ImmigrationHOME / PROVINCIAL NOMINEE PROGRAM / Immigrant Entrepreneur Category “The main advantage to working in Prince Edward Island is the work ethic of its people. We might be a small player but we are able to be the best at what we do and compete in the market because of the flexibility of our people. Our salaries are competitive and PEI offers a style of living that people like. We have virtually no turnover.” Prince Edward Island is seeking entrepreneurs with the skills and drive - and the marketable concepts - to be successful in PEI’s unique environment. If you have the strengths and experience, applying to the PEI Nominee Program in the Immigrant Entrepreneur category is a good choice: if your business concept matches our strengths, PEI wants you - and wants you to be successful. And that can make a big difference. What PEI Offers to Prospective Entrepreneurs:
What Prince Edward Island does not offer to prospective entrepreneurs is a large Island market. We do not encourage entrepreneurs to come to establish business dependent upon large local markets - retail outlets, for example, unless attracting a new market to PEI, or reaching out to North American or global markets through the internet or direct sales. Balance Matters There are many reasons why your business will flourish in PEI, and there are as many unique reasons here why your personal and family life can flourish at the same time. We know the many hours it takes to establish a business. But this is the place where quality time multiplies, where the drive home after a long day’s work can take all of ten minutes; where the beach is twenty minutes away, wherever you choose to live; where the traffic will never stop you from reaching that important school concert on time. This is the place where you can have the best of all worlds. Where you feed your family and provide them with a good education - and more of your time, too. And that’s important. Immigrant Entrepreneur Criteria
Immigrant Entrepreneurs are required to submit an application fee of $2,500 with their application. Starting Your Business Immigrant Entrepreneurs are required to establish or purchase a business in PEI within two years of receiving permanent residency status. The business may be in any legal sector, and does not necessarily, have to be that indicated in the Business Capacity document, however, the Immigrant Entrepreneur is encouraged to meet a Provincial Nominee Program Officer to discuss the proposed activity to help ensure the business success and the return of the $100,000 escrow deposit. Business Planning Documentation The Business Plan or the alternative (at application) “Business Capacity” document are critical to the application under the Immigrant Entrepreneur Program. A Business Plan will be required, and may be provided with the application or subsequently, but in any case must be provided prior to establishing the business and no more than 2 years after permanent residency is received. A Business Plan is required even where an existing business is to be purchased in order to clarify to the Provincial Government the intended economic benefits of the purchase. The “Business Capacity” document is accepted with the application, in lieu of a business plan, in recognition of the challenge of providing a quality business plan when one is unfamiliar with the market. The document allows the Province to judge whether you have the capacity to establish a successful business, to provide a reasonable standard of living for you and your family. It is, therefore, a statement of capacity and intent, and will be closely scrutinized as part of the application review process. The document must use the following format. Each section should be no less than 500 words (it is the clarity and vision presented in the document that counts, not the number of words, but applicants will not be accepted where the document suggests a cursory or casual approach). Document sections must include:
Immigrant entrepreneurs must be prepared to make a minimum business investment of $200,000 to establish a new enterprise. The Business Plan or “Business Capacity” document and $100,000 are to be submitted along with the PNP application. Once the business is established this $100,000 will be returned to the applicant. (For more information refer to "PEI-NP-08 Escrow Agreement"). Business investment refers to investment required to finance the assets and operations of the new enterprise and may include:
Eligible Business Activity Active business, refers to a business, which generates revenues by selling goods and/or services at arm's length to third parties and excludes investment holding companies, real estate rental operations, loan/investment companies and other non-active investment. Where there is doubt about the eligibility of a proposed business venture, provide the details to a Program Officer in advance. Where professional credentials or licenses to practice are required to establish or operate the business on PEI, the immigrant entrepreneur will be required to demonstrate, as part of the business plan, that he/she has met, or can reasonably be expected to meet, the conditions precedent to start-up. Contact the Program Officer for advice and assistance. Evidence of Investment in an Eligible Enterprise The requirements to be met will provide evidence that the business activity has been initiated, and that the applicant is actively involved in business management. Evidence will be determined on a case by case basis, depending upon the nature of the proposed business assets and operations, following approval of the business plan. Please consult the Provincial Nominee Office. Escrow Agreement This Agreement sets out the terms and conditions of the Immigrant Entrepreneur’s application for permanent residency under this category. Immigrant Entrepreneurs must sign, date and submit two copies of the Escrow Agreement, with their Prince Edward Island PNP application. Along with this Agreement, the applicant shall also submit, to IIDI, the sum of One Hundred Thousand Dollars ($100,000 Cdn), payable to Island Investment Development Inc., to be held by IIDI in escrow on the terms set forth herein, and the Applicant shall also, prior to nomination, provide evidence of the availability of an additional $100,000 Canadian, to initiate a new Prince Edward Island based business. The $100,000 will be returned to the Applicant, without interest, provided he/she has abided by the terms and conditions of the Escrow Agreement. Good Faith Deposit In applying to immigrate to Canada under the PEI Nominee Program, the applicant certifies the intention of settling in PEI. As evidence of good faith, the Province requires that the applicant will place, in trust, with the Government of PEI a $25,000 performance deposit, which is fully refundable, without interest, one year after landing provided that the immigrant entrepreneur can demonstrate to the satisfaction of the Province that:
Evidence that a business is fully operational may include, for example, a visit to the business premises; an examination of the books and records of the enterprise, examination of financial statements, independently prepared/reviewed by an independent chartered accountant or certified general accountant, tax returns to the Canada Customs and Revenue Agency or the Provincial Treasury; or other corroboration. Evidence that a residence is maintained in PEI may include, for example, a pre-arranged visit to establish that the dwelling is owned/leased and occupied by the immigrant family; local employment; utility bills; rental receipts; property tax records; registration of any children at a local school or daycare facility; community corroboration and so forth. Costs which may be associated with establishing ( i.) and ( ii.) as required by the Province, are for the account of the immigrant entrepreneur. Where the immigrant entrepreneur is unable to establish that the criteria cited under ( i.) and ( ii.) have been met to the satisfaction of the Province, the deposit of $25,000 will be forfeited. It is a serious offence under the Immigration and Refugee Protection Act and Regulations to falsify any documentation to be used by an immigrant to achieve permanent resident status as a nominee or otherwise. Exploring Prince Edward Island Immigrant Entrepreneurs are required to make an exploratory visit to PEI, of at least three business days duration, and preferably, five business days.An invitation for the exploratory visit will follow the pre-assessment. During this orientation, entrepreneurs are encouraged to research business opportunities and the feasibility of the new business start-up. The visit also offers the opportunity for an official interview with a PNP Program Officer. When arranging to visit PEI and establishing the schedule for the official interview, applicants should indicate they intend to apply as immigrant entrepreneurs. Canada-PEI Business Service Centre In addition to the official interview with an Immigration & Investment Program Officer, it is mandatory that immigrant entrepreneurs, also meet with a Program Officer at the Canada-PEI Business Service Centre, for assistance and advice in researching business opportunities on PEI and preparation of the business plan. Services are provided jointly by the Governments of Canada and Prince Edward Island, free of charge. In most cases, services and advice can also be delivered electronically once the applicant has returned home and is ready to prepare the business plan. Services are provided in Canada's official languages which are English and French. Where interpreters and translation services are required for another language, the cost will be for the account of the applicant. Following are the points of contact for the Canada/Prince Edward Island Business Service Centre:
Canada-PEI Business Service Centre | ||||||
