Business Impact Category

Applicant Eligibility Requirements

• Have a minimum verifiable personal net worth of $600,000 CAD acquired through legal and legitimate sources;
• Have at least a secondary education level, or equivalent;
• Have transferable management skills and past employment or business ownership experience;
• Be within 21-59 years of age at the time of applying;
• Meet the minimum language requirements equivalent to a Canadian Language Benchmark (CLB) level 4;
• Intend to reside and work in PEI; and
• Provide active and ongoing management of the proposed business from within PEI.

Business Eligibility Requirements

Minimum Requirements for Business Eligibility

• Be a for-profit corporation incorporated under the Companies Act of PEI or the Canada Business Corporations Act;
• Operate for the primary purpose of earning profits from active income through the provision of products/services;
• Be in good standing with the province on all debts and obligations;
• Have been an established commercial operation for 12 months prior to the intended business start date with validation provided to as part of the Purchase and Sale Agreement;
• Maintain corporate headquarters in PEI;
• Maintain a ‘permanent establishment’ in PEI as defined under the Income Tax Act by regulation 400 (2);
• Be liable to pay income tax on taxable income;
• Have good potential for sustained commercial viability;
• Agree to participate in the evaluation process of the PEI PNP, which requires the business to report to the Office of Immigration on an annual basis for up to five years;
• Have the potential to create significant economic benefits to PEI; and
• Meet all terms listed in the Business Performance Agreement.

Ineligible Businesses

• Any business or member of an associated/related group of companies that has received investment through the Provincial Nominee Program within the past 48 months.
• Bed and breakfasts, hobby farms, and home-based businesses.
• If the business is an Inn or Boutique Hotel, it must satisfy the following conditions:

• Have at least 5 rental units, each having at least a three-piece bath;
• Have revenues of at least $100,000 in the last operating year, supported by financial statements or a tax return; and
• Have Eligible operating expenses of at least $75,000 in the last operating year, supported by financial statements or a tax return.

• Payday loans, cheque cashing, money changing, and cash machines
• Pawnbrokers
• Sale of used goods (excluding collectibles, or where the business provides value-added services such as repairs, refurbishing, or recycling).
• Construction/Renovation businesses must meet the following:

• Have at least 3 arms-length staff employed full-time for at least 6 months of the year that meet the terms and conditions of the Business Performance Agreement;
• Rent or construct a space that is outside of their residence to conduct business from; and
• Demonstrate relevant education or a minimum of 5 years experience in the proposed business.

• Real estate development, unless deemed to be a significant economic benefit to the PEI economy.
• Insurance or business brokerage.
• Franchise operations, unless pre-authorized by the PEI PNP office.
• Start-ups where the applicant will own less than 100% of business unless deemed to be significant economic benefit to the PEI economy.
• Businesses started for the sole purpose of gaining access to permanent residency through immigration.
• Professional practices
• Financial services
• Consulting services
• Any entity that cannot issue shares.
• An entity as described in IRPA Regulations 87(6)(a).
• Any business that will bring the program or the Government of PEI into disrepute.

Work Permit Stream Application Process

• STEP 1: Before submitting an Expression of Interest (EOI) profile, the PEI PNP encourages potential business applicants to review the eligibility criteria of the Work Permit Stream to know whether or not they meet program requirements.
• STEP 2: Create an EOI profile and provide a valid email address and verifiable identification information. Profiles remain active for six (6) months. It is important to note that an EOI is not an application for the Work Permit Stream, but an expression of interest in being considered as a potential applicant for the Business Impact Category — Work Permit Stream.
• STEP 3: Candidates who are invited to apply for the Work Permit Stream will be removed from the EOI selection pool. Invited candidates have up to 60 days from the date of invitation receipt to submit a complete application package to the PEI PNP.
• STEP 4: In preparing an application, invited candidates must complete all the relevant forms and gather the required supporting documentation. The PEI Office of Immigration may request additional supporting documents at any time during the processing of the application.
• STEP 5: The complete application package and the application fee must be submitted to the PEI Office of Immigration within 60 days of receiving the invitation to apply. The application package may be submitted either in person, by courier or by mail within 60 days of receiving the invitation to apply.
• STEP 6: If an application is approved, the PEI Office of Immigration will invite the applicant to attend an in-person interview. At the interview, applicants must be prepared to discuss their business proposal in detail and demonstrate a thorough understanding of the business plan. It is important to consult the PEI application guide for a list of forms and documents that must be completed and presented at the interview.
• STEP 7: Submit a signed Performance Agreement that outlines the conditions of establishing the business.
• STEP 8: If a letter of support is received from the Government of PEI, the applicant can apply for a work permit with IRCC.
• STEP 9: If a work permit application is approved, the applicant must report to the PEI Office of Immigration in-person within 30 days of arriving in Canada in order to remain in compliance with the signed agreement.
• STEP 10: After arriving in PEI, the business applicant will be assigned a Settlement Officer who will provide support throughout the process of establishing and operating the business. The Settlement Officer will be touch with the business applicant on a regular basis for progress reports on business operations. Business applicants who meet the conditions of the Performance Agreement and the nomination requirements will be issued a nomination from the Government of PEI. They may then apply for Canadian permanent residence with IRCC.

Performance Agreement and Nomination Requirements

• Maintain residence on the island while operating the business and be physically present in PEI for a minimum of 274 days of the year;

• Note: If a dependent child is attending a post-secondary institution outside of PEI, the PEI PNP does not require the child to be physically present in PEI for that time period.

• Invest a minimum of $150,000 into the business within 12 months of landing in PEI;
• Operate the business for a minimum of twelve consecutive months;
• Provide active and ongoing management of the business from within PEI;
• Provide prepared financial statements noting a minimum of $75,000 in eligible operating expenses; and
• Meet all other terms and conditions of the signed Performance Agreement.

The Business Plan

• Company overview;
• Products/services offered, industry analysis, and competitive landscape;
• Marketing plan;
• Management team and staffing;
• Description of your role in the business;
• How your experience ties into the business;
• How the business will provide a significant economic impact to the Province;
• Historical financial statements (if purchasing a business); and
• Financial projections prepared by a qualified accountant (CPA) (if not purchasing a business).

Expression of Interest System

Age

Language

Education

Business Ownership or Senior Management Experience

Community Endorsement

Adaptability