There is an unrivalled collaboration between partners in Prince Edward Island and there is more motivation to grow a business quicker here.
From our first conversations with the BioAlliance, all PEI stakeholders came together to enable our vision in such an efficient manner.
President & CEO,
Technology Crops International
One of the great advantages of doing business in Prince Edward Island is our COLLABORATIVE business environment. We have ready access to all of the key decision makers. Where other jurisdictions often throw red tape at start-ups, PEI provides system navigation that avoids costly delays in achieving your business milestones.
Local government agencies, such as Innovation PEI and the Atlantic Canada Opportunities Agency (ACOA) are working cooperatively with other government agencies and financial organizations to offer customized bioscience business development programs. Wherever your company is within the business cycle, we can get you to market faster.
Extensive Tax Rebate Programs
NEW! Community Economic Development Business (CEDB) Program which provides a 35 per cent personal income tax credit, the Community Development Equity Tax Credit, to the individuals investing in the approved CEDB. An eligible business may obtain equity financing from fellow community members.
The Bioscience Tax Incentive which offers a ten-year tax holiday to bioscience companies of more than 10 employees and a $750,000 annual payroll.
The Share Purchase Tax Credit: Provides a tax rebate on personal income tax of 35 per cent of the value of an investment in a PEI corporation.
Innovation and Development Labour Rebate: This program provides a rebate on eligible salaries and wages for the first year of employment..
Development & Commercialization Fund: 100K Cnd. to support companies and researchers that have moved beyond the prototype and pilot phase of the project development cycle. A competitive process evaluated on the level of innovation and commercial potential.
Pilot & Discovery Fund: 25K Cnd. in support of early stage proof-of-concept leading to development of new product, processes or services.
Visit Island Prosperity for more details.
If your company is developing products in the food-to-pharma continuum,
understanding the importance of Regulatory Strategy is critical
to your success. The PEI BioAlliance emphasizes regulatory strategy
as a competitive advantage for companies in the PEI Cluster, and a key
component of our 'Faster to Market' value proposition.
The National Research Council's Industrial Research Assistance Program (NRC IRAP), in
collaboration with the Canada Institute for Scientific and Technical Information (CISTI), has developed two excellent publications on the regulatory framework for so-called 'nutraceuticals and functional foods' in Canada, USA, and other countries:
Regulatory Environment for Nutraceuticals and Functional Foods
Regulatory Information Resources for Nutraceuticals and Functional Foods:
Another informative resource for mapping your product's appropriate
regulatory pathway is the Agriculture and Agri-Food Canada website.
For more information on food-to- pharma regulatory strategy development,
and to access our advisory services on Canadian and USA regulatory
requirements, please contact the PEI BioAlliance.
Local organizations that can provide support for you and your business: