Ontario has announced a new Entrepreneur stream of Ontario Immigration Nomination Program. It’s a pilot program by the name ‘OINP Entrepreneur Success Initiative’. This program is aiming to invite 100 newcomers outside Toronto. The duration of this Piot program will be 2 years.
The OINP entrepreneur stream can be facilitated by the foreign entrepreneurs who are willing to buy an existing business or establish a new venture in Ontario.
The OINP Entrepreneur Success Initiative OINP-ESI will assist prospective foreign entrepreneurs prepare and submit applications to Entrepreneur Stream. The aim of the initiative is to draw and support 100 new applications. This program will be managed by TBDC (Toronto Business Development Centers). TBDC will be working to secure applications for the Entrepreneur Stream of the Ontario Immigration Nominee Program.
Entrepreneur Success Initiative (the new Entrepreneur Success Initiative) is an innovative program that helps entrepreneurs establishes businesses in communities outside of the Greater Toronto Area. These are the communities that fall under GTA.
- Durham Region
- Halton Region
- York Region
- Peel Region
Basic Eligibility Criteria for this Pilot Program
Below are the requirements one must keep in mind before applying under this program:
- The net worth of the applicant should be CAD 400,000
- The applicant must be eligible to make an investment of at-least CAD 200,000.
- The applicant should have a ownership of 33% in the business
Additional Services provided by the ONIP-ESI
- Analyzes different business opportunities & success rate outside the Greater Toronto Area.
- Promoting Entrepreneur stream among foreign nationals to increase Business in Ontario on global scale.
- TBDC will assist entrepreneurs submitting their EOI (Expression Of Interest).
- Help entrepreneurs with high-Quality business profile filling in Entrepreneur Stream.
- Support interested candidates in purchasing or setting up a new venture.
- Suggest them a business profile according to their existing business profile, experience & personal interest.
The OINP will prioritize these applications above all. Ontario government is hoping that this pilot program will create prominent impact on the economy & will generate employment in certain sectors like Information Technology, healthcare, tourism etc.
If the business is sustained for 18-20 months, the applicant will be eligible to apply for Canada’s Permanent residency (PR) status.