Ontario has recently invited 24 immigration candidates under the Entrepreneur Stream of the Ontario Immigrant Nominee Program. The province conducted the draw on June 24, 2020.
The invited candidates had submitted their Expression of Interest to the province between 22/11/2019 and 19/06/2020. Candidates received scores based on their EOI profiles. Those entrepreneurs who got invitations had their score in the range of 134 to 200.
Ontario has already invited a total of 70 entrepreneurs in 2020.
Ontario has a special Entrepreneur Stream for those applicants who want to set up a new business or buy an existing business in the province.
First, an entrepreneur needs a temporary work permit to initiate a new business or support existing business in Ontario.
Next, if the conditions for investment and job creation are met, entrepreneurs might get nominated by the province of Ontario for Canadian Permanent Residence.
The Entrepreneur stream of the OINP is based on an ‘Expression of Interest’ system. This means that eligible applicants must be first invited to apply by the province before they submit a complete application.
Interested candidates need to fulfill certain conditions in order to be eligible for Ontario’s Entrepreneur Stream and immigrate to Ontario.
And the eligibility requirements are different depending on the location where the entrepreneur is likely to set up his/her business.
Candidates need to have a minimum net worth and investment requirement is fixed for different regions.
The net worth required for setting up a business within the Greater Toronto Area was reduced to $800,000 from $1.5 million and outside the GTA the net worth was lowered from $800,000 to $400,000.
The minimum investment needed for an entrepreneur in the GTA was decreased from a huge sum of $1 million to $600,000. And, outside the GTA, an entrepreneur needed an investment of $200,000 from the previous $500,000.
Earlier, the candidate needed to have 36 months of work experience as a business owner or a senior manager. Now, the candidate required only 2 years of work experience within the last five years.