Ontario's latest draw adds 21 to entrepreneurs invited in 2020

Ontario’s latest draw adds 21 to entrepreneurs invited in 2020

Ontario entrepreneur draw invite 21

In the latest PNP draw held by Ontario on October 26, 2020,ITAs were issued to 21 entrepreneur candidates to apply to the entrepreneur stream. The OINP issued ITAs to those candidates who scored EOI points from 142 to 200.

The candidates who received ITAs didn’t have to contact the program. They will receive 2 emails from OINP. One will have login information and the other will have instructions to complete the application.

Eligible candidates who didn’t get an ITA in this draw has the chance to get invited for 12 months from the date of submitting it.

With this entrepreneur draw, the 5th one of this year, the total number of entrepreneurs invited this year comes to 112.

Eligibility requirements

Area Net worth required now Net worth required earlier Required investment now Required investment earlier
Toronto area $800,000 $1.5 million $600,000 $1 million
Outside GTA $400,000 $800,000 $200,000 $500,000

The candidate must have 24 months of business experience as a senior manager or owner within the past 60 months.

Minimum requirements for getting nominated

Through the entrepreneur stream, those who are looking to start a business in Canada can begin one in Ontario or buy an existing business in the province. Upon getting selected the successful applicant will get asupport letter for temporary work permit. This can be used to establish a business in Ontario.

The support letter is based on a performance agreement. It also depends on whether the entrepreneur meets the job creation and investment targets given in the agreement. If yes, they stand a chance to be nominated for Canada PR.

The entrepreneurs must meet the following criteria in order to apply for a nomination from Ontario, once the business is established:

  • The entrepreneur must demonstrate a CLB 4 level or the equivalent of official language proficiency.
  • The entrepreneur must be physically present in Ontario for 75%of the period in which they are establishing their business in Ontario. This is called the performance agreement period.
  • The entrepreneur must be actively involved in the daily management of business activities.

Nominees must also continue to adhere to the conditions of the performance agreement. This includes the information provided in the business plan and EOI within 20 months of arriving 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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Note:

PR – Permanent Residence

ITA – Invitation to Apply

PNP – Provincial Nominee Program

OINP – Ontario Immigrant Nominee Program

EOI – Expression of Interest

CLB – Candian Language Benchmark

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