The Prince Edward Island Provincial Nominee Program will no longer accept applications from newcomers looking to establish a business in the province through two of its current business streams after September 20.
The 100% Ownership and Partial Ownership streams offered a provincial nomination for permanent residence to selected foreign nationals interested in purchasing an existing PEI business or opening a new one.
A series of investigations found the streams were being abused.
In a news release, PEI's government said one last draw will be conducted through the streams on September 20 and that no more than 10 business applicants will be accepted.
Foreign entrepreneurs looking to establish or purchase a business in PEI can still do so under the PEI PNP's Work Permit Stream, which allows individuals to move to PEI on a temporary work permit and successfully operate their business for a minimum of one year before being considered for a provincial nomination for permanent residence.
Work Permit Stream candidates are required to sign a Performance Agreement and those approved receive a letter of support from Prince Edward Island's Office of Immigration to apply for a work permit with Immigration, Refugees and Citizenship Canada.
Under the 100% Ownership and Partial Ownership streams, candidates were required to have a net worth of $600,000 and sign an escrow agreement to post a CAD $200,000 deposit with the province that would be refunded once certain conditions were met.
Candidates nominated under these streams received permanent residence status immediately, which led to the streams being abused by people who had no intention of establishing themselves in the province.
In the news release, PEI said "concerns were raised over the number of deposits being forfeited once an immigrant arrived on Prince Edward Island and failed to open a business, keep it open, or decided to move to a different province after already receiving permanent residency."
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