The government of Prince Edward Island has announced that it will be closing two of the province’s business immigration streams. The closures come after a summer of investigations and controversy surrounding the programs.
Earlier this year, two PEI residents were accused of helping immigrants gain permanent residency through the business streams by providing them with fake addresses. The immigrants would then move to other places in Canada without establishing their proposed businesses on the island.
The province will conduct one final draw through the Partial and 100% Ownership Streams before closing them. 10 applicants will be selected for nomination on September 20.
Can Entrepreneurs Still Immigrate to PEI?
The province will still allow for business immigration, however entrepreneurs seeking to live in PEI will have to immigrate through Work Permit Stream or invest in an already existing business on the island.
The Work Permit Stream allows qualified businesspeople to apply for a temporary work permit to operate a business in PEI before receiving a provincial nomination for permanent residence.
Qualified candidates must have a net worth of at least $600,000CAD, management experience, and be between 21 and 59 years old. Candidates must also have at least a secondary school education and a Canadian Language Benchmark score of at least 4.
If you have been considering moving to PEI through a business immigration stream, get in touch with the Canadim Team today to see how the changes may affect you!
Find out if you are eligible to immigrate to Canada by completing our free online assessment! A member of the Canadim Team will review your eligibility and contact you to discuss your immigration options.