In recent news, the province of Ontario announced its plans to expand business growth through investment in transformative technologies. Through this initiative, Ontario aims to facilitate business growth and job creation by attracting local and foreign investment as well as the world’s top talent to the region.
Ontario’s Premier Kathleen Wynne noted at the Ontario Centres of Excellence Discovery conference that the government is advancing its goals as a means to remain at the forefront of the digital market and boost areas of development, research, and technologies of the future.
Highlights from Ontario’s 2017 budget include expansion of its Business Growth Initiative, a five-year economic strategy that emphasizes not only utilizing Canadian knowledge and talent, but attracting high-skilled individuals and innovation to the province’s workforce. Through the Business Growth Initiative, Ontario intends to advance the fields of advanced computing, 5G wireless technology and networks, autonomous vehicles, and quantum technologies.
Ontario’s government recognizes that strategic investment is imperative for the advancement of these goals and will ultimately fund business innovation that is needed to maintain a global competitive edge.
As Wynne stated, “Ontario’s economy is facing a once-in-a-lifetime transformation that will change how we live, work and play. We are taking action to make sure Ontario is a leader in this new economy. By investing in innovative ideas and fostering a highly skilled workforce, we will boost our province’s competitive advantage and create good jobs for people in Ontario. This puts us at the forefront of digital innovation and growth that everyone can benefit from.”
Ontario’s Business Growth Initiative joins the ranks of provincial and federal plans that Canada has created to sustain economic growth throughout the country. Earlier this year, the western provinces of New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador launched its three-year Atlantic Immigration Pilot Program (AIPP) designed to attract international skilled workers and university graduates seeking employment in Canada.
From an international standpoint, immigration continues to play a vital role in the advancement of Canada’s economy—particularly for the country’s business and technological development sectors. For foreign nationals seeking entry to Canada, Ontario offers business-minded individuals opportunities that align with provincial objectives for continued economic growth through investment. Through programs such as the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream, qualified entrepreneurs are afforded a Canadian work permit (WP) in exchange for a substantial contribution to Ontario’s economy.
With the OINP Entrepreneur Stream, applicants can make a business investment in the Greater Toronto Area (GTA), which requires a minimum investment of CAD $1.5 million; or, applicants can invest in a business outside of the GTA for a minimum of CAD $800,000. The OINP Entrepreneur Stream also allows foreign nationals to invest in Canada’s Information and Communications Technologies (ICT) sector, regardless of location, for CAD $800,000.
Investment through the OINP Entrepreneur Stream offers a prime opportunity for business men and women to enter Canada’s growing ICT sector, which aligns with the country’s development of next-generation software and computer service industries in the global market.
Eligibility requirements for the OINP Entrepreneur Stream include (but are not limited to):