Ownership Business Category | Macropus Immigration & Visa Services

100% Ownership Category

The 100% Ownership stream is for individuals that plan to purchase or start a new business in PEI with full ownership.

Eligibility

In order to be eligible under the 100% Ownership Stream, applicants must:

• Have a minimum verifiable personal net worth of $600,000 which has been accumulated through legal and legitimate sources in your own right;
• Have a minimum education of secondary school equivalent;
• Be within 21-59 years of age at the time of application;
• Have transferable management skills and past employment or business ownership experience;
• Meet minimum language requirements equivalent to a CLB/NCLC 4; and
• Intend to live and work in PEI while providing day-to-day active and ongoing management of your PEI-based company

Partial Ownership Stream

The Partial Ownership stream is for individuals that plan to invest in an existing eligible business in PEI and own a percentage of equity in the business equal to or greater than one-third or a minimum investment of $1,000,000, with active day to day management.

Eligibility

In order to be eligible under the Partial Ownership Streams, applicants must:

• Have a minimum verifiable personal net worth of $600,000 which has been accumulated through legal and legitimate sources in your own right;
• Have a minimum education of secondary school equivalent;
• Be within 21-59 years of age at the time of application;
• Have transferable management skills and past employment or business ownership experience;
• Meet minimum language requirements equivalent to a CLB/NCLC 4; and
• Intend to live and work in PEI while providing day-to-day active and ongoing management of your PEI-based company

Note: If successful in your application through the 100% or Partial Ownership stream, you need to sign an Escrow Agreement and submit a $200,000 deposit prior to nomination.

Escrow Agreement: An agreement signed with the Province that outlines the conditions under which the escrow deposit is being held, and the conditions under which it will be released. Terms used in the Agreement are further defined in the Agreement

Work Permit Stream

The Work Permit Stream is for individuals interested in coming to PEI on a work permit and operating a business for a minimum of one year prior to receiving a nomination for permanent residency.

If you are invited to apply under this stream, you will be required to sign a Performance Agreement and, if approved, will receive a letter of support from the Office to apply for a work permit that is issued by the federal government.

Eligibility

In order to be eligible under the Partial Ownership Streams, applicants must:

• Have a minimum verifiable personal net worth of $600,000 which has been accumulated through legal and legitimate sources in your own right;
• Have a minimum education of secondary school equivalent;
• Be within 21-59 years of age at the time of application;
• Have transferable management skills and past employment or business ownership experience;
• Meet minimum language requirements equivalent to a CLB/NCLC 4; and
• Intend to live and work in PEI while providing day-to-day active and ongoing management of your PEI-based company

Business Eligibility

The Business Category considers applications only involving businesses that generate revenue through the sale of goods or services at arm’s length to third parties. This excludes businesses with the primary purpose of deriving investment income, real estate operations, loan investment companies, and other non-active investment.

Eligibility

For your business to be eligible it must:

• Not be an ineligible business.
• Be a for-profit company incorporated under the Companies Act of PEI or the Canada Business Corporations Act and which is operating for the primary purpose of earning profits from active income through the provision of products and/or services.
• Be in good standing with the Province on all debts and obligations.
• Maintain a “permanent establishment” in PEI as defined under the Income Tax Act by regulation 400(2).
• Have assets with a book value of at least $150,000 which are actively used for the business. Businesses will also be considered if they have assets which are actively used for the business with a fair market value of at least $150,000 as valued by a certified appraiser or have received a valuation for their business from a professional accountant stating a value of at least $150,000.
• Have incurred a total of $60,000 in wages and/or net income in the last year, to demonstrate the ability to support an applicant’s salary.

Ineligible Businesses

The following businesses are considered ineligible:

• Any business or member of an associated group of companies that has received investment through the Provincial Nominee Program within the past 48 months.
• Start-up businesses, unless it is a newly incorporated company creased from an existing PEI business’ assets which satisfies the following conditions:
  • The PEI Business provides $150,000 in assets to the new company;
  • The new company is a stand-alone business entity without reliance on the original business; and
  • The PEI business owner has sufficient expertise in the new company’s area of operation.
• Bed and breakfasts, hobby farms, and home-based businesses
• If the business is an Inn or Boutique Hotel, it must satisfy the following conditions:
• Have at least 5 rental units, each having at least a three-piece bath
• Have revenues of at least $100,000 in the last operating year, supported by financial statements or a tax return
• Have eligible operating expenses of at least $75,000 in the last operating year, supported by financial statements or a tax return
• Pay day loan, cheque cashing, money changing, and cash machine businesses
• Pawnbrokers
• Sale of used goods (excluding collectibles, or where the business provides value-added services such as repairs, refurbishing, or recycling)
• Real estate development, unless deemed to be a significant economic benefit to the PEI economy
• If the business is in the real estate development sector, the applicant must :
  • Must invest a minimum of $1,000,000 in a commercial building or $1,500,000 in a residential building.
  • Must contain a minimum of 8 rental units if it is a residential building or 4 units if it is a commercial building.
  • Must demonstrate the ability to employ a minimum of 1 full-time employee.
  • Meet all other terms and conditions of their escrow agreement, including residency requirements, and minimum operating expenses of $75,000.
  • More than one applicant may be able to invest in the venture if it can be demonstrated that the investment will meet the terms and conditions of escrow agreement.
  • The Office of Immigration will allow 20 applicants to invest in real estate ventures and will review these businesses to ensure the investment meets the desired economic outcomes of the program.
  • Applicants must receive written approval from the Office of Immigration before purchasing or investing in a real estate development to ensure the program criteria is met as outlined in the escrow agreement.
• Real estate, insurance, or business brokerage
• Businesses started for the sole purpose of gaining access to immigrant investment through the program
• Professional practices, financial services, and consulting services
• Any other type of business that by association would tend to bring the program or the government of PEI into disrepute
• An entity that cannot issue shares