Looking for an answer to a question?
The following questions are commonly asked of LaunchPad PEI. If you cannot find an answer to your question here you may contact us at email@example.com.
- What is involved in the application process?
The application process for LaunchPad PEI begins by submitting an application through our online form.
After being received, the application will be evaluated by an internal review committee.
Due diligence, including a background check, will be conducted.
Applicants may be invited to PEI for an exploratory visit.
- How long does the application process take?
The application and review process for LaunchPad PEI generally takes 4 months.
- What do I need to provide for the application process?
The following information and documentation are required to complete the application process:
- A copy of the Passport of each applicant
- A Curriculum Vitae (CV) or Resume for each applicant
- An IELTS test result with a minimum score of 5 in each category for each applicant
- The percentage each applicant will own of the proposed business (applicants must have a combined ownership of 50% or higher)
- At minimum 3 references per applicant including phone number and e-mail
- Applicants must show they can meet the settlement funds required by Immigration, Refugees, and Citizenship Canada. This requires a letter from each financial institution to prove the applicant(s) can meet the requirements. The letter must:
- be printed on the financial institution’s letterhead
- include the institution’s contact information (address, telephone number and email address)
- include the applicant’s name
- list outstanding debts such as credit card debts and loans
- include, for each current bank and investment account:
- account numbers
- the date each account was opened
- the current balance of each account
- the average balance for the past 6 months
- A business plan and/or pitch deck
- Professionally prepared financial statements
- At least one reference letter for the business
- We may ask for an Identification Number for the business for the purpose of due diligence
- Does completing your application process provide citizenship?
Completing the LaunchPad PEI application process does not provide citizenship; it provides you with a letter of support that provides a path to permanent residency through Immigration, Refugees, and Citizenship Canada.
- Do you charge an application fee?
LaunchPad PEI does not charge an application fee.
- How many people can apply?
Up to five people may apply per company.
- Do I need to be incorporated in Canada before I apply?
Incorporation is not required for the application process though you are encouraged to incorporate in either Canada or Prince Edward Island before you apply to Immigration, Refugees, and Citizenship Canada.
- How do I incorporate in Prince Edward Island?
LaunchPad PEI suggests you consult a legal firm in Prince Edward Island for assistance with the incorporation process.
- Are there any restrictions based on nationality?
There are no restrictions based on nationality.
- I am an early stage startup, will you support me?
LaunchPad PEI evaluates each application on a case by case basis. We are looking for established small to medium sized businesses that are currently generating revenue. We may consider an early stage startup that shows strong innovation and potential to succeed, such as a new product that does not exist in the Canadian or North American market.
- I am an immigration consultant, how would I go about working with you?
LaunchPad PEI works directly with clients; we do not work through an immigration consultant or firm.