This past year has seen a dramatic drop-off in immigration throughout Canada due to COVID-19. To make up for the sharp decline, Canada’s Provincial Nomination Program has stated that it will be admitting 88 000 new immigrants into Canada in 2021 through its programs.
The Prince Edward Island Provincial Nomination Program (PEIPNP) is one such program. In particular, the PEIPNP is actively looking for immigrant entrepreneurs to apply to their Entrepreneur Category: Work Permit Stream. Under this Work Permit Stream, the applicant must live and run a business in PEI for one year before officially being nominated.
The process of submitting an application to be chosen for nomination requires several steps, and it begins right here at Pax Law. Our immigration consultant is equipped to help prospective applicants get started on their application journey.
Our immigration consultant will help clients gather the documents required to apply for an Entrepreneur Work Permit. To be considered, applicants must meet the following criteria:
- intend to settle in PEI, and to manage, invest in, or own a business in PEI
- make a minimum investment of $150,000 in a PEI business in accordance with Section 87 of the IRPA regulations
- have minimum $600,000 in earned Net Worth (principal applicant’s and spouse’s assets combined)
- be able to document the legitimate source of funds for $600,000 (it must be earned through the applicant’s own endeavors; loans, inheritance, and gifts cannot be used)
- be between 21 and 59 years of age
- have completed at least 12 years of school (completed secondary school)
- have minimum 3 years (in the past 5 years) of transferable management or business ownership experience, directly managing at least 3 employees
- have basic proficiency in English or French (CLB 4 or greater)
- Syrians must obtain a DFAIT permit before applying
Once we have collected the requisite documents and ensured they are properly formatted, we will submit them to an organization called Confederation Capital. Appointed as an Authorized Island Agent, Confederation Canada has recruited over 3600 immigrant investors and is qualified to submit applications to the PEIPNP. Since the program’s inception, Confederation has had a 97% success rate for applicant nominations. If Confederation thinks the applicant qualifies for PEIPNP, applicants must produce a deposit of $5000 for Confederation to enter their profile into the Expression of Interest (EOI) database. Immigration Services then has up to six months to issue an Invitation to Apply to candidates once their profile has been submitted. If, by the time the six months is up, Immigration Services has NOT selected the file, that deposit will be returned to the applicant.
Upon receiving an Invitation to Apply, applicants will remit a further $15 000 to Confederation ($10 000 goes to the PEI Government application fee, and $5000 remains with Confederation). We at Pax Law will then collect and transfer the applicant’s supporting documents to Confederation to submit to Immigration Services. Immigration Services will review the file, and – if all goes well – invite the client for an interview in PEI at no cost. Prior to this interview, Confederation will assist the applicant in drawing up a detailed business plan and generally prepare the applicant for the meeting.
If the interview is successful, the applicant will transfer $40 000 to Confederation for them to issue a Legal Opinion for the applicant, resulting in a 2-year work permit. Once the permit has been given, the applicant and their family will relocate to PEI, and start their proposed business. Confederation provides support to newly transplanted families; they hold community meetings, arrange by-monthly seminars with professional, and are available for for-fee services like accommodation assistance.
Finally, after the applicant has fulfilled the terms of the Performance Agreement (i.e., runs a successful business in PEI for a year), Immigration Services will issue a Letter of Approval (Nomination Certificate) and the nominee’s federal application to Immigration, Refugees and Citizenship Canada (IRCC). Some further files will need to be processed, but the applicant is well on their way to becoming an official immigrant through the Provincial Nomination Program and is eligible for a Permanent Residence status in the future.