the BPA and 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.
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