If you want to be notified of the program provisions for the PEI investor program, this article would be beneficial to you. Prince Edward Island (PEI) is among the provinces and regions in Canada. It is also the smallest region in Canada and is located on the Gulf of St. Lawrence island. PEI is commonly acclaimed as a Canadian region that is fairly affordable for entrepreneurs. Hence, you will spend less on establishing your business and retaining its functions and corporate and property taxes.
However, just as Prince Edward Island PNP assists International citizens who are experienced, educated, and skilled in becoming Canada’s PR, the PEI investors program pays attention to helping International citizens who desire to obtain, invest, and run a business in the province of Prince Edward Island. Again, the Business Impact Category, formerly described as the PEI investor program, permits International citizens who have business management experience to be suitable to steer the economic development of Prince Edward and Canada in common. Hence, International citizens accepted by IRCC will be assigned by the region of Prince Edward Island for their PR in Canada.
PEI INVESTOR PROGRAM
As an international citizen, you need to choose from three streams of PEI investor program and Business Impact Category, which has to do with:
- Work permit stream
- Partial ownership stream
- 100 per cent ownership stream
Work Permit Stream
PEI Business Impact Class: Work Permit Stream authorizes International citizens to relocate to Canada, get employed, and understand a business before investing in finances. Using the Work Permit Stream, you will be opportune to obtain cognizance of the Canadian enterprise setting before appointment by Prince Edward Island PNP.
Besides, the work permit streams need you to apply for a Canadian temporary work permit via IRC and sign a rendition agreement with the Office of Immigration. After providing your work permit, you must relocate to Prince Edward Island and begin making moves to satisfy the terms and conditions of the rendition agreement. After meeting the terms and conditions, the regions of Prince Edward Island will assign you to Canadian PR.
Program Provisions for Work Permit Stream Under the PEI Investor Program
Before anything else, complete and present the needed National and regional NP forms and your accompanying documents. Also, you are needed to:
- Apply to Immigration, Refugee, and Citizenship Canada for a work permit to run a business in the region of Prince Edward Island.
- Invest at least $150,000 into a new or existing enterprise on Prince Edward Island.
- Offer an accurate IELTS with a least band score of 4.0
- Should possess a minimum of high school education or equivalent
- Should have transferable management experience and previous jobs.
- Offer functional and ongoing management of the business within Prince Edward Island.
- Should possess a confirmed self-net value of a minimum of $600,000
- Offer a significant business strategy under a qualified sector.
- Sign a rendition agreement that consists of judicial admission on your investment in the business.
Partial Ownership Stream
PEI Business Impact Class: Partial Ownership Stream is relevant to international citizens who want to relocate to the region of Prince Edward Island as a partial owner of an enterprise. Outside other provisions, you are needed to either obtain 33.3 per cent of business equity or to make an investment of $1,000,000 in its equity.
If you are a properly versed business person or manager, consider relocating to Canada through a Partial Ownership Stream. Therefore, you will be required to participate in the business’s everyday functions as you have a specific level of ownership. Again, you must present an investment agreement to the Office of Immigration. The investment agreement has to comprise information on the planned investment between the international citizen and the business owner. Hence, the investment agreement has to include many details, which have to do with the following:
- The amount of funds you plan to invest in the business
- Sum, category, and condition of shares purchased ( if applicable)
- Verification that you did not invest below 33.3 per cent in the business equity or lower than $1,000,000 in the business equity.
- Verification that the business operations are not primarily founded on developing investment revenue such as interest, dividends, and capital gains.
- Evidence that the investment does not possess a saving choice.
- The entire duration that the investment would remain for
- Verification that you will offer functional and ongoing management for the business within the region of Prince Edward Island.
Program Provisions for Partial Ownership Stream Under the PEI Investor Program
First, ensure you adequately complete the relevant national and provincial NP forms. Having done that, present them with your accompanying documents to the Office of Immigration. Again, you are also needed to:
- Be between the ages of 21 and 59 on the application date.
- Should possess a confirmed self-net value of not less than $1,000
- Should have a minimum of high school education or equivalent.
- An accurate IELTS band score of not below 4.0
- Should have transferable management proficiency and previous jobs
- Offer a detailed business strategy planned for partial business ownership.
- Offer functional and ongoing supervision of the business without surpassing the limitations of PEI.
- Sign and escrow agreement comprises a judicial admission on the previous payment of $200,000.
- Carry out the minimum investment of $150,000 into a functioning business in the region of PEI for a partial ownership interest of not lower than 33.3 per cent of voting shares. Optionally, you must invest a minimum of $1,000,000 in an enterprise in Princ Edward Island.
100 Percent Ownership Stream
Canada’s region of PEI is cognizant of the importance of business persons in enhancing their economy. Therefore, international citizens are provided an appointment certificate to apply for Canasas PR if regarded as competent in bringing economic development. Again, the 100 per cent ownership stream needs you to lay out a new business or obtain an existing one of PEI.
You will be required to present the bought and sale agreement of the business to the Office of Immigration. The bought and sale agreement consists of the planned investment between the international citizens and the Prince Edward Island business. Therefore, the purchased and sale agreement should comprise a minimum of possible numbers of information, which has to do with:
- The expense price of purchasing the business
- An elaborate explanation of the business exercises and appeals.
- Category, amount, and situations of the shares purchased.
- Verification that the investment does not possess a redemption choice.
- Verification that you did not obtain the business primarily to produce investment revenue such as interest, dividends, and capital gains.
- Evidence that you will offer functional and ongoing business management within the PEI region.
- Verify the expense price for obtaining the business and a few businesses.
- Timelines for purchasing the business.
Program Provisions for 100 Percent Ownership Stream Under the PEI Investor Program
If you plan to apply for Prince Edward Island’s 100 per cent ownership stream, complete and present the needed national and regional NP forms. Again, submit your accompanying documents. However,
- you have to be between the ages of 21 to 59 years.
- You are required to possess a confirmed self-net value of a minimum of $600,000
- Should possess a minimum of high school education or equivalent
- Should have transferable management experience and past jobs
- An exam result of an accurate IELTS that marked not lower than a band score of 4.0
- Offer an elaborate business strategy for the 100 per cent business ownership
- Offer active and functioning management for the business without surpassing the boundaries of PEI
- Sign an escrow agreement that comprises the judicial admission on the previous payment or deposit of $200,000
- Invest a minimum of $150,000 into a newly founded or existing enterprise owned and operated within the region of PEI.