The foreign business owners or senior managers, having business management experience in the past can apply to immigrate to Canada under the Entrepreneur Stream of Ontario Immigrant Nominee Program’s (OINP). Once the business is successfully established in the province of Ontario, entrepreneurs can become eligible to seek a nomination from the province.
The minimum requirements under the Entrepreneur stream have been updated recently, to make the stream more attractive to job creators.
Personal Investment and Net worth
The threshold of personal investment and net worth have been reduced with the recent regulatory amendments made in the program. The personal investment limit is reduced from $1 million to $600,000 in the Greater Toronto Area (GTA) and from $500,000 to $200,000 outside the GTA or in the information and communications technology or digital communications sector.
The net worth thresholds have also been reduced from $1,500,000 to $800,000 in the Greater Toronto Area (GTA) and from $800,000 to $400,000 outside the GTA or in the information and communications technology or digital communications sector.
The prospective applicant must have at least 24 months of full-time business experience in the last 60 months as a business owner or as a senior manager.
Requirements for the business
The Entrepreneur Stream must also meet the general requirements to participate in the stream:
- Purpose of the business: make a profit from active income through the sale of goods and/or services.
- Compliance with regulations: must meet federal, provincial or municipal, regulatory or licensing requirements
- Permanent business: must be a permanent project
- Located in Ontario: the place of business must be in Ontario for all times
- Third party investors: they must be Schedule I or Schedule II bank or an institutional investor
A strong business plan that can showcase the capacity of the business to flourish and grow in the next 5 years can be a way to proceed with an application under this category.
To help you navigate the entire process, our team has the resources and skills to assist. To know more about your eligibility under different categories, please contact us by email at email@example.com or call at (844) 293-2688. Our team will be in touch with you shortly.
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