The Ontario Immigrant Nominee Program (OINP) has just launched an online application system which simplifies the application process for the Entrepreneur Stream, from submitting an Expression of Interest (EOI) to submitting a formal application if invited to apply. The new online process will also reduce processing times.
The first EOI draw results will be announced in the next few days. Submissions of EOIs that are received before August 29th 2016 will be included in the first draw. In other words, those who are interested in immigration to Ontario still have a few days to register their Expression of Interest in order to be submitted into the first pool of candidates.
Draws will occur throughout the year, the results of which will all be posted online. An EOI is valid for one year from the date of receipt. Those EOIs that are not drawn within 12 months, and thus that are not invited to submit a complete application, are welcome to submit a new EOI.
Ontario’s Entrepreneur Stream requires a minimum investment of CAD 500,000 to establish a new business or purchase an existing business in Ontario if your business is outside the Greater Toronto Area (GTA) which includes Toronto, Durham, Hatlon, York and Peel regions. If your business is within the GTA, the investment required is CAD 1 million.
You can also apply with a business partner, however, the partner must also make the required investment of CAD 500,000 or CAD 1 million depending on the location of the business. If applying with a business partner, each of you must demonstrate the minimum net worth requirement of CAD 800,000 if your business is outside the GTA, or CAD 1.5 million inside the GTA.
Entrepreneurs with approved applications quickly receive a temporary work permit to come to Ontario to establish their business. Once in Ontario, applicants have 20 months to establish their business and implement their business plan. Applicants who successfully establish their business in Ontario receive the opportunity to be nominated for Canadian permanent residence. In an effort to ensure that applicants remain in the province of Ontario, after permanent residence is received monitoring continues for another 36 months.
If you have at least 36 months of qualifying business ownership and/or senior-level management experience within the past 60 months, you may be eligible to apply under the Ontario Entrepreneur Stream. Contact us today to find out if you qualify.
For a comparison of Canada’s Provincial Nominee Programs, please click here.
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