Prince Edward Island has seen a sea change in its Provincial Nominee Program since the last few months of 2018.
For business investors and entrepreneurs, there were several options to gain approval from the Prince Edward Island Provincial Nominee Program (PEI PNP). However, many of these channels have been closed and re-rerouted.
But before we delve any deeper into how people who wish to invest in their own business can apply, let’s refresh ourselves on the status of PEI PNP as it stands today.
100% Ownership Stream – Status: Closed
Partial Ownership Stream – Status: Closed
Work Permit Stream – Status: Open
Why the change?
The entrepreneur stream was established in 2015 to address “the need for greater scrutiny of our immigration programs, we set up tighter oversight…”, says Chris Palmer, Economic Development and Tourism Minister.
However, irregularities with some applicants led the stream to be closed in 2018. To take advantage of PEI PNP you must do so under the Work Permit Stream.
Requirements of Work Permit Stream
The Work Permit Stream has slightly higher requirements than the previous Ownership streams. Here are some of its requirements:
- A minimum verifiable personal net worth of $600,000 or more
- Secondary school (high school) education or higher
- Applicant aged between 21-59 years of age
- Relevant management skills or business ownership experience
- Minimum language requirements
Many of these points are very subjective. Therefore, it is up to the applicant to prove that he or she meets these requirements. After all, ‘management skills’ are very reliant on your experience and career.
Also, business ownership is very subjective. You need to show your net worth and the value of your business in the correct way.
Applying: Step 1
To apply as an entrepreneur or business owner for PEI PNP, you start by filling out a PEI Expression of Interest.
Once that is done, you have 6 months to submit your profile, else you have to start again. This is a very short amount of time. Deciding on how you are going to submit your profile and developments in your business can change how your application will look in the future.
With the help of experienced immigration lawyers, you will have the right guidance for your PEI PNP. Not just what you need, but how you need to present it is a very important part of the application process.
Submitting: Step 2
The Expression of Interest is like the CRS score in Express Entry. You are essentially asking, ‘can I apply?’.
Once you are permitted, you must submit documents and proof for the information you filled out in the Expression of Interest. Thus, it’s very important to fill out your Expression of Interest tactfully.
PEI PNP is very clear: your personal net worth must be accrued from legal and legitimate sources. The problem? Sometimes people don’t know how to prove the source of their income. Documents like income tax returns, balance sheets, transaction histories and tax returns for your business are very important. Also, these can also take a long time to collect.
Once you are permitted to apply, you must pay the $10,000 application fee. However, there are certain conditions for this to be returned in full, part or not at all. These are
- Full refund – If your application is not accepted at all
- Part refund – If your file is declined or withdrawn by you before your interview, $7,500 is refunded
- No refund – If your file is declined or withdrawn by you after your interview
Experienced immigration lawyer
The Immigration Law Office of Ronen Kurzfeld has helped many business owners, investors and entrepreneurs come to Canada. Moreover, we make sure you know about every step of the process. With our experience, you will be able to prepare and present a very attractive application for PEI PNP. We help clients meet the requirements under the program. Call now or request a consultation using our website.