PEI holds PNP Draw Inviting 161 Immigration Candidates

On August 19, the Province of Prince Edward Island held its monthly immigration draw.

Through the Provincial Nominee Program, the province invited a total of 161 immigration candidates (PNP).

Express Entry and Labour Impact applicants received the majority of the invites (152).

Business Impact candidates with at least 72 points in the province’s immigration system received the remaining nine invites.

This is Canada’s maritime province’s ninth draw of the year, increasing the total number of invites given this year to 1,194.

PNPs allow provinces and territories in Canada to choose immigrants who fulfill their labor market demands.

This is true of Prince Edward Island, which follows federally-authorized guidelines when administering the Prince Edward Island Provincial Nominee Program (PEI PNP).

The next PNP draw for Prince Edward Island is scheduled for September 16, 2021.

About the PEI PNP Express Entry Category

The Express Entry Category of the PEI PNP is an improved PNP, meaning it is linked to the federal government’s Express Entry system.

Candidates must have a profile in the system to be considered for this stream.

Express Entry is a system that manages immigration applications.

It processes applications for the Federal Skilled Worker Program, Federal Skilled Trades Program, and Canadian Experience Class, which are all economic-class immigration programs.

Eligible candidates are given a CRS score based on their age, work experience, education, and English or French language competency.

Express Entry candidates who are nominated by a province gain an extra 600 points on their CRS score and are practically guaranteed an Invitation to Apply (ITA) for permanent residence in the next Express Entry draw.

Express Entry candidates must develop an Expression of Interest (EOI) profile with the PEI PNP in order to be eligible for a provincial nomination from P.E.I.

The province’s unique points grid is used to assign points to EOI profiles. The candidates with the highest scores are then asked to apply in monthly draws.

Labour Impact Category

Foreign nationals who have a valid work offer in P.E.I. and are supported by their company are eligible for the Labour Impact Category. Skilled Worker, Critical Worker, and International Graduate are the three streams.

In order to be considered for a provincial nomination under the Labour Impact Category, candidates in this category must also submit an Expression of Interest.

Business Impact Category

Candidates in the Business Impact Category must meet the provincial minimum score requirement in order to continue with their applications.

Every draw has a different score. The Work Permit Stream, which is for foreign entrepreneurs who want to own and operate a business on the island, was used to send the invites in this draw.

PEI Investor Program

As a foreign national, you are required to make a selection from three (3) streams of PEI Investor Program/ Business Impact Category, which includes;

1. 100% ownership stream
2. Partial ownership stream
3. Work permit stream

100% Ownership Stream

Canada’s province of Prince Edward Island is cognizant of the significance of businesspersons in promoting her economy.

Thus, foreign nationals are issued a nomination certificate to apply for Canada’s permanent residency if considered capable of bringing growth to the economy.

Moreover, the 100% ownership stream requires you to set up a new business or completely acquire an existing business in the province of Prince Edward Island.

You’ll also need to submit the purchase and sale agreement of the business to the Office of Immigration.

The purchase and sale agreement entails each detail of the intended investment between the foreign national and the PEI business.

Thus, the purchase and sale agreement should feature at least possible number of information, which includes;

• The cost price of buying the business
• An elaborate description of the business activities and interests
• Amount, class, and condition of the shares bought (if available)
• Confirmation that the investment doesn’t have a redemption option
• Confirmation that you didn’t acquire the business mainly to generate investment income like interest, dividends, and/or capital gains
• proof that you will provide active and ongoing management of the business within the province of Prince Edward Island
• Confirmation of the cost price for acquiring the business, and not one or a few of the business
• Timelines for buying the business

Program requirements for 100% Ownership Stream under the PEI Investor Program

If you intend to apply for PEI 100% ownership stream, ensure to appropriately fill out and submit the required federal and Provincial NP forms.

Also, submit your supporting documents. Moreover;

1. You must be aged between 21 to 59 years as at the application date
2. You should have a verifiable self net worth of at least $600,000
3. Should have at least high school education or equivalent
4. Should possess transferable management skills and previous employment
5. A test result of a valid IELTS that scored not less than a band score of 4.0
6. Provide an elaborate business plan for the 100% business ownership
7. Provide active and ongoing management for the business without exceeding the boundaries of Prince Edward Island
8. Sign an escrow agreement that includes a judicial admission on the initial payment or deposit of $200,000
9. Invest at least $150,000 into a newly established or existing business that is owned and run within the province of Prince Edward Island.

Partial Ownership Stream

PIE Business Impact Category – Partial Ownership Stream is applicable to foreign nationals who desire to immigrate to the province of Prince Edward Island as a partial owner of a business. Apart from other requirements, you are required to either acquire 33.3% of business equity or to make an investment of $1,000,000 in its equity.

If you’re a well-versed entrepreneur or business manager, you can consider immigrating to Canada via Partial Ownership Stream. Thus, you’ll need to partake in the business’s daily operations as you possess a certain level of its ownership.

Additionally, you will be required to submit an investment agreement to the Office of Immigration. The investment agreement should feature each detail of the intended investment between the foreign national and the business owner.

However, the investment agreement should contain several details, which includes;

• The amount of money you intend to invest in the business
• Amount, class, and condition of shares bought (if available)
• Confirmation that you didn’t invest below 33.3% in the business equity or less than $1,000,000 in the business equity
• Confirmation that the business’ operations are not mainly based on generating investment income like interest, dividends, and/or capital gains
• proof that the investment doesn’t have a redemption option
• The total period of time that the investment would last for
• Confirmation that you will provide active and ongoing management for the business within the province of Prince Edward Island.

Program requirements for Partial Ownership Stream under the PEI Investor Program

Firstly, make sure you properly fill out the necessary federal and Provincial NP forms. Afterward, submit them, together with your supporting documents to the Office of Immigration.

More so, you’re also required to;

1. Be aged between 21 to 59 years on the application date
2. Should have a verifiable self net worth of not less than $600,000
3. Should have at least high school education or equivalent
4. A valid IELTS band score not less than 4.0
5. Should possess transferable management skills and past employment
6. Provide an elaborate business plan intended for the partial business ownership
7. Provide active and ongoing management of the business without exceeding the boundaries of Prince Edward Island
8. Sign an escrow agreement that contains a judicial admission on the initial payment of $200,000
9. Make the least investment of $150,000 into an existing business in the province of Prince Edward Island for a partial ownership interest of not less than 33.3% of voting shares. As an alternative, you need to invest at least $1,000,000 in a business in PEI.

Work Permit Stream

PEI Business Impact Category – Work Permit Stream allows foreign nationals to move into Canada, work and acquire knowledge on a business before investing funds. Through The Work Permit Stream, you will be opportune to gain cognizance of the Canadian business environment before nomination by PEI Provincial Nominee Program.

Besides, the Work Permit Stream requires you to first apply for a Canadian temporary work permit through Immigration, Refugees and Citizenship Canada (IRCC), and sign a performance agreement with the Office of Immigration. After issuance of your work permit, you’ll have to move to Prince Edward Island and start making moves to meet the terms and conditions of the performance agreement.

After meeting the terms and conditions, the province of Prince Edward Island will nominate you for a Canadian permanent residency.

Program requirements for Work Permit Stream under the PEI Investor Program

Before anything else, ensure filling and submitting the required federal and Provincial NP forms, along with your supporting documents.

You are also required to;

1. Apply to IRCC for a work permit to operate a business in the province of Prince Edward Island
2. Invest a minimum of $150,000 into a new or existing business in Prince Edward Island
3. Provide a valid IELTS with a minimum band score of 4.0
4. Should have at least high school education or equivalent
5. Should possess transferable management skills and past employment
6. Provide active and ongoing management of the business within Prince Edward Island
7. Should have a verifiable self net worth of at least $600,000
8. Provide an elaborate business plan under an eligible sector
9. Sign a performance agreement that contains a judicial admission on your investment to the business

However, after your arrival in Canada, you’ll be given a grace of two (2) years to comply with the terms and conditions in the escrow agreement. As soon as you’ve fulfilled the terms and conditions and it has been verified by IRCC, you are allowed to get a refund of the $200,000 escrow initial payment without any interest added to it.

FAQs about the program requirements for the PEI Investor Program