The Entrepreneur Stream to immigrate to Ontario under the OINP is for entrepreneurs that either want to start a business or continue an existing business in Ontario.
The Entrepreneur Stream is designed to target wealthy entrepreneurs and corporations who are interested in making significant investments in business development in Ontario. Through this program, entrepreneurs and corporations with proven track records of success can launch new business projects in Ontario. If these projects are successful, the applicants involved can be nominated for Canadian permanent residence.
This pathway gives an entrepreneur the opportunity to be nominated for permanent residence once their business has been established in Ontario. Another benefit is that an applicant can also bring a business partner even if that business partner is also a foreign national.
Requirements for the Entrepreneur Stream for Ontario’s OINP:
|Business Experience:||Applicants must have at least 24 months of full-time business experience in the last 60 months before the application. The work experience must be as a business owner or as a senior manager (business management).|
|Net Worth||If the applicant’s proposed business is to be located within the Greater Toronto Area, then applicants must have a minimum personal net worth of $800,000 Canadian.
If the applicant’s proposed business is to be located outside of the Greater Toronto Area, you must have a minimum personal net worth of $400,000 Canadian.
|Personal Investment Requirement||If the applicant’s proposed business is to be located within the Greater Toronto Area, the applicant must make a minimum personal investment of $600,000 Canadian
If the applicant’s proposed business is to be located outside of the Greater Toronto Area, then he or she must make a minimum personal investment of $200,000 Canadian.
|Equity Structure||Applicants must control at least one-third of the equity in the business.|
|Management||Applicants must be actively involved, on an ongoing basis, in the management of the business.|
|Job Creation||If the business is to be located inside the Greater Toronto Area, then the applicant must create at least two permanent full-time jobs for Canadian citizens or permanent residents. If the business is to be located outside the Greater Toronto Area or in the information and communications technology or digital communications sector, regardless of location you must create at least one permanent full-time job for a Canadian citizen or permanent resident.|
|Physical Business Location||Applicant must maintain a place of business in Ontario at all times.|
|Language||Applicant must be able to listen, read, write and speak English or French at a Canadian Language Benchmark (CLB) Level 4.|
|Residency||Applicants must be physically living in Ontario for 75% of the time during which he or she is establishing their business.
Applicant must receive a temporary work permit and arrive in Ontario within 12 months of receiving approval to begin the business and inform the program of their arrival within seven days.
PROCEDURE FOR APPLYING TO THE ENTREPRENEUR STREAM IN ONTARIO:
Interested applicant must first submit an Expression of Interest (EOI) through Ontario’s online platform called the OINP e-Filing Portal. Once this is submitted, the applicant will get invited to apply for the Entrepreneur Stream if their e-filing submission was sufficiently competitive. Once invited to apply, the applicant then can apply and must pay a $3,500 CAD application fee. If this is all approved, an interview will be scheduled and if the interview is satisfactory, then the applicant will be issued a temporary work permit in order to establish their business practice. Only after the business is established can the applicant then apply for a nomination for permanent residency to the IRCC. The applicant will have 18-20 months to establish their business and apply for the nomination after they have been issued the temporary work permit.
Disclaimer: This information is provided for informational purposes only and is not legal advice. The information and facts referred to herein may be amended, removed or otherwise changed by the applicable government authority. As such, the information contained herein is provided with no guarantees of completeness, accuracy, usefulness or timeliness.