Canada Prince Edward PNP is an exciting opportunity for immigrants. It is administered in partnership with the federal government and is highly beneficial to the businessmen and investors with additional benefits for immigrants. The privileges for this scheme are not exhaustive. There are endless opportunities for qualified entrepreneurs to venture their business on Canadian soil.
The increased benefit is mutual in this context. These benefits allow migrants to obtain permanent residence within two years. It is specially tailored for business people, who can invest up to CAD$150,000. It is applicable for business people stationed in Prince Edward and who continue to contribute to the economic benefit for the land.
Here are some of the most crucial things you need to know about the Canada Prince Edward PNP.
The benefits
The endless facilities of the program are extended to the family and the society of the business people too. For instance, children of the business person receive free school education. Higher education support is also available for the heirs. There are child tax benefits for families who have children below the age of 18 years old. Other benefits for the children are maternal and parental benefits. For the family, there are retirement plans at the disposal of eligible people. Further, the medical costs are covered by medical insurance coverage. These are further extended to assistance in finding jobs.
The two types of schemes
This offer is available in two distinct streams. One is the Permanent Residence Scheme, and another is the Work Permit Scheme. The former stem of scheme allows the investors to invest and own their business with 100% ownership or just partial ownership and the opportunity to obtain permanent residency in the state of Canada. The latter scheme allows the investors to run their business with 0% ownership or just partial ownership and the opportunity to obtain a work permit and the application for a permanent residency in Canada. The spouses and the dependent family of the investors and the businessmen are qualified to be included in the benefits scheme for other instances.
Eligibility Criteria
The eligibility for Prince Edward PNP is relatively hassle-free.
- There is a minimum requirement of personal worth to be eligible for registration. It must be legally obtained and verifiable for the sake of transparency. It is fixed at CAD$ 600,000 presently.
- The business person should retain a 20% ownership for more than three years of the proposed business for registration.
- They should also have a minimum of 10 years of experience in a senior manager position and should have also supervised at least three employees. The requirement of the senior managerial post can be less than 20% of the ownership or no ownership at all.
- The age of the investor or the businessperson should be with 21 and 59 years.
- They should meet the language requirement of the state and should have a minimum education of secondary school equivalent.
As for the business or investment project needs to be a clear and comprehensible description and explanation of the proposed company and its scope of operation. The types of goods and services offered by the company and the job titles need to be specified similarly in the application. Further, the financial performance of the company needs to be attached and classified. This information will clearly indicate the company’s sustainability and success and how good the plan is.
PEI Express Entry
These relatively transparent procedures can enable one to be chosen by the Government of Prince Edward Island to be considered a candidate for the nomination in this scheme; in this context, it is imperative to mention the PEI Express Entry. This is intricately connected to the Prince Edward Island Provincial Nominee Program (PEI PNP). This program does not require an applicant to seek assistance from an immigration consultant or an immigration lawyer. For this purpose, the provincial forms that must seek are PEIW-03: PEI Workforce Use of Representative Form and the PEIW-02:PEI Workforce Job Offer Form. Upon the selection for nomination by PEI, there is a monetary investment of CAS$300, which is non-refundable.
Eligibility for PEI Express Entry
There is a requirement to meet one of the four Federal Economic Immigration programs to be eligible for the PEI Express Entry: the Federal Skilled Worker Program, Federal Skilled Trades Program, or the Canadian Experience Class. The process follows creating a profile in the IRCC in the Federal Express Entry Profile and completes the other mandatory requirements. The people who are living and working are given priority in these circumstances. There are some specific circumstances when one is not eligible for this lucrative scheme. It is usually when a person functions out of their legal scope of action.
As an economic program, Canada Prince Edward PNP is designed to choose and nominate competent business individuals from across the world who will own and actively manage a thriving firm. For more ideas about business go visit our home page.
