PEI Business Impact Category Work Permit Stream
Summary:
The PEI Business Impact Category’s Work Permit Stream is tailored for foreign entrepreneurs aiming to establish and operate a business in Prince Edward Island. This pathway allows individuals to obtain a temporary work permit to manage their business and, upon meeting specific criteria, become eligible for permanent residency in Canada.
Eligibility Requirements
Age: Applicants must be between 21 and 59 years old at the time of application.
Net Worth: A minimum verifiable personal net worth of $600,000 CAD, accumulated through legal and legitimate sources.
Education: At least a secondary school equivalent.
Business Experience: Transferable management skills and past employment or business ownership experience.
Language Proficiency: Minimum language requirements equivalent to a Canadian Language Benchmark (CLB) level 4 in English or French.
Intent to Reside: A genuine intention to live and work in PEI while providing active and ongoing management of the proposed business.
Application Process
Expression of Interest (EOI):
- Submit an EOI to the PEI Office of Immigration, detailing your personal information, business experience, and proposed business plan.
Invitation to Apply (ITA):
- If selected, receive an ITA from the Office of Immigration.
Net Worth Verification:
- Engage a designated net worth verifier within 15 days of receiving the ITA to assess and verify your personal net worth.
Application Submission:
- Submit a comprehensive application, including a detailed business plan, proof of net worth, language proficiency results, and other supporting documents.
Interview:
- Attend an interview with the Office of Immigration to discuss your business proposal and intentions.
Performance Agreement:
- If approved, sign a Performance Agreement outlining the terms and conditions for your business operations in PEI.
Work Permit:
- Obtain a temporary work permit to establish and manage your business in PEI.
Business Establishment:
- Operate the business for at least 12 consecutive months, adhering to the terms of the Performance Agreement.
Nomination for Permanent Residency:
- Upon fulfilling the Performance Agreement conditions, apply for provincial nomination for permanent residency.
VIEW MORE DETAILS
The Work Permit Stream operates on a points-based system, assessing applicants on factors such as age, language proficiency, education, business ownership or senior management experience, community endorsement, and adaptability. Applicants must achieve a minimum score to be considered for an ITA.
Points Allocation:
Age: Up to 20 points
Language Proficiency: Up to 40 points
Education: Up to 20 points
Business Ownership or Senior Management Experience: Up to 50 points
Community Endorsement: Up to 15 points
Adaptability: Up to 35 points
Priority may be given to applicants proposing businesses that align with PEI’s economic priorities, such as innovation, technology, and sectors addressing under-served markets. Ineligible businesses include those primarily involved in property rental, investment, or leasing activities; real estate development or brokerage; and professional services requiring licensing or accreditation.
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I’m Rashid Ali, a Licensed Canadian Immigration Consultant, having a designation of RCIC (Regulated Canadian Immigration Consultant) from the College of Citizenship & Immigration Consultants of Canada or CICC (Previously known as ICCRC). CICC is the official regulator of immigration consultants in Canada. I’m also a member of the Canadian Association for Professional Immigration Consultants (CAPIC).
