Effective from 8th July 2019, Ontario has significantly lowered the net worth and investment required for the Entrepreneur Stream. Candidates with lesser business experience can also apply under this stream now.
The largest province in Canada, Ontario, hopes to attract more foreign entrepreneurs with these new changes. The new changes will also make the Ontario Entrepreneur Stream more competitive as compared to other provincial entrepreneur programs in Canada.
The new changes to the Ontario Entrepreneur Stream are as below:
|Before 8th July 2019||
After 8th July 2019
|Net worth for the proposed business inside the Greater Toronto Area||$1.5 million||$800,00|
|Net worth for a proposed business outside the Greater Toronto Area||$800,000||$400,000|
|Net worth for a proposed business in ICT or Digital Communications||$800,000||$400,000|
|Min. investment for proposed business inside the Greater Toronto Area||$1 million||$600,000|
|Min. investment for proposed business outside the Greater Toronto Area||$500,000||$200,000|
|Min. investment for proposed business in ICT or Digital Communications||$500,000||$200,000|
|Business Exp. as owner or Senior Manager||36 months in the recent 5 years||24 months in the recent 5 years|
The new revisions to the Entrepreneur Stream have been recommended as part of the state budget of Ontario. There was a period of public consultations for these recommendations which had ended on 30th May.
Since these changes are applicable from 8th July, those who have submitted an EOI and are awaiting an invite before this date are not eligible.
To become eligible under the new rules, you need to submit a fresh EOI. Only then will you be considered in future draws.
Candidates who have received an invite before 8th July will still fall under the old rules. 90 days is given to candidates who have been invited by Ontario to submit a provincial nomination application.
Ontario has also terminated its Corporate Stream, as per CIC News. This stream was aimed at international corporate establishments which wanted to expand into or buy a business in Ontario.
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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