Ontario has launched a new online application process for the Entrepreneur Stream of its Immigrant Nominee Program.
All EOIs received before midnight EDT on August 28 will be part of the first draw, after which invitations to apply will be distributed. “Results of the first draw will be announced in the coming days,” an Ontario government statement said.
An EOI is valid for a year from the date of receipt, with draws taking place throughout the year and the results posted online. If your EOI expires, you are welcome to submit another one.
“Our ministry is committed to improving its application and business systems,” the statement added.
“Additional online application systems are being developed over the coming months.”
Ontario Entrepreneur Stream: Financial Requirements
1) Net Worth
- Minimum net worth of $1,500,000 if your proposed business will be in the Greater Toronto Area (GTA).
- Outside the GTA, minimum net worth is $800,000.
- Proposed business in either ICT or digital communications, minimum net worth is $800,000 anywhere in province.
2) Investment and Ownership
- Invest at least $1 million in an Ontario business and own at least 33 per cent if business is in GTA.
- Outside GTA, invest at least $500,000 and own at least 33 per cent.
- Proposed business in either ICT or digital communications, invest at least $500,000 and own at least 33 per cent anywhere in province.
The Entrepreneur Stream involves a series of steps before an application is granted permanent residency.
This begins with ensuring all the criteria and requirements are satisfied, before the submission of an EOI. Once an applicant is invited to apply, they will need to submit a business case along with the necessary forms.
Successful applicants are initially awarded temporary residency, with permanent residency dependent on the performance of the business against agreed targets.
Ontario Entrepreneur Stream: Non-Financial Requirements
- At least 36 months of full time business experience in the past 60 months. The experience must be as an owner or senior manager.
- Create two full time jobs for Canadian citizens or permanent residents in the proposed company.
- Make exploratory visit to Ontario in the 12 months prior to application. Note: This only applies to those buying an existing business.
- Score a minimum level 5 on the Canadian Language Benchmark Test.
- Physically live in Ontario for at least 75 per cent of the time you are managing the business.
Interested employers: Kindly contact us here to receive further information.
Interested candidates: Find out whether you qualify to Canada by completing our free on-line evaluation. We will provide you with our evaluation within 1-2 business days.
Recent News Articles:
- Federal Government Strictly Enforcing Temporary Foreign Worker Program Rules
- Vancouver, Toronto, Calgary Among World’s Most Livable Cities
Read more news about Canada Immigration by clicking here.