If you are interested in investing in provincial Canada, there’s an opportunity that has come up. Ontario is working on recruiting 100 international entrepreneurs who are willing to start and run a business in the province. These foreign entrepreneurs will arrive in Canada through the Entrepreneur Stream of Ontario PNP managed by OINP.
This new initiative has been launched with the intention to boost local job creation in sectors like IT, tourism, and life sciences. Moreover, the focus is on developing regional areas in the province. It’s an attempt to revive the provincial economy by drawing in more investments to areas other than big cities.
It’s a 2-year project wherein international entrepreneurs can buy or start a new business in Ontario. They can hire local workers and bolster the economic development of the regional communities.
The entrepreneurs have to invest at least $200,000 in the business they will operate in Ontario. Priority will be given to entrepreneurs who are interested in investing outside the GTA. They will be encouraged to invest in communities that are highly affected by the COVID-19 pandemic that led to large-scale job losses.
Through this new scheme, the government expects to raise a minimum of $20 million. The entrepreneurs who operate in Ontario through this scheme for 18 to 20 months will be eligible to apply for a provincial nomination for a Canada PR visa.
Ontario is currently urging the federal government of Canada to double the allocation for the issue of nomination for the province in 2022. Such a step will help support the economic growth of the region. It will also help generate new investments and create new jobs in the province.
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Note:
PR – Permanent Residence
GTA – Greater Toronto Area