Business Categories
There are two business programs in PEI. The Immigrant Entrepreneur (described below) and the Immigrant Partner categories.
The immigrant entrepreneur element of the Nominee Program is intended for prospective immigrants who propose to establish a business on PEI or who intend to be self-employed.
Net Worth and Liquidity Requirements:
Immigrant entrepreneurs must have a minimum net worth of $400,000 including minimum liquid assets of $200,000. Liquid assets includes for example, cash, demand deposits with a financial institution, term deposits, tax shelters convertible to cash, and readily marketable investments including publicly traded stocks or bonds.
Immigrant Entrepreneur Investment in a New Business Start:
Immigrant entrepreneurs must be prepared to make a minimum business investment of $200,000 to establish a new enterprise. A complete business plan and $100,000 are to be submitted along with their PNP application. Once the business is established this $100,000 will be returned to the applicant.
Eligible Business Activity:
The immigrant entrepreneur may establish an active business in virtually any sector within PEI's economy.
Escrow Agreement:
This Agreement sets out the terms and conditions of the Immigrant Entrepreneur’s application for permanent residency under this category. Immigrant Entrepreneurs must sign, date and submit two copies of the Escrow Agreement with their Prince Edward Island PNP application. Along with this Agreement, the applicant shall also submit to IIDI the sum of One Hundred Thousand Dollars ($100,000 Cdn), payable to Island Investment Development Inc., to be held by IIDI in escrow on the terms set forth herein, and the Applicant shall also, prior to nomination, provide evidence of the availability of an additional $100,000 Canadian available to initiate a new Prince Edward Island based business. The $100,000 plus interest will be returned to the Applicant provided he/she has abided by the terms and conditions of the Escrow Agreement.
Good Faith Deposit:
In applying to immigrate to Canada under the PEI Nominee Program, the applicant certifies the intention of settling in PEI. As evidence of good faith, the Province requires that the applicant will place in trust with the Government of PEI a $25,000 performance deposit which is fully refundable, with interest, one year after landing provided that the immigrant entrepreneur can demonstrate to the satisfaction of the Province that:
- the business is fully operational, selling goods and/or services at arm's length to unrelated third parties; and
- the immigrant entrepreneur and his/her family maintain a residence on PEI.
Exploratory Visit:
Immigrant entrepreneurs are required to make an exploratory visit to PEI of at least three business days duration and preferably, five business days. During the orientation visit, they are encouraged to research business opportunities and the feasibility of the new business start or self-employment.
Business Plan:
Applicants under the immigrant entrepreneur category are required to prepare and submit a business plan outlining how the new enterprise is to be successfully established.
