Ontario gets on with a draw again! The latest addition to Canada immigration, the province conducted an Entrepreneur draw on April 22, 2020. 26 invitations were sent in the draw.
Those coming through the Entrepreneurship stream get Permanent Residence. The Entrepreneurship stream comes under the Ontario Immigrant Nominee Program (OINP). Those coming under this stream are entrepreneurs from abroad moving to Canada to start a new business. They may even buy an existing business in Ontario.
Invitations were sent to candidates in the latest draw who scored between 132 and 200 points. The eligible candidates were those who gave their Expression of Interest (EOI) between November 22, 2019, and April 17, 2020.
This has been the second entrepreneur draw by Ontario in 2020. The draw before this one was conducted on February 26, 2020. In that one 20 candidates were invited. Their minimum score was 136.
Here are a few points about financial requirements for Ontario Entrepreneur Stream:
- The minimum net worth of the proposed business in ICT or digital communications is $400,000 anywhere in the province.
- The minimum net worth of $800,000 is required if the proposed business will be in the Greater Toronto Area (GTA). If it’s outside the GTA, the minimum net worth required is $400,000.
Investment and Ownership
- The proposed business must be in either ICT or digital communications, with at least $200,000 as an investment. Candidate should own at least 33% anywhere in the province.
- Candidate must invest at least $600,000 in an Ontario business. He/she must own at least 33% of business is in GTA.
- Outside GTA, investment of at least $200,000 is needed. The candidate must own at least 33%.
Here are some non-financial requirements for Ontario Entrepreneur Stream:
- The candidate must physically be present in Ontario for a minimum of 75% of the time of managing the business.
- The candidate must have at least 24 months of full-time business experience in the past 60 months. He/she must have been an owner or senior manager.
- The candidate must explore Ontario in the 12 months before submitting the application. This applies only to those buying a business in Ontario.
- The business must create 2 full-time jobs for Canadian permanent residents or citizens in the proposed company if it’s located inside the GTA. The business must create 1 full-time job if it’s:
- A business located outside the GTA, or
- Is in either ICT or digital communications
- The candidate must have a minimum CLB of 4 in English or French.
If you are looking to Study, Work, Visit, Invest or Migrate to Canada, talk to Y-Axis, the World’s No.1 Immigration & Visa Company.
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