Individuals applying for business immigration to Prince Edward Island under PEI Work Permit Program must be prepared to obtain a Canadian work permit and work for a PEI business for a certain amount of time as designated in a Performance Agreement. After the Performance Agreement is fulfilled, the applicant must make a minimum $150,000 investment in the business and commit to managing the business on a daily basis from within PEI.
The applicant can choose to become a partial owner or full owner of the business. Once the investment is made, the applicant will be nominated for Canadian permanent residence by the government of PEI. All applications under the Work Permit Program will be assessed based on the applicant’s business proposal and business experience as well as the likelihood that the applicant’s business in PEI will be successful. This program is the only PEI business immigration program that does not make use of an escrow agreement.
PEI Work Permit Program Requirements:
Under the Work Permit program, an applicant must:
- Complete and submit all required immigration forms
- Submit all other required documents
- Apply to the Canadian government for a work permit that would allow the applicant to work for the business in which they will invest into and manage.
- Possess a minimum personal net worth of $600,000. This net worth must have been acquired legally and legitimately.
- Possess at least a high school education
- Have previous experience and significant talent in business management.
- Score a minimum of 4.0 on the IELTS within the last 2 years
- Provide a detailed business plan. The business must be eligible under PEI program requirements. For a general overview of PEI business immigration, click here.
- Provide active and on-going management of the business from within Prince Edward Island.
- Make a total investment in a PEI business of at least $150,000.
Applicants participating in this program must also sign a Performance Agreement. The Agreement details the terms and conditions that the applicant must fulfill while working in PEI under a work permit. Once these conditions are met, the applicant will be nominated for permanent residence. The Performance Agreement may include:
- An investment timeline
- The required amount of investment
- Reporting and monitoring guidelines
- Other requirements that the applicant most fulfill before and after nomination.
If an applicant under the Work Permit Program decides to purchase 100% of the business in which they previously worked, the applicant will also need to submit a Purchase and Sale Agreement. The Purchase and Sale Agreement must include:
- All relevant details of the proposed investment
- Confirmation that the business being acquired is not operated primarily for the purpose of acquiring investment income such as.
- Interest
- Dividends
- Capital gains
- The purchase price for the business
- The number, class and conditions of the shares being purchased (if applicable).
- Confirmation that the investment does not include a redemption option.
- Confirmation that the applicant will provide active and ongoing management of the business from within PEI.
- Timelines for the purchase of the business
- Confirmation that the purchase price is for the whole business
- A detailed description of the activities and interests of the business.
If an applicant under the Work Permit Program decides to purchase only a portion of the business in which they previously worked, the applicant must also submit an Investment Agreement. The Investment Agreement must include:
- All relevant details of the proposed investment
- Confirmation that the business being acquired is not operated primarily for the purpose of acquiring investment income such as:
- Interest
- Dividends
- Capital gains
- The purchase price of the business
- The number, class and conditions of the shares being purchased (if applicable).
- Confirmation that the investment does not include a redemption option.
- Confirmation that the investment is for at least 1/3rd of the equity of a Prince Edward Island business OR an equity investment in the business of at least $1,000,000.
- Confirmation that the applicant will provide active and ongoing management of the business from within Prince Edward Island.
- Timelines for the purchase of the business
- A detailed description of the activities and interests of the business.
Application Priority
The PEI government will give priority to applications that are in the following sectors.
- Export-oriented business
- Agriculture
- Fisheries
- Forestry
- Businesses that bring economic diversity to rural communities in PEI.
- Bioscience
- Information technology
- Aerospace
- Renewable energy.
PEI Work Permit Program Application Process:
Step 1: Complete and Submit All Relevant Documents
Required documents include:
- A business impact category self-assessment
- A business proposal
- A completed application guide from the PEI Immigration Office.
The application and supporting documents must be submitted to the PEI Office of Immigration.
Step 2: Interview
Applicants who meet the requirements for 100% Ownership program will be invited to PEI for an interview. While they are in PEI for the interview, it is recommended that applicants travel throughout the province and learn about the province’s social and economic landscape.
Step 3: Submission of Business and Settlement Plans
Following a successful interview, the applicant will be asked to submit a business plan to the PEI Immigration Office. The applicant will also be requested to provide a settlement plan describing how the applicant and family dependents plan to settle in PEI.
Step 4: Issuance of Letter of Support for a Work Permit
Once the applicant signs the performance agreement mentioned above, the government of PEI will issue a letter of support to the Canadian government allowing the applicant to apply for a work permit. This letter will only be issued if the performance agreement is signed and the business plan and settlement plan are approved. If the applicant meets all relevant criteria, a work permit will be issued on behalf of the applicant. Once the applicant receives the work permit, he/she will be required to take an active role in the operation and management.
Step 5: Compliance with the Performance Agreement
The applicant must comply with all the terms and conditions of the performance agreement.
Step 6: Nomination for Permanent Residence
If the applicant complies with the terms and conditions of the performance agreement, the applicant will receive a letter of nomination approval and a letter of instruction from the PEI government. The applicant must then use these documents to apply for permanent residence with the Canadian federal government. Note: being nominated for permanent residence by the PEI government DOES NOT guarantee that you will be accepted for permanent residence by the federal Canadian government. The Canadian government has its own set of immigration requirements, primarily related to health, security that must be met.
Step 7: Approval by the Canadian Government.
If all immigration requirements are met, the applicant and accompanying dependants will be granted Canadian permanent residence. Once the permanent residence visa is activated, the applicant will be able to start living in PEI.
Interested employers: Kindly contact us here to receive further information.
Interested candidates: Find out whether you qualify to Canada by completing our free on-line evaluation. We will provide you with our evaluation within 1-2 business days.
