Ontario has issued 21 invitations to apply under the Entrepreneur Stream. The Ontario Immigrant Nominee Program (OINP) hosted the draw on August 26. Applicants who received their Expressions of Interest (EOI) notes between November 22, 2019, and August 21, 2020, were considered for this draw.
Invitations were sent to applicants who had EOI scores between 144 and 200 points. This is the fourth draw of its kind in 2020, bringing the total number of entrepreneurs invited to 91.
The eligibility criteria for the Entrepreneur Stream depend on where in Ontario the business is proposed. Recent reforms have also reduced minimum net worth and investment requirements.
The equity required for the proposed business in the Greater Toronto Area is now $ 800,000, compared to $ 1.5 million, and the required investment is now $ 600,000 compared to $ 1 million. Entrepreneurs looking outside of the GTA need a net worth of $ 400,000 instead of $ 800,000. They now need a minimum investment of $ 200,000 instead of $ 500,000.
Applicants need 24 months of business experience as an owner or senior manager within the past 60 months. Previously, applicants needed 36 months of experience within the same time frame.
Minimum Requirement for Provincial nomination
The Entrepreneur Stream is designed to attract people who want to start a new business initiative or buy an existing business in Ontario. Successful applicants receive a letter of support for a temporary work permit to establish their business in Ontario. The letter of support is based on a performance agreement, and if the entrepreneur meets the investment and job creation goals set out in the agreement, they have the option of being nominated for permanent residence in Canada.
Entrepreneurs must meet the following requirements to be appointed once they have established the business and have met the performance agreement. Successful completion of a Certificate of Nomination allows applicants to apply for permanent residence in Canada.
The following criteria must be met when entrepreneurs apply for an appointment from Ontario after the business is established:
Applicants must also continue to meet the terms of the performance agreement, including the information provided in the expression of interest and business plan, within 20 months of arriving in Ontario.
Reference is taken from CIC News
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