Prince Edward Island Business Immigration Plan

Applicants can invest in a P.E.I. firm on their own or with the assistance of a licensed Island agent.

Immigration applicants are connected with P.E.I. companies through Island Agents. When an immigration application has decided on a business to buy or invest in, the applicant and the business must submit a joint business plan to the P.E.I. Office of Immigration via an Island Agent. The business plan must include:

1. A company overview
2. A description of products and services offered
3. A description of the industry in which the business will operate
4. A description of the competitive landscape in which the business will operate
5. A marketing plan
6. An operational plan
7. A description of the company’s management team and staffing
8. A description of the applicant’s role in the business
9. Historical financial statements
10. If requested, projected financial statements prepared by a qualified accountant

Before submitting a business plan, any enterprises who were approached by an applicant without the assistance of an Island Agent must additionally provide the following:

1. An up-to-date, year-end comparative financial statement, including supporting notes
2. A completed Consent to Pursue Investment Form

All business immigration applicants to P.E.I. must:

• Invest at least $150,000 Canadian dollars in a P.E.I. company.
• Control at least 1/3 of the company’s equity OR make an equity investment in the company of at least $1,000,000.
• Actively and consistently manage the business from within P.E.I.
• Not include a redemption option in the terms of their investment.

Eligibility Criteria
Businesses must meet the following criteria:

• Is a for-profit corporation incorporated under the Companies Act of Prince Edward Island or the Canada Business Corporations Act.
• Operate for the purpose of earning profits from active income through providing goods and/or services.
• Be in good standing on all debts and obligations.
• Have headquarters in Prince Edward Island.
• Maintain a “permanent establishment” in P.E.I. as defined under the Income Tax Act by regulation 400 (2).
• Be liable to pay income tax on taxable income earned as a result of being a “permanent establishment” in Prince Edward Island.
• Gave good potential for sustained profits in the future.
• Have assets with a value of at least $150,000. These assets must be actively used for the expansion of the business.
• Have the potential to create significant economic benefits for Prince Edward Island by contributing to one or more of the following industries.
  • Value-added manufacturing, processing or primary resource activities.
  • Exports of goods or services.
  • Destination tourism.
  • Tourism attractions.
  • Fixed roof accommodations.
  • Research and development.
  • Technology commercialization.
  • Any industry in an underserved local or regional market.
  • Retail and restaurant investment.

If the business is an Inn or Boutique Hotel, it must:

• Not be a startup
• Have at least 5 rental units, with each unit having at least a three-piece bath.
• Have revenues of at least $100,000 in the last operating year. These revenues must be provable by financial statements or a tax return.
• Have operating expenses of at least $75,000 in the last operating year. These expenses must be provable by financial statements or a tax return.

If the business is in the construction or renovation sector, the applicant must:

• Employ at least 3 arms-length staff members full-time for at least 6 months of the year.
• Conduct business in a location that is not his or her residence.
• Possess sufficient education or at least 5 years of experience in the proposed business.
• Meet all terms and conditions of any applicable escrow agreement.

If a licence or credential is required for the business to function, the applicant must demonstrate that all necessary licenses and credentials have been secured in his or her business plan.

All firms that participate in the P.E.I. business immigration program will be expected to report to the P.E.I. government to ensure that they are abiding by all applicable laws and regulations. These reports will only be required for the first five years of the company’s existence.