One of the smallest Canadian Provinces is offering one of the most attractive immigration streams to obtain permanent residence in Canada.

To qualify for this immigration stream, the applicant can chose between two separate options:

  • 100% Ownership stream, and
  • Partial Ownership stream

PEI also identifies priority sectors for the business criteria stream:

  • The starting or expanding of an export-oriented business.
  • Businesses that utilize primary sector resources from the following sectors (Agriculture, Fishery and Forestry).
  • Businesses that help economically diversify rural communities in Prince Edward Island.
  • Businesses that develop the province’s emerging innovative sectors: bioscience, information technology, aerospace and renewable energy.

The main requirement

The 100% Ownership Stream

  • Complete and submit all required Federal and Provincial PNP forms and supporting documentation.
  • Possess a minimum verifiable personal net worth of $600,000 which has been accumulated through legal and legitimate sources in their own right.
  • Possess a minimum education of high-school equivalent.
  • Be within 21-59 years of age at the time of application.
  • Have transferable management skills and past employment.
  • Have scored a minimum band score of 4.0 on the IELTS within the last 2 years.
  • Provide a detailed business plan for 100% business ownership that falls within an eligible sector and meets all program criteria in place at the time of application.
  • Provide active and on-going management of the business from within Prince Edward Island.
  • Sign an escrow agreement containing stipulations on a deposit of $200,000 to be held by the Province until terms of the agreement have been met.
  • Make a minimum of $150,000 investment into a new or existing Prince Edward Island

The Partial Ownership Stream

  • Complete and submit all required Federal and Provincial PNP forms and supporting documentation.
  • Possess a minimum verifiable personal net worth of $600,000 which has been accumulated through legal and legitimate sources in their own right.
  • Possess a minimum education of high-school equivalent.
  • Be within 21-59 years of age at the time of application.
  • Have transferable management skills and past employment.
  • Have scored a minimum band score of 4.0 on the IELTS within the last 2 years.
  • Provide a detailed business plan for partial business ownership that falls within an eligible sector and meets all program criteria in place at the time of application.
  • Provide active and on-going management of the business from within Prince Edward Island.
  • Sign a escrow agreement containing stipulations on a deposit of $200,000 to be held by the Province until terms of the agreement have been met.
  • Make a minimum of $150,000 investment into an existing Prince Edward Island owned and operated business for a partial ownership interest of a minimum of 33 1/3% of voting shares; or make a minimum $1 million investment. The transaction must be in compliance with the Immigration and Refugee Protection Act.

To determine whether the business you are purchasing/investing meets the Eligibility Criteria. One of the requirements is that the business must be for a profit corporation, it must be in good standing and it should have its headquarters in PEI. For the complete list of the requirements, please go here.

A Start-Up usually would not qualify under this category, yet the following exception will apply:

  • However, newly incorporated companies created from an existing Prince Edward Island business’ assets will be considered providing:
    • A Prince Edward Island business provides $150,000 CAD in assets to the new company,
    • The new company is a stand-alone business entity without reliance on the original business, and
    • The Prince Edward Island business owner has sufficient expertise in the new company’s area of operation.
  • A business that has historically operated as a sole proprietor or partnership will be considered but will need to incorporate prior to the applicant purchasing equity in their company.  In these instances, businesses should not incorporate until they are certain that the transaction will move forward.

If you wish to learn more about this program or apply, please contact us to discuss your options.