On October 26, Ontario sent 21 invitations to entrepreneur candidates to apply under the entrepreneur stream. Including this recent draw, Ontario has invited 112 entrepreneur immigrants in 2020.
The draw announced by Ontario Immigrant Nominee Program (OINP) showed that candidates who received their Expressions of Interest (EOIs) scores between 142 and 200 were considered.
Selected candidates who receive such an invitation do not need to contact the program. They will receive two emails from OINP where one will contain login information and another one will get steps to follow through which candidate can complete the application.
Eligible candidates who were not selected & received any invitation in this draw are still eligible & have a chance to receive an invitation in 12 months from the date it was submitted.
Eligibility requirements for such a stream are dependent on where in Ontario the business is being proposed. Modern reforms have also decreased the minimum wealth and investment needs.
Wealth requirement for the proposed business within the GTA (Greater Toronto Area) is now restructured to $800,000 from $1.5 million, and the investment requirement is now $600,000 down from $1 million.
Note: Businesses that are searching outside the GTA need $400, 00 in wealth instead of $800,000. For them, the minimum investment amount is $200,000 instead of $500, 00. Instead of 36 months, now applicants need 24 months of experience as an owner or senior manager within the past 60 months.
The entrepreneur stream is originated to attract new businesses or individuals who have plans to start their own business or buy a running business in Ontario. Selected candidates get a work permit support letter temporarily to launch their business in Ontario.
The support letter gets issued considering the performance agreement and the candidates are supposed to achieve the investment and job creation targets outlined in the agreement. This achievement leads them towards the chance to be nominated for Canadian permanent residence.
Once they launch their business and meet the performance agreement requirements, entrepreneurs need to meet the below-mentioned requirements to be nominated,
Note: Successfully obtaining a nomination certificate allows applicants to make an application for Canadian permanent residence.
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