The OINP (Ontario Immigrant Nominee Program) has invited 91 entrepreneurs until now in 2020.
Ontario province issued 21 invitations for candidates to apply under the entrepreneur stream in the latest draw.
The OINP (Ontario Immigrant Nominee Program) conducted a draw on August 26.
Applicants who got their Expression of Interest scores in the period between November 22, 2019, and August 21, 2020, were considered to get nominations in the current draw.
The candidates who were selected had their scores between 144 and 200.
This is the fourth draw of this type in 2020, and with this draw, the total number of candidates will become 91.
Eligibility requirements depend upon the place of business proposed. The minimum net worth and investment requirements were also lowered due to the recent reforms.
The networth required for the business in the Greater Toronto Area is $800000, which was previously $1.5 million. The required investment is down from $1 million to $600000.
If the entrepreneurs are looking outside the Greater Toronto Area, then they will need a net worth of $400000, which was previously$800000. The minimum investment requirement is $200000, which previously was $500000.
The business experience required by the candidates is 24 months, and the candidate needed to be in the position of an owner or a senior manager within the period of the past 60 months.
The minimum experience requirement was 36 months previously.
Minimum requirements for a nomination
The main goal of the entrepreneur stream is to attract a greater number of individuals who are looking to establish a new business initiative or to buy an already existing business in the Ontario province. The successful applicants will get a temporary work permit support letter with which they can establish a business in Ontario.
The basis of this support letter is a Performance Agreement. If the entrepreneur complies with the investment requirement and job creation targets outlined in the agreement, then the entrepreneur will be given a Canadian permanent residence.
The candidates should meet the following requirements if they want to be nominated. If they obtain a nomination certificate, they can successfully apply for Canadian permanent residence.
After the business has been established, the following criteria must be met by the entrepreneurs if they want to apply for a nomination from Ontario:
1. They need to have language proficiency of CLB Level 4 or equivalent
2. They need to meet the residency requirements of the program, i.e., they should be physically living in Ontario for 75% total period from which they started establishing the business.
3. Entrepreneurs must be involved in every way in the daily management of the activities of the business.
Within 20 months after arriving in Ontario, the nominees must continue to meet the conditions of the performance agreement along with the information provided in the expression of interest and their business plan.