Last Updated on July 8, 2021
Ontario is speeding up the process for immigrant entrepreneurs and lightening their load by reducing the amount of monitoring so they can concentrate on growing their businesses.
Ontario is making its virtual interview process permanent and cutting down on the number of times government officials will check up on businesses, allowing immigrant entrepreneurs to both establish and grow their businesses more quickly.
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The OINP Entrepreneur Stream Application Guide has also been updated to streamline program information and ensure applicants have everything they need to submit high-quality expressions of interest and applications to the stream.
New Process Applies To Applications Submitted After July 1
“The updated application guide, and the new interview and application monitoring requirements for the Entrepreneur stream, are applicable to individuals who submit expressions of interest or receive an invitation to apply to the Entrepreneur Stream after July 1, 2021,” states Immigration, Refugees and Citizenship Canada (IRCC) on its website.
In addition to the financial requirements of having a minimum net worth of $800,000 for a proposed business in the Greater Toronto Area (GTA) or minimum net worth of $400,000 for proposed businesses outside the GTA, the OINP Entrepreneur stream also requires that immigrant entrepreneurs have management experience.
Applicants under the Ontario Entrepreneur Stream must have at least 24 months of full-time business experience in the past 60 months, as an owner or senior manager.
Start-Up Visa Program Requires No Previous Management Experience
That’s not required under Ottawa’s Start-Up Visa program which offers permanent residency to successful applicants. The support of a government-designated entity is enough. That support can be either financial or in the form of accepting the candidate into a business incubator program.
Three types of private-sector investors are considered under the Start-Up Visa program: angel investors, venture capital funds, and business incubators.
- A designated venture capital fund must confirm that it is investing at least $200,000 into the qualifying business. Candidates can also qualify with two or more commitments from designated venture capital funds totalling $200,000.
- A designated angel investor group must invest at least $75,000 into the qualifying business. Candidates can also qualify with two or more investments from angel investor groups totalling $75,000.
- A designated business incubator must accept the applicant into its business incubator program. It is up to the immigrant investor to develop a viable business plan that will meet the due diligence requirements of these government-approved designated entities.
Start-Up Visa Process Quick, Takes About Six Months
That investing and the development of the business is usually done with the help of business consultants in Canada’s start-up ecosystem with oversight from experienced corporate business immigration lawyers who can ensure a start-up’s business concept meets all industry-required terms and conditions.
Immigrants who avail themselves of the Start-Up Visa program consistently report that it is quick, both for the initial work permit and permit residence application.
With a viable start-up business project, an immigrant entrepreneur can expect it to take about four to six months to secure a commitment certificate or letter of support from a designated entity. Once that letter of support is received, the application for permanent residence can be submitted.