Entrepreneur candidates invited by Ontario in latest provincial draw

Ontario PNP issued invitations to applicants with Expression of Interest (EOI) scores between 142 and 200 points.

Applicants who have received an invitation to apply do not need to contact the program. The Ontario PNP will send two emails, one with login information, the other with instructions on how to complete the application.

Applicants who were eligible but did not receive an invitation to apply in this round still have the option of being invited for 12 months from the date of submission.

This is Ontario’s fifth entrepreneur draw for 2020, bringing the total number of invited entrepreneurs to 112. Eligibility criteria for the Entrepreneur Stream depend on where the business is being proposed in Ontario. Recent reforms have also reduced the minimum net worth and investment requirements.

For the proposed business in the Greater Toronto Area, the equity required 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 Greater Toronto Area need a net worth of $ 400,000 instead of $ 800,000. The minimum investment is changed to $ 200,000 instead of $ 500,000.

Work experience as an owner or senior manager of 24 months in the last 60 months is required. Previously, 36 months of experience within the same time frame was the minimum requirement.

Eligibility Criteria

The Entrepreneur Stream attracts 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 objectives set out in the agreement, they will be nominated for permanent residency in Canada.

Candidates under the Ontario Immigrant Nominee Program (OINP)’s Entrepreneur stream must meet the following requirements to be appointed once they have established the business and met the performance agreement. Successful completion of a Certificate of Nomination allows candidates to apply for permanent residence in Canada.

Entrepreneurs when applying for a provincial nomination from Ontario after the business is established must meet the following minimum requirements:

• Demonstrate proficiency in the official languages ​​at a Canadian Language Proficiency Level (CLB) 4 or equivalent
• Must meet the residency requirements, be a resident in Ontario for 75 percent (nine months per year) of the period in which they establish the business in Ontario (i.e., the period of performance agreement)
• Candidates must be actively involved in the day-to-day management of business activities.

Applicants must meet the terms of the performance agreement that includes the information provided in EOI and business plan, within 20 months of arriving in the province of Ontario.

Reference is taken from CIC News