The Prince Edward Island Business Impact program is to move to an Expression of Interest format for receiving applications from the start of 2018.

Candidates for Prince Edward Island will be asked to submit their EOIs, which will be scored out of 200 based on a number of factors including business experience, language, adaptability, age and education.

The system will also award up to 35 points where the candidate has secured a community endorsement. To gain an endorsement, candidates must have visited the community, secured a letter from that community and plan to start their business in that community.

Officials from P.E.I. will select applicants based on their points score, and also on the needs of local business markets, industry sectors or diversity.

Profiles will be valid for six months in the pool, with a renewal option for another six months. As with the federal government Express Entry system, candidates will be able to update their profiles in the pool to increase their score.

P.E.I. Business Impact Expression of Interest Points

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The P.E.I. Business Impact program features three streams: 100% Ownership, Partial Ownership and Work Permit.

100% Ownership Stream: Eligibility

Minimum, verifiable, legally acquired personal net worth of $600,000.
Minimum education of Canadian high school equivalent.
Aged between 21 and 59 at the time of application.
Transferable management skills and past employment or business ownership experience.
Score a minimum of 4.0 on an IELTS test.
Intend to live and work in P.E.I., and provide day-to-day active and ongoing management of your company.
Attend an interview with staff from the Office of Immigration.
Sign an escrow agreement and submit a $200,000 deposit, which will be refunded upon you meeting the terms and conditions of the escrow agreement.
Partial Ownership Stream: Eligibility

Minimum, verifiable, legally acquired personal net worth of $600,000.
Minimum education of Canadian high school equivalent.
Aged between 21 and 59 at the time of application.
Transferable management skills and past employment or business ownership experience.
Score a minimum of 4.0 on an IELTS test.
Intend to live and work in P.E.I., and provide day-to-day active and ongoing management of your company.
Attend an interview with staff from the Office of Immigration.
Sign an escrow agreement and submit a $200,000 deposit, which will be refunded upon you meeting the terms and conditions of the escrow agreement.
Work Permit Stream: Eligibility

Minimum, verifiable, legally acquired personal net worth of $600,000.
Minimum education of Canadian high school equivalent.
Aged between 21 and 59 at the time of application.
Transferable management skills and past employment or business ownership experience.
Score a minimum of 4.0 on an IELTS test.
Intend to live and work in P.E.I., and provide day-to-day active and ongoing management of your company.
Attend an interview with staff from the Office of Immigration.
Sign a Performance Agreement and meet all of the terms and conditions of the Agreement.