In the draw held on September 21, 2018, the Ontario Govt. issued 16 invitations through the OINP Entrepreneur Stream. The lowest score in the latest draw was 117.
The Ontario Immigrant Nominee Program Entrepreneur Stream is designed to attract Entrepreneurs worldwide who wish to set up or buy an existing business in Ontario.
The OINP Entrepreneur Program requires applicants to submit an Expression of Interest. The EOI profile contains information regarding the applicant’s work experience, net worth, and investment. Candidate’s profiles are scored with the maximum available score of 170, as per CIC news.
The eligibility for the OINP Entrepreneur Stream is as below:
- Experience: Candidates need to have at least 3 years of a business owner or senior management experience in the recent 5 years
- Net Worth: Candidates wishing to set up their ventures within the Greater Toronto Area (GTA) should have a net worth of CAD $1,500,000. For those wishing to set up their businesses outside GTA should have a minimum net worth of CAD $800,000. In the case where the proposed business is in the ICT/Digital communications sector, the required net worth is CAD $800,000. The net worth is regardless of where you set up your entrepreneurial venture.
- Personal Investment Funds: For those wishing to set up their business in the GTA, the investment required would be CAD $1,000,000. Outside the GTA, the investment requirement is CAD $500,000. In the case of businesses in the ICT/Digital Communications sector, the required investment is CAD $500,000 irrespective of the location of the business. In each of the above cases, the candidate should have a minimum ownership of 33.3% in equity in the proposed business.
- Job Creation: The applicant must create at least 2 full-time jobs for Canadian citizens or Permanent Residents
- Business-related visit: If you wish to buy an existing business in Ontario then you would need to make at least one business-related trip to Ontario. The visit should have been in the year prior to submitting the EOI.
Successful candidates obtain a temporary work permit support letter from the Govt. of Ontario. This is based on the performance agreement to set up a business in the province of Ontario.
Candidates who fulfil the investment and job creation criteria outlined in the performance agreement are then nominated by Ontario for Permanent Residency of Canada.
If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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