Ontario goes at it again! On August 26, 2020, the province conducted a new draw issuing 21 invitations to candidates to apply under the Entrepreneur stream of Canada immigration.
The OINP (Ontario PNP) considered those candidates for this draw who got their EOI (Expression of Interest) scores between 22nd November 2019 and 21st August 2020. Their EOI scores were between 144 and 200.
With this draw, in total, 91 entrepreneurs have been invited in 2020. The candidates invited in the Entrepreneur stream have eligibility requirements that depend on the region of Ontario where the business is proposed to be set up. The good thing about the draw from this stream is that the investment and minimum net worth stipulated have been lowered as part of recent reforms.
In the Greater Toronto Area (GTA), the net worth required for the proposed business is $800,000. Earlier this was $1.5 million. The required investment is now $600,000, which was earlier $1 million.
Potential entrepreneurs looking to set up business outside the GTA must have a net worth of $400,000. This was $800,000 earlier. The minimum investment sought is $200,000. This was $500,000 earlier.
The candidates must have business experience of no lesser than 24 months. The candidate must have been the owner or senior manager of the business within the past 60 months of applying. Here, the number of months has been increased from 36 months to 60.
All the changes made to eligibility criteria have made it more prospective for international entrepreneurs to find better ground in Canada.
If an entrepreneur needs a nomination from Ontario under the Entrepreneur stream, that candidate will be looking to launch a new business in Ontario or buy an already running business in the province. Successful applicants first get a support letter for a temporary work permit to set up a business in Ontario. This letter is based on a performance agreement. If the entrepreneur adheres to the targets for job creation and investment, they could be nominated for permanent residence in Canada.
The criteria that entrepreneurs must meet when applying for a nomination from Ontario after setting up a business are:
- The entrepreneur must demonstrate proficiency in official language at a CLB (Canadian Language Benchmark) 4 level or equivalent.
- The entrepreneur must meet the program’s residency requirements and must be residing in Ontario physically for 75% (9 months in a year) of the period in which he/she is setting up the business in Ontario (i.e. the period of performance agreement).
- Entrepreneurs must be involved actively in daily business management activities.
It’s also required that the nominees keep on meeting the conditions of the Performance Agreement. This will include the information in the business plan and EOI. This should be done under 20 months of arrival 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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