A new Canada immigration project under Ontario Entrepreneur Stream has been launched by Ontario for recruiting 100 overseas entrepreneurs. The aim is to obtain an investment of $200,000 individually for starting or purchasing businesses in the exteriors of the Greater Toronto Area.
Ontario aims to assist regions severely affected by the pandemic by attracting investment of $20 Million. This is through the current Entrepreneur Stream of the OINP - Ontario Immigrant Nominee Program. The Government of Ontario anticipates that the 2-year project will result in job creation in sectors inclusive of Tourism, Life Sciences, and Information Technology.
Successful applicants will receive a nomination for Canada PR Visa from Ontario Government. This is after their business is functional in Ontario for 20 to 18 months.
Skills Development, Training, and Labor Minister Monte McNaughton said that the Government continues to revive the economy of the Province. Our aim is that residents across Ontario find lucrative and well-paying careers irrespective of their location. We are working for workers and expanding opportunities and jobs brought by Entrepreneurs across our province and not just big metropolitan areas, said the Minister.
The Government of Ontario highlighted that since the launch of the Entrepreneur Stream under Ontario PNP program in 2015; just 2 nominations have been made. It added that the program will be improved. For this, Entrepreneurs will be offered enhanced support assisting in applying and connecting with highly suitable business opportunities.
The Minister also restated the latest demands for doubling of the 9,000 immigrants’ allocation of the Ontario nomination in 2022. This is for driving economic growth and improved filling of critical labor gaps, he added.
The latest Entrepreneur Project is amongst the multiple initiatives of Ontario aimed at attracting more immigrants. In October 2021, the province announced a proposal for fresh provincial rule. Accordingly, Plumbers, Electricians, Engineers, Architects, Accountants, and Lawyers trained overseas will no longer need work experience in Canada for practicing their professions in Ontario.
The Entrepreneur Stream of Ontario PNP program aims at overseas individuals who intend to launch a business or purchase a business already existing in Ontario. The current financial eligibly criteria have been specified below. It is yet to be announced if the latest Entrepreneur project will decrease a few requirements for attracting more applicants.
A series of stages are involved before Canada PR Visa is offered to an applicant through the Entrepreneur Stream. Applicants who are successful are initially offered the Provisional Residency. The approval of Permanent Residency depends on the business performance assessed over agreed targets.
The following are the dependents of crucial members of staff who can be included in the Ontario Entrepreneur Stream application:
Ontario PNP program offered 20 ITAs - Invitations to Apply in its second draw for 2021 through the Entrepreneur Stream. Candidates who had filed the EOI - Expression of Interest by 21st October 2021 were qualified for consideration.
Ontario is accelerating the process for Entrepreneur Stream applications. It is decreasing the level of supervision for them so that they can focus on the growth of their businesses.
The province has endorsed regulatory changes that influence the Entrepreneur Stream under the Ontario PNP program. It is making permanent the feature of virtual interviews and decreasing the number of visits of government officers for checking businesses. This is to permit immigrant entrepreneurs in both establishment and growth of their businesses more speedily.
The Application Guide for the stream has been updated as well for streamlining the program data. It also aims to ensure complete details required for the applicants for submissions of high-quality EOIs and applications.
Immigration, Refugees and Citizenship Canada has stated on its website the latest rules for the Ontario Entrepreneur Stream. Accordingly, the revised application guide and latest application supervision and interview requirements for the stream are applicable for candidates who file EOIs or receive ITAs from 1st July 2021 onwards.
The OINP Entrepreneur Stream mandates the applicants to possess management experience. This is apart from the financial requirement of at least $800,000 net worth if their planned business will be in GTA - Greater Toronto Area. It is $400,000 if the business is in the exteriors of GTA.
Meanwhile, the Start-up Visa Program that offers Canada PR Visa to successful candidates does not require any previous management experience. The backing of an entity designated by the Government of Canada is adequate. The support can be either financial or through acceptance of the candidates in a program for Business Incubation.
Three categories of investors in the private sector are considered for the Start-Up Visa:
The designated venture capital fund has to confirm investment of a minimum of $200,000 into the eligible business. Applicants can also qualify with multiple commitments from designated venture capital funds that add up to $200,000.
The designated angel investor group has to confirm investment of a minimum of $75,000 into the eligible business. Applicants can also qualify with multiple angel investor groups that add up to $75,000.
The designated business incubator has to offer acceptance to the applicant into its program for business incubation. It is the responsibility of the applicants to design a feasible business plan that fulfills the requirements of the designated entities approved by the Government.
The investment into the business and its development are normally done through assistance from Business Consultants in the Canadian Start-up ecosystem. Supervision of experienced Corporate and Business Immigration Consultants is also essential to ensure that the business concepts of the Start-up fulfill all the industry-specific terms and conditions.
Candidates who are successful through the Canadian Start-Up Visa application have reported consistently that it is speedy, both for initial Work Visa and PR applications.
An immigrant entrepreneur having a feasible start-up business plan can anticipate around 4 to 6 months for obtaining a letter of support or commitment certificate from a designated entity. The application for Canada PR Visa application can be filed after this.
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