Ontario Offers PR to 100 International Entrepreneurs
The Canadian province of Ontario made an interesting announcement on 14th December 2021 benefitting international entrepreneurs willing to invest in Canada. Under this 2-year rebooted program the foreign entrepreneurs will be allowed to invest in the Greater Toronto Area with the aim to create more employment opportunities and boost the economy of the region.
The pandemic hit the region quite drastically and the economic growth went on a pause. Therefore, this new project is directed towards creating more job opportunities in the areas like information technology, life sciences and tourism. The program is introduced under the Entrepreneur Stream of Ontario Immigrant Nominee Program. The minimum investment that the applicant will need to make is $200,000 in an existing business or start a new business.
About Entrepreneur Stream of OINP
The entrepreneur stream was launched in 2015 but ever since then the country has only been able to invite 2 candidates under it. This project might revive this stream. Under this program, people can enter Canada, start/invest in a business and later apply for permanent residency for themselves and their family, if deemed eligible. The target of the government is to attract people who are creative and can prove to be essential for Canada economy.
How to apply for this stream?
This particular stream has 2 stages that you must follow to successfully immigrate to Canada.
Stage 1: You must submit an Expression of Interest to the authorities via e-mail. You will need to submit an online application afterwards if you are invited to apply. Following this, you and your business partner (if any) will have to attend a mandatory interview. The applicant is required to sign a performance agreement if their stage 1 application is completed successfully.
Stage 2: After the completion of stage 1 application, the applicant will be issued a temporary work permit support letter in order for them to apply for temporary work permit with Immigration, refugees and Citizenship Canada. After getting a TWP you will have 20 months from the date you arrive in the province to establish your business (implementing a business plan following the submission of a final report). If the business meets all the necessary requirements you will be asked to submit documentation so that the authorities can ensure that you are eligible for the nomination of permanent residence.
Not every business is allowed to operate in Canada or specifically, Greater Toronto Area. Have a look at the list of ineligible businesses to make sure your business idea/investment is allowed to operate in the region.
- Automated Car Wash
- Holding Companies
- Pay Day Loan & Related Business
- Scrap Metal Recycling
- Tire Recycling
- Business involved in producing, distributing or selling pornographic or sexually explicit products or services, or providing sexually oriented services
- Business owner or operated by a current or former similar stream nominee
If the business is supposed to be located in the Greater Toronto Area, the ineligible businesses will be:
- Existing franchise in Ontario
- Gas Stations
- Bed and Breakfasts
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