OINP Entrepreneur stream is designed to attract foreign experienced businessmen who want to start or buy an existing business in the province. Invitations were issued to the candidates with a score between 132 and 200 points. Candidates who have received an Expression of Interest (EOI) from Ontario between 22 November 2019 and 17 April 2020 were only eligible.
It’s the second provincial draw of it’s kind. The first one held in 2019, inviting a total of 66 entrepreneurs, a province so far has invited 46 entrepreneurs this year.
This is the fourth draw since the program has made changes in its minimum eligibility requirements.
The required net worth for the proposed business within the Greater Toronto Area (GTA) has decreased from $1.5 million CAD to $800,000 CAD, and outside the GTA from $800,000 CAD to $400,000 CAD.
The minimum investment for the proposed business in the GTA has decreased from $1 million CAD to $600,000 CAD, and outside the GTA from $500,000 CAD to $200,000 CAD.
The required business experience of a candidate as an owner or a senior manager had also changed. It is now required that a candidate has 24 months of experience within the last 60 months. Previously, it was 36 months of experience within the same time frame.
These changes have attracted more international businessmen to the province thus making Ontario as Canada’s leading destination of immigrants.
Reference is taken from CIC News
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