The Ontario Immigrant Nominee Program (OINP) invited 21 entrepreneur candidates in its latest entrepreneur stream draw on October 26.
The invitations went to candidates who had Expression of Interest (EOI) scores between 142 and 200.
The OINP’s Entrepreneur Stream is designed to support individuals from outside of Canada who are looking to implement a new business idea or buy an existing business in Ontario. Successful candidates receive a temporary work permit support letter to establish their business in the province.
It offers entrepreneurs an opportunity to be nominated for permanent residence once their business has been successfully established in Ontario.
Eligibility Requirements to Apply Under the Entrepreneur Stream
The Eligibility criterion to qualify under the Entrepreneur stream depends on where in Ontario the business is being proposed.
- The required net worth for the proposed business within the Greater Toronto Area is $800,000 and the required investment is $600,000.
- Entrepreneurs looking outside the GTA need $400,00 in net worth along with a minimum investment of $200,000.
- Applicants also require at least 24 months of business experience as an owner or senior manager within the past 60 months.
Minimum Requirements to Receive a Nomination
In order to be nominated, once they have established the business in Ontario, Entrepreneurs must:
- demonstrate English language proficiency equivalent to Canadian Language Benchmark (CLB) level 4;
- be physically residing in Ontario for 75 percent (nine months out of the year) of the period in which they are establishing the business in Ontario; and
- be actively involved in the daily management of business activities.
OINP has now invited 112 immigrant entrepreneurs through its five entrepreneur draws conducted so far in 2020.
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