Lately, international entrepreneurs got an opportunity to arrive in Canada. Immigration Canada has had its latest Entrepreneur draw by Ontario on April 22, 2020. This draw had 26 Invitations to Apply (ITA) issued to candidates. These Ontario Immigrant Nominee Program (OINP) candidates were invited as they were eligible with scores in the range of 132 to 200 points.
The eligible candidates in this draw had submitted their Expression of Interest (EOI) between 22 November 2020 and 17 April 2020. This was second in the category of Entrepreneur draws conducted by Ontario in 2020. The first one was conducted on 26 February 2020 in which 20 candidates were invited. Their maximum score was 136. The range of scores that made the candidates of February 26 draw eligible was 136 to 200.
With regard to the Ontario Entrepreneur stream, some changes were introduced in July 2019 in the context of Canada immigration requirements. These included:
- Reduction of net worth required from $1.5 million to $800,000 for businesses inside the Greater Toronto Area (GTA)
- Reduction of net worth required from $800,000 to $400,000 for those outside the GTA
- Reduction in minimum investment requirement from $1 million to $600,000 for businesses inside the GTA
- Reduction in minimum investment requirement from $500,000 to $200,000 for those outside the GTA
- Reduction of business experience required 36 months within the last 60 to 24 months within the last 60
Financial requirements Ontario of Entrepreneurship Stream
Net Worth
- In case the proposed business will be in the GTA, the minimum net worth should be $800,000.
- If the proposed business will be outside the GTA, the minimum net worth should be $400,000.
- The proposed business is in either digital communications or IGT with a minimum net worth of $400,000 anywhere in the province.
Investment and Ownership
- The investor should Invest at least $600,000 in an Ontario business. The entrepreneur must own at least 33% of the business if it’s in GTA.
- The proposed business should be either in ICT or digital communications. There should be an investment of at least $200,000. The entrepreneur should own a minimum of 33% in the business, be it located anywhere in the province.
- If the business is outside GTA, the entrepreneur should have a minimum of $200,000 as an investment and should own at least 33% of the business.
Non-Financial requirements of Ontario Entrepreneurship Stream
- The entrepreneur must create two full-time jobs for Canadian permanent residents or citizens in the company in the proposal if situated inside the GTA.
- For a business situated outside the GTA or a business that’s into either ICT or digital communications, the entrepreneur must create one full-time job.
- The entrepreneur must have at least 24 months’ experience in full-time business in the past 60 months. He/she must have been holding a position in the capacity of an owner or a senior manager.
- The candidate must have a minimum CLB 4 in English or French.
- The entrepreneur must make a visit to explore Ontario in the 12 months before submitting the application. This is applicable when the entrepreneur is buying an existing business in Ontario.
- The candidate must be physically present in Ontario for a minimum of 75% of the time he/she is managing the business.
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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