PEI Eliminating Two of Its Entrepreneur Streams
Effective September 20, 2018, Prince Edward Island will no longer accept applications under 100% ownership and partial ownership streams. The Economic Development and Tourism Minister declared on September 12, 2018 that the government’s decision to close these two streams would serve the best interests of the province. He also emphasized the need for greater scrutiny of their immigration programs.
The 100% ownership and partial ownership streams have come under fire following cases of abuse and fraud which have undermined the objective of benefitting the province. The federal government’s investigations indicate that several investors have obtained their permanent residency without opening up a business or settling in the province. The streams enabled entrepreneurs to receive permanent residency immediately before establishing a business or moving to the island. These entrepreneurs being satisfied with acquiring permanent resident status have foregone the CAD 200,000 deposit. It should be noted that the deposit is only refundable after entrepreneurs have maintained residence in the province and have set up their business or purchased an existing one.
One final expression of interest draw will be conducted on September 20, 2018 when the business impact category under 100% ownership and partial ownership streams will officially come to an end. Only 10 applications will be accepted on the final draw.
The closure of these two entrepreneur streams does not imply that Prince Edward Island’s entrepreneur immigration program will be completely shut down. The work permit stream is still open to entrepreneurs willing to start a business or purchase an existing company in Prince Edward Island. Under this option, candidates are first required to establish their business in the province while on a temporary work permit and the approval of permanent residency application is contingent upon the satisfaction of specific conditions. CitizenMatch welcomes your questions regarding Prince Edward Island’s work permit stream. Should you desire to share your questions or concerns with us, you may email us at info@citizenmatch.com.
Business immigration is too complex a matter to leave to inexperienced firms. Entrust your case to those who can help you navigate through this complicated and confusing immigration system. CitizenMatch will put its experience and know-how at your disposal in order to make your dreams a reality.
