Ontario has issued invitations to apply to 24 Immigrant Entrepreneurs in a new draw conducted on June 24.
The Ontario Immigrant Nominee Program (OINP) conducted and manage the draw. The 24 immigrant entrepreneurs who received their Expressions of Interests (EOIs) scores between November 22, 2019, and June 19, 2020, were given priority for this draw.
Invitations were sent out to candidates who had Expression of Interest scores between 134 and 200.
This is the third draw of its kind in 2020, bringing the total number of immigrant entrepreneurs invited up to Seventy (70).
Eligibility criteria for the Entrepreneur stream depend on where in Ontario the business is being located. Recent reforms have also reduced minimum net worth and investment requirements.
The required net worth for the proposed businesses within the Greater Toronto Area (GTA) is now $800,000, down from $1.5 million, and the required investments are now $600,000 down from $1 million.
Entrepreneurs looking outside the Greater Toronto Area need $400,00 in net worth instead of $800,000. They now need an investment of at least $200,000 instead of $500,00.
Candidates need twenty-four (24) months of business experience as an owner or senior manager within the past Sixty (60) months. Previously, candidates needed thirty-six (36) months of experience within the same timeframe.
Ontario Entrepreneur Stream: Financial Requirement
1) Net Worth
- A minimum net worth of $800,000 if your proposed business will be located in the Greater Toronto Area (GTA). Outside the GTA, the minimum net worth is $400,000.
- Proposed business in either digital communications or ICT, minimum net worth is $400,000 anywhere in the Ontario province.
2) Investment and Ownership
- Invest a minimum of $600,000 in an Ontario business and own at least thirty-three (33) per cent if the business is located in GTA.
- Outside GTA, invest a minimum of $200,000 and own at least thirty-three (33) per cent.
- Proposed business in either digital communications or ICT, invest at least $200,000 and own at least thirty-three (33) per cent anywhere in Ontario province.
Ontario Entrepreneur Stream: Non-Financial Requirement
- At least twenty-four (24) months of full-time business experience in the past sixty (60) months, as the business owner or senior manager.
- Create two full-time jobs or employment to Canadian citizens or permanent residents in the proposed company if located inside the Greater Toronto Area. Business located outside the Greater Toronto Area, or in either digital communications or ICT, must create one full-time job or employment.
- Make an exploratory visit to Ontario in the twelve (12) months prior to application. You should note that this only applies to those buying into an existing business.
- Minimum CLB 4 in French or English is required.
- Physically reside in Ontario for at least seventy-five (75) per cent of the time you are managing the business.