Prince Edward Business Visa Put on Hold

The federal government of Canada can provide permanent residency to foreign nationals by the Business Visa Process, divided into two important categories- investors and entrepreneurs.

Within the entrepreneur division each individual province has set their requirements. However they are all a part of Canada’s Business Visa Programme, each individual province can differ considerably.

Prince Edward Island had been a favorite spot in the investor class of Canada’s Business Visa Process. The investor element was suspended in 2008 resulting from allegations of conflict of interest and questions with regards to the businesses that had been licensed.

The entrepreneur class has not been as favorite; only 43 immigrants have landed in Prince Edward Island. The provincial govt also suspended the entrepreneur class of Canada’s Business Visa Plan in October 2010 and announced that they were actually suspending the provincial Program in advance of coming fluctuations in the process. The Program required entrepreneurs to pay out a minimum of $200,000 CAD to commence their own individual business or obtain not less than a third of an established business. Any probable candidates also would need to possess a minimal net value of $400,000 CAD. Besides these requirements a $25,000 CAD good faith deposit and a business plan were required.

The Process in Prince Edward Island didn’t mandate proficiency in English nor French, but candidates who were unable to be interviewed owing to a lack of language knowledge were required to deposit $20,000 CAD in an escrow for the governing administration of Prince Edward Island. Entrepreneur candidates are now waiting to ascertain what variations the government of Prince Edward implements and if they intend on continuing their Business Programme.

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