* OBJECT:
The Prince Edward Island (PEI) Entrepreneur Program aims to support the economic growth and development of the province by attracting talented and innovative entrepreneurs who can successfully establish and manage businesses in Prince Edward Island.
The PEI Business Program offers several benefits for entrepreneurs looking to establish themselves in Prince Edward Island, Canada:
– Pathway to Permanent Residency: Successful applicants and their families can obtain permanent residency status in Canada, allowing them to live, work, and study anywhere in the country.
– Lower Investment Requirement: The PEI Business Program typically has a lower minimum investment requirement compared to similar programs in other provinces, making it more accessible for applicants.
– Fast Application Processing: The program aims to process applications efficiently, allowing successful applicants to start their businesses and settle in Canada more quickly compared to other immigration programs.
– Access to Business Support: Entrepreneurs can benefit from the support of the Prince Edward Island provincial government, which provides guidance, resources, and networking opportunities to help them succeed in their business endeavors.
– Quality of Life: Prince Edward Island offers a high quality of life with its scenic landscapes, peaceful communities, and strong sense of community. Residents enjoy access to excellent healthcare, education, and recreational opportunities.
– Entrepreneur, spousal work permit: Successful applicants can apply for an entrepreneur work permit to start their business and an open work permit for their spouse or common-law partner, allowing them to work for any employer in Canada. Children at elementary and secondary school can generally obtain a student permit allowing them to study for free.
The Prince Edward Island (PEI) Entrepreneur Program provides a great opportunity for entrepreneurs to establish a successful business in a supportive and vibrant community while enjoying the benefits of living in Canada.
* REQUIREMENTS:
– Intend to settle in PEI. and to manage, invest or own a business in PEI.
– Make a minimum investment of $ 150,000 in a PEI business
– Have at least CDN $600 000 in earned equity (principal applicant and spouse’s assets can be combined)
– Be able to document the legitimate source of funds for $ 600,000 (it must be earned through the applicant’s own efforts; loans, inheritance and gifts cannot be used)
– Be between 21 and 59 years old
– Have completed at least 12 years of studies (completed secondary studies-high school diploma)
– Have at least 3 years (within the last 5 years) of management experience or transferable business ownership, directly managing at least 3 employees
– Have a basic command of English or French (CLB 4 or higher, for example at the IELTS General Exam: Listening 4.5, Speaking: 4.0, Reading: 3.5, Writing: 4.0)
* PROCESS:
- Prepare a business proposal
- Register your proposal with the PEI PNP and get selected
- Get a work permit- Estimation: 3 months
- Build and operate your business- Estimation: 1 year
- PEI PNP nomination
- Permanent Residence- Estimation: 12 to 18 months
