Ontario invited 21 invitations for entrepreneur candidates to apply to the entrepreneur stream on October 26.
The Ontario Immigrant Nominee Program (OINP) issued invitations to candidates who had Expression of Interest (EOI) scores between 142 and 200.
Candidates who received an invitation to apply do not need to contact the program. The OINP will send two emails, one containing login information, the other will have instructions on how to complete the application.
Candidates who were eligible but did not receive an invitation to apply this round, still have a chance to be invited for 12 months from the date it was submitted.
This is Ontario’s fifth entrepreneur draw of 2020, bringing the total number of entrepreneurs invited up to 112.
Eligibility requirements for the Entrepreneur stream depend on where in Ontario the business is being proposed. Recent reforms have also lowered minimum net worth and investment requirements.
The required net worth for the proposed business within the Greater Toronto Area is now $800,000, down from $1.5 million, and the required investment is now $600,000 down from $1 million.
Entrepreneurs looking outside the GTA need $400,00 in net worth instead of $800,000. They now need a minimum investment of $200,000 instead of $500,000.
Candidates need 24 months of business experience as an owner or senior manager within the past 60 months. Previously, candidates needed 36 months of experience within the same timeframe.
The entrepreneur stream is designed to attract individuals who are looking to start a new business initiative or buy an existing business in Ontario. Successful applicants get a temporary work permit support letter to establish their business in Ontario. The support letter is based on a performance agreement, and if the entrepreneur complies with the investment and job creation targets outlined in the agreement, they have the chance to be nominated for Canadian permanent residence.
Entrepreneurs must meet the following requirements in order to be nominated once they have established the business and met the performance agreement. Successfully obtaining a nomination certificate allows applicants to make an application for Canadian permanent residence.
The following criteria must be met when entrepreneurs apply for a nomination from Ontario after the business has been established:
Nominees must also continue to meet the conditions of the Performance Agreement, including the information provided in the EOI and business plan, within 20 months of arriving in Ontario.