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17 December 2014

Canada PR Program- Prince Edward Island Business Impact Category

 

The Business Impact Category provides the opportunity for foreign nationals to be nominated by Prince Edward Island to become permanent residents of Canada providing they invest in and actively manage a business in Prince Edward Island. Primarily the applicant has to obtain at least 50 points out of 95 points. The points are given on the basis of:
1. Age
2. Education
3. Work experience
4. Language ability
5. Adaptability

The Business Impact Category is looking for interested business persons who can demonstrate vision, leadership and determination. There are three streams from which an applicant can choose

1. 100% ownership scheme: For foreign nationals, one way for entry is through the 100% Ownership Stream. If approved by the Office of Immigration, the applicant will receive nomination from Prince Edward Island and will need to sign an escrow agreement. The escrow agreement requires the applicant to obtain 100% control of a business through the outright purchase of an existing business or the start of a new business in Prince Edward Island.

2. Partial Ownership Stream: The Partial Ownership Stream is designed for applicants who wish to transition into the Prince Edward Island business community by becoming a part owner in a business. The applicant must obtain 33 1/3% of business equity or invest $1,000,000 CAD in the equity of the business.

. Work Permit Stream: The Work Permit Stream will allow applicants to come to Prince Edward Island and begin working and learning about the business they will be investing in prior to nomination by the Province of Prince Edward Island. If conditionally approved by the Office of Immigration, the applicant will apply to CIC for a temporary work permit to come to Prince Edward Island to start the process to invest in and operate the business in Prince Edward Island. At the time of work permit issuance, the applicant will sign the necessary agreements outlining what is required from them.