Ontario Entrepreneur
Ontario Entrepreneur
Like many other provinces, Ontario is always looking to attract immigrant talent that is likely to contribute to the local economy. It does this by creating immigration programs for different categories of skilled individuals who are likely to boost local economy, create employment opportunities, and address the labor shortages in certain industries.
It is no secret that Ontario is one of the most popular provinces among newcomers to Canada, and it attracts record numbers of talented, skills, and eager individuals every year.
OINP, or the Ontario Immigrant Nominee Program has an Entrepreneur Stream that exists to attract eligible individuals to create new businesses or buying existing ones in the province of Ontario.
In order to be considered for permanent residence as an Ontario entrepreneur, you (and your business partner, if you have one) need to show that you are eligible to apply.
The requirements look at as an individual, and the business you’re looking to establish.
First of all, you must take an approved language test in English or French and get a CLB level 4. This is relatively low compared to other immigration programs such as Express Entry, where CLB level 5 or 7 are required.
You must also have 2 years of work experience in managing a business. You don’t have to be an owner – you can be a senior manager or own 1/3 of a business to qualify. Remember that passive ownership doesn’t count – you must be able to prove that you were actively involved in the business and making strategic decisions.
Secondly, your net worth must be either $400,000 or $800,000 depending on where you plan to have your business. The higher requirement is for businesses located in the Greater Toronto Area (GTA). You will also need to commit to an investment of $200,000 or $600,00 depending on the location, and you must control 1/3 of the equity at the very minimum. You must continue to be actively involved in the business as this is not a passive investment program.
This isn’t all the criteria that your business will have to meet – it has to create jobs, generate profit, and in certain cases you must visit before submitting your application. Your business cannot be a project or a seasonal enterprise, it has to be permanent. Check out the program website to find out about eligibility requirements for your situation. It also lists certain ineligible businesses, such as pay loans, laundromats, and businesses that are “recycled” and passed to you from a previous OINP nominee. The requirements are even stricter for the GTA area – for instance, you cannot manage an existing franchise.
Ontario Entrepreneur
Once you’ve established your eligibility, you need to email an expression of interest, wait for an invitation, submit an application, interview, and sign a performance agreement. The Expression of Interest consists of your business concept score and your personal score that demonstrate your eligibility for the program. In order to determine your score, check the OINP Entrepreneur program guide. Your application will be selected during an OINP entrepreneur draw if you are among those with the highest scores. To give you an idea, the April 2020 draw required scores between 132 and 200. OINP entrepreneur stream processing time depends on the complexity of your application. However, the Expression of Interest (EOI) assessment usually takes less than 30 days.
As for the interview – don’t be alarmed. The purpose is to better understand your plan to establish the business and your work experience.
Once the agreement is signed, you will get a work permit that will enable you to come to Canada and start working on Establishing your business to demonstrate that it is working. You have 20 months to do so, after which you will have to submit a report that shows that it meets all the conditions necessary to be nominated to become a permanent resident. You must stay in Ontario 75% of the time it takes you to establish your business.
The cost of the application is $3,500 for an individual, and $3,500 for an additional business partner (if any). You can make sure you understand every step of the application process by reading the OINP entrepreneur guide.
All in all, entrepreneur immigration to Ontario can be a lengthy, multi-step process, but it is a great option for the business savvy individuals with solid managerial experience. If this sounds like you, look no further – contact our team of registered immigration consultants for assistance with your application and to determine if the OINP entrepreneur stream is the best option for your situation.
Regards,
International Experience Club (Ontario Entrepreneur)
