Introducing the OINP Entrepreneur Stream!
December 2, 2022
Introducing the OINP Entrepreneur Stream!
The Province of Ontario has a long established Ontario Immigrant Nominee Program(OINP). As part of the OINP Program,the Government of Ontario has announced a new Entrepreneur Pilot Program under the Ontario Immigrant Nominee Program under the Ontario Immigration Act, 2015.
Who is it for?
The new Entrepreneur Stream is set to welcome Entrepreneurs from outside of Canada who are interested in starting a new business or buying an existing business in the Province of Ontario.
How is does it work
There are two stages to this process. In stage 1, you start by submitting an Expression of Interest (EOI). Next, the decision committee will decide if you should be invited. If invited,you will submit an online application.Following the filing of the application the applicants will attend a mandatory interview. Upon successful completion of the interview, applicants will sign a performance agreement.
In stage 2, a temporary work permit support letter is issued so a federal application will be made to IRCC. Once the application is made, and the applicants have landed in Ontario, you have 20 months to establish your business and submit a final report. If your business meets all of the requirements,documentation is requested to ensure you are eligible for the nomination for your permanent residence.
So, now that you understand the program and you are ready to submit your Expression of Interest, what should you do?
- Make sure you meet the mandatory requirements./li>
- Check the list of ineligible business types.
- Understand the expression of interest process.
- Read the registration instruction.
What are the Mandatory Requirements?
Qualifying for the nomination requires you to demonstrate that you will have a viable business that is likely to provide material economic benefit to the economy of Ontario, or to the local economy in which the business is situated.
Once you receive an invitation, you will be asked to provide documentation to demonstrate this requirement.Your application must be submitted within 90 days of receiving the application.
Business Experience Requirements
If you choose to apply through the Non-Express Entry Process, you must apply for nomination under a Non-Express Entry stream. Under this stream, each province has eligibility requirements that you must meet to receive a nomination. Once you are nominated, you are eligible to apply for PR. In this process, you will need to get a medical exam and a police check. This stream of the Provincial Nominee Program takes longer than the Express Entry stream.
Express Entry Process
- At least 24 months of full-time business experience in the last 60 months.
- Experience must be as a business owner or a senior manager.
Net Worth Requirements
Net worth must be personal, lawfully obtained, verifiable, and beyond the minimum. Net worth depends on whether your business is:
- In the Greater Toronto Area (GTA) - Minimum net worth of CAD $800,000.
- Outside of the Greater Toronto Area (GTA) - Minimum net worth of CAD $400,000.
Personal Investment Funds & Minimum Equity
- You must make minimum investments in your business from your personal net worth. The minimum personal investment depend on whether your business is located:
- With in the Greater Toronto Area (GTA)- Minimum Personal Investment of CAD $600,000. (Unless it is Information and Communications Technology/Digital communications sector)
- Outside of the Greater Toronto Area (GTA) - Minimum Personal Investment of CAD $200,000.
You must be actively involved in the management of the business.
Capital Investment Purpose
Investment into the business must be to make a profit, not for capital gains, etc.
- If the business is inside the Greater Toronto Area - you must create at least two permanent full-time jobs for Canadian citizens or permanent residents.
- If the business is outside the Greater Toronto Area or in the information and communications technology or digital communications sector, regardless of location you must create at least one permanent full-time job for a Canadian citizen or permanent resident.
Mandatory Minimum Requirements at Stage 2
- Language - You must be able to listen, read, wrtie, and speak English or French at a Canadian Language Benchmark (CLB) Level 4.
- Residency - You must be physically living in Ontario for 75% of the time during which you are establishing your business.
- You must receive a temportary work permit and arrive in Ontario withing 12 months of receiving approval at Stage 1 and inform the program of your arrival within seven days.
- Meet the commitments in your performance agreement - You must meet all the commitments agreed to in your performance agreement, which are based on information provided in your EOI and business plan.