PEI in Canada to close Business Immigration Scheme

 Prince Edward Island

The Atlantic province of Prince Edward Island in Canada has announced the closure of its Business Immigration Scheme due to the controversy around the same. Earlier in 2018, 2 PEI residents were charged with helping immigrants with fake addresses to gain Permanent Residency of Canada. These immigrants then would move on to other provinces of Canada without setting up their proposed businesses in PEI.

Is Immigration to PEI for Entrepreneurs still possible?

The PEI Govt. will still allow business immigration, as quoted by the CIC News. However, Entrepreneurs seeking to set up their ventures in PEI would need to do so through the Work Permit Stream. Alternatively, they may also be required to invest in an existing business in the province.

The PEI Work Permit Stream allows businessmen to apply for a temporary work permit to set up their ventures in the province before they obtain a nomination for Permanent Residence.

Below are the eligibility parameters for the Work Permit Stream, as per The Guardian:

  1. Applicants should have a legally acquired net worth of at least CAD $600,000
  2. It is mandatory for the applicants to have business or management experience
  3. Applicants should be between 21 to 59 years old
  4. Having a secondary school education is necessary
  5. Applicants should prove their English proficiency by scoring an equivalent of CLB 4 at least

If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.

 

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