ontario-launches-new-oinp-entrepreneur-success-initiative

Ontario Launches New OINP Entrepreneur Success Initiative

Published on : November 10, 2022

 

Recently, Ontario announced an update on the Entrepreneur Pilot. Ontario Immigrant Nominee Program (OINP) has launched a new OINP Entrepreneur Success Initiative. Toronto Business Development Center (TBDC) will be in charge of this pilot program.

The project aims to support 100 new immigrant entrepreneurs. It is to assist entrepreneurs in launching their enterprises outside areas of the Greater Toronto Area.

The new initiative focuses on business owners willing to immigrate to Canada and establish a new business. It also applies to entrepreneurs who want to buy and expand an existing business outside the Greater Toronto Area.

What is OINP?

Ontario is one of the top provinces of Canada with the highest population. The OINP also known as Ontario PNP. The province allows foreign nationals based on various factors:

  • The selection depends on economic and labour market needs
  • It depends on the final decision of Immigration, Refugees, Citizenship Canada (IRCC)
  • Immigrants can also apply and get permanent residency through this program

What is the OINP Entrepreneur Success Initiative?

The Ontario Immigrant Nominee Program (OINP) affirms permitting foreign nationals to apply for permanent residence in Ontario. The applicants can be workers, international students, and others with eligibility. Permanent residence is granted based on criteria that meet the educational qualifications, work experience, and skills.

OINP Entrepreneur Success Initiative is to aid immigrant entrepreneurs and boost their enterprises and submit the Entrepreneur Stream applications. The mission of this initiative is to support 100 new applications.

How will Toronto Business Development Centre (TBDC) help entrepreneurs?

The TBDC serves as an administrative body for entrepreneurs under the Entrepreneur Success Initiative and offers personalized help. The entrepreneurs will also get help in identifying business opportunities in Ontario. It is also to help apply for the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream through free legal services.

Besides, the Ontario Ministry of Labour, Immigration, Training and Skills Developments offer exceptional support to OINP Entrepreneur Success Initiative program. The motto is to encourage aspiring immigrant entrepreneurs to build their firms in Ontario.

Services by OINP Entrepreneur Success Initiative (ESI)

The OINP-ESI offers the following services to immigrant entrepreneurs:

  • Identify the business opportunities and enlarge the communities outside the Greater Toronto Area.
  • Creates awareness among entrepreneurs by marketing the Entrepreneur Stream and business prospects on a global scale
  • Offer support to qualified entrepreneurs who aspire to start their own business or grow an existing one in the communities outside GTA.
  • Bring qualified entrepreneurs and opportunities under one roof. Qualification depends on the nature of the business, personal interests, and professional experience.
  • Offers help to eligible entrepreneurs in creating and submitting the Entrepreneur Stream with a high-quality business profile.

What is an Entrepreneur Stream?

The Ontario Entrepreneur Stream’s mission is to welcome individual foreign nations to start their businesses or buy an existing business in the province.

The following are the financial requirements of Entrepreneur Stream:

Net worth:

  • The minimum net worth of $8,00,000 if you want to start your business in the Greater Toronto Area. For businesses outside the GTA, the minimum net worth is $4,00,000.
  • ICT or digital communication business net worth must be a minimum of $4,00,000 in any province.

Investment and ownership:

  • Investment of at least $6,00,000 if the business is in Ontario and holds at least 33 percent ownership if the business is in GTA. 
  • For, outside GTA entrepreneurs must invest a minimum of 2,00,000 and hold at least 33 percent ownership of the business
  • ICT or digital communication business net worth must be a minimum of $2,00,000 and hold at least 33 percent ownership in any province.

Communities part of the Greater Toronto Area:

The new Entrepreneur Success Initiative is a unique program for entrepreneurs who aspire to establish their businesses in a community outside the Greater Toronto Area. The following are communities that come under GTA:

  • City of Toronto
  • Durham Region
  • Halton Region
  • York Region
  • Peel Region

For more information, get in touch today!

Topics: Canada

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