Ontario invites 21 entrepreneurs in new immigration draw
Ontario has issued 21 invitations to apply under the Entrepreneur Stream.
The Ontario Immigrant Nominee Program (OINP) held the draw on August 26. Candidates who received their Express of Interest (EOI) scores between November 22, 2019 and August 21, 2020 were considered for this draw.
Invitations were issued to candidates who had an EOI score between 144 and 200.
This is the fourth draw of its kind in 2020, bringing the total number of invited entrepreneurs to 91.
The eligibility requirements for the Entrepreneur stream depend on where the business is being offered in Ontario. Recent reforms have also reduced minimum net worth and investment requirements.
The required net worth for the proposed business within the Greater Toronto Area is $ 800,000, down from $ 1.5 million, and the required investment is now $ 1 million to $ 600,000.
Entrepreneurs looking outside the GTA need $ 400,00 in net worth instead of $ 800,000. They now require a minimum investment of $ 200,000 instead of $ 500,000.
Candidates require 24 months of business experience as an owner or senior manager within the last 60 months. Earlier, the candidates required 36 months of experience within the same time frame.
Minimum requirements for obtaining nomination
The entrepreneurial stream is designed to attract individuals who are looking to implement a new business initiative or purchase an existing business in Ontario. Successful applicants receive a temporary work permit support letter to establish their business in Ontario. The letter of support is based on a performance agreement, and if the entrepreneur complies with the investment and employment generation goals outlined in the agreement, they have a chance of being enrolled for permanent residency in Canada.
Entrepreneurs should meet the following requirements once to establish a business and fulfill a performance agreement. Successfully obtaining a nomination certificate allows applicants to apply for permanent residency in Canada.
The following criteria must be met when applying for nomination from Ontario after the business is established:
A Canadian language benchmark (CLB) demonstrates official language proficiency at level 4 or equivalent;
Meeting the residency requirements of the program, applicants must physically reside in Ontario 75 percent (nine months out of the year) in the period in which they are setting up business in Ontario (ie the duration of the performance agreement);
Entrepreneurs should be actively involved in daily management of business activities.
Nominees must also continue to meet the terms of the performance agreement, including information provided in the EOI and business plan, within 20 months of arriving in Ontario.