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In a draw held on September 21, the Government of Ontario issued 16 new invitations to apply for the candidates belonging to the Entrepreneur Stream of Ontario Immigrant Nominee Program (OINP). The minimum required score was 117.
OINP Entrepreneur Stream
The Entrepreneur Stream of OINP is meant for those who wish to start a new business or buy an existing business in Ontario. The stream functions on an Expression of Interest system in which candidates are required to submit an Expression of Interest along with information regarding their work experience, investments and other important factors. On the basis of information provided in the profile, candidates will be given a score out of 170 points. The selected candidates will receive a temporary work permit support letter based on a performance agreement to establish the business in Ontario. Ontario will nominate the candidates who fulfill the job creation and investment requirements in the performance agreement for permanent residence in Canada.
Eligibility requirements:
Minimum eligibility requirements for applicants:
-Minimum 36 months of full-time business experience in the last 60 months either as a business owner or as a senior manager
-A minimum net worth, which varies according to the location of the proposed business
-Make a minimum personal investment, which varies according to the location of the proposed business
-Have minimum one-third equity ownership in the proposed business
-Agree to create at least two permanent, full-time jobs for Canadian citizens and/or permanent residents
-Conduct a business-related visit to Ontario in the 12 months prior to submitting the Expression of Interest, if the candidate is purchasing an existing business.
Minimum eligibility requirements for businesses:
-The purpose of the business must be to make a profit through the sale of goods and/or services
-Primary income must be from active (earned) income sources, not passive (unearned) income sources
-The business must comply with all the legal, regulatory and licensing requirements of Canada
-The business must comply with Ontario labor laws
-The proposed business must be a permanent business in Ontario
-Third party investors in the business must be a Schedule I or Schedule II bank or an institutional investor
Canada offers a lot of opportunities for entrepreneurs. Contact us to know more about starting a business in Canada.
