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- 1 Prince Edward Island: Immigrants Can Start a Business
Prince Edward Island: Immigrants Can Start a Business
Thinking of immigrating to the beauty and opportunity of Prince Edward Island? You may be interested in investing and starting a business. Part of the Provincial Nominee Program (PNP), there were some recent changes that began in 2018. As a certified immigration consultant, we want to help you learn more about this program, to see if it may be right for you.
Entrepreneurs selected through the Work Permit stream may be invited to apply. This is part of the Business Impact Category of the PNP program. However, there are certain requirements for eligibility for your application to the Work Permit stream. This program is for those who now live outside of Canada, want to start a business and, in the future, become a permanent resident of Prince Edward Island.
Who is Eligible?
Nomination for the Work Permit stream includes the following requirements:
- Your minimum personal worth must be $600,000, Which has been gained legally and legitimately
- You are between 21 and 59 years of age when you apply
- You have a education that includes secondary school, at the minimum
- You have business management or ownership skills which may apply
- You meet the minimum language requirement of CLB/NCLB 4
- You have the intention of making PEI your home and being involved in the daily operation of your PEI business
- You have interviewed with the Office of Immigration staff
- You meet the terms of the Performance Agreement signed with the Office of Immigration
The First Step in the Application
Read the Business Application Guide before you begin. You will need to create a profile in the Prince Edward Island Expression of Interest system. You, or your representative, will need to enter information, such as email and passport information. Registration will verify your information and from there, you can begin your application. It will be valid for six months.
Your situation may change before you receive an invitation to apply; you will be able to update your profile by contacting the Office of Information and make any changes. This might affect the decision to be made on your initial application.
What Are the Fees?
It is free to create an Expression of Interest. If PEI nominates you, there will be a fee of $10,000 for your application. It must be submitted with your application. Certified cheque, bank draft or money order are all acceptable means of payment. The money order should be made out to Island Investment Development, Inc.
If there is no acceptance of your file, your money will be refunded. If you withdraw your application before your interview, $7,500 will be refunded. On the other hand, if you are declined or withdraw after you have had the interview with our office, you whole fee will not be refunded.
After you receive your invitation to apply, you must fill out three forms as part of the Federal Application Package for Provincial Nominees.
You will receive a letter of support that will enable a work permit. You must include this letter of support with your application for a work permit to IRCC (Immigration, Refugees and Citizenship Canada.)
What Are the Main Industries in PEI?
A range of businesses populate Prince Edward Island. They include fisheries, agriculture and tourism as well as aerospace, bioscience, information technology and renewable energy.
Abundant small businesses are found across the island. There are opportunities for entrepreneurs who will create new jobs for residents of the island. It may be the time to start your new business.
One of the fastest growing industries is aerospace manufacturing and repair. It has built strategic partnerships around the world and is responsible for more than $400 million annually.
Food and Tourism
With rich history and world-class cuisine, PEI attracts visitors from throughout the globe. People enjoy a sense of renewal after a visit to the island, with its ceilidhs, fairs, concerts and celebrations as well as natural beauty that enhances the eye and relaxes the mind.
Known as Canada’s Food Island, PEI wants to situate itself as a source of premium food products as well as a destination for a unique culinary experience. Did you know that 55 percent of PEI’s exports come from the sector that includes food processing? The enhancement of taste, healthful nutrition and the best cooking skills are part of this industry.
Known as Canada’s Green Province, PEI. It a leader for harvesting wind throughout North America. Presently 25 percent of the island’s power comes from the wind, making PEI first in Canada for this renewable resource.
Opportunities exist in the health care sector. Public health, home care, acute care, addictions and mental health are some of the areas included. The staff of the Health Recruitment and Retention Secretariat has courses that attract doctors, nurses and other health care professionals to the island.
Research that is groundbreaking and innovative is the mark of our research and development sector. Nutritional products as well as animal and human health are part of this industry. Some of the companies that are here are well known and include Novartis-Aqua Health, BioVectra, Nature’s Crops International and Sekisui Diagnostics.
PEI offers incentives to prospective bioscience companies; this has been responsible for a 600 percent growth in this sector. It has also led to the establishment of the BioCommons Research Park.
Agriculture and farming are primary industries in PEI. If you are thinking of farming, PEI would be a great choice. Organic farming is now growing, while the province produces dairy, beef, hogs, vegetables, fruit, grains, oilseeds and hay. Potatoes are a major crop of income for farmers; they account for 50 percent of total farm cash receipts.
There are even more opportunities in other sectors for businesses, including technology, fisheries and more.
Interested In Finding Out More?
As certified immigration consultants, we can answer your questions about immigrating to Prince Edward Island and bringing your business to the province. We are a notary public, who understands documentation and can assist you with preparation of needed documents.
With helpful and professional assistance through a knowledgeable staff that speaks several languages, Canada Safe Haven Consulting can give you answers and make the path to bringing your business to a province easier. Contact us to learn more.