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Prince Edward Island to close two entrepreneur streams

Prince Edward Island to close two entrepreneur streams

Prince Edward Island, the Atlantic province of Canada, has decided to close two of its controversial entrepreneur streams–100% Ownership and Partial Ownership entrepreneur streams. The last draw under these streams will take place on September 20. After that, Prince Edward Island will stop accepting applications under both the streams.

Controversies over PEI entrepreneur streams:

Both the 100% Ownership and Partial Ownership streams have invited much controversy after it was proved that these streams were widely being misused as a way for backdoor entry to permanent residence in Canada. Under these streams, candidates who were ready to start a business in Prince Edward Island were nominated by the province for permanent residence in Canada. The candidates were required to deposit CAD $200,000 with the province. If the candidates meet the certain conditions, this amount would later be refunded in part or in full. However, several investigations of the federal government and the press revealed that many immigrants who obtained permanent residence in Canada through these streams did not open a business in Prince Edward Island.

According to a news release issued by the government of Prince Edward Island, a number of deposits have been fortified after the immigrants failed to open a business or to keep it open or moved to another province after obtaining permanent residence.

However, the closing down of two entrepreneur streams does not mean that Prince Edward Island is going to stop entrepreneur immigration. The province will continue to welcome business immigrants through its Work Permit Stream. Under this stream, candidates will be issued a temporary work permit with which, they can start their business. If they meet the conditions in their performance agreement, they may be nominated by the Prince Edward Island for permanent residence in Canada.

Contact us for a free assessment to know if you qualify for any of the entrepreneur immigration programs in Canada