Ontario Entrepreneur Program
jun 27 2022 11:28:01 PM
Ontario is one of the most developed provinces in Canada. It is the financial and political hub of the country. It is the most populous province. Ottawa, capital of Canada is located in Ontario. Toronto is the capital of Ontario. Both these cities are where most of the financial decisions are taken for Canada. Ontario has its own set of Provincial Nominee Program titled Ontario Immigration Nominee Program (OINP). Ontario is also a beautiful province and houses many rivers including the famous Niagara fall. Ontario is also house for few beautiful national parks and adventure zones.
OINP works with the federal Express Entry system to get the right profiles. Ontario invites skilled professionals, students and business investors into the province through their OINP program. It’s best to approach the Best Canada Immigration Consultants in India to help the aspirant immigrant to relocate to Ontario.
Under OINP Entrepreneur Stream, invites registered eligible candidates to apply for temporary work permit to allow them to establish a business in Ontario. The interested candidates can invest in a new business in the province or in any of the running businesses in Ontario. Such an investor will invariably be a high net-worth individual looking for more investment options outside the country of his or her birth. This investment fetches the investor Permanent Residency in Canada, if the investor fulfills all the conditions leading. It could be one of the ways to migrate to Canada from India.
Such an Investor should –
1. Be atleast 18 years of age
2. Have full-time business experience of atleast 24 months during the last 60 months before submitting his or her application
3. Be able to prove personal Net-worth.
- If the investment is in Greater Toronto area, then the investor has to prove personal net-worth to a tune of CAD $ 800,000
- If the investment is being made outside the GTA, then the investor has to prove his or her personal net-worth to a tune of CAD $400,000
- If the investment is being made in the ICT or digital communication sector, then irrespective of the location of investment, the investor has to prove his personal net-worth to a tune of CAD $400,000
4. The proposed investment should create a minimum of 2 permanent jobs for the local residents or citizens of Canada.
5. The investor should agree to invest –
- If the business is located in GTA, then the investment amount is CAD $ 600,000 +33.3% of equity ownership to be maintained
- If the proposed business is located outside GTA, then the investment amount is CAD $200,000 + 33.3% of equity ownership to be maintained
- If the business is in relevance to ICT or Digital communication sector then the investment amount is CAD $200,000 + 33.3% of equity ownership to be maintained
6. Before submitting the application, the investor must make a business visit to Ontario to study the business he or she is investing in and also study the place and the market associated. This should happen within 12 months just before submitting the application.
OINP Entrepreneur Point system –
The OINP stream follows point system to qualify a Canada business immigration entrepreneur to relocate to the province.
200 points are available for the investor to score.
The system is divided into 3 categories –
- Human capital factors – 80 points includes Business Experience, Education and Language ability
- Investment factors – 46 points includes business visit to Ontario, personal net-worth and amount of investment
- Business Concept – 76 points includes business model, location where the business will be run and the number of jobs the business could create
OINP Entrepreneur Process –
- OINP Entrepreneur program follows the Expression of Interest (EOI)/Invitation to Apply (IOA) model.
- Candidates will be ranked
- The draws are held once in 4 months
- Applicants who are invited will have to attend the mandatory in person interview for this program
- The chosen candidates will enter into “Performance Agreement” which outlines all the commitments the candidate will agree to. It is not an application.
- After the performance agreement has been signed, Ontario provides a “Letter of Confirmation” following which the IRCC will provide the temporary work permit
- The entrepreneur will enter Ontario and will have 20 months in hand to fulfill all the commitments mentioned in the Performance Agreement.
- After 18 to 20 months, the business investor will have to submit the final report to Ontario indicating all the progress made thus far. The final report’s main intention should be to show the commitment of Performance Agreement being fulfilled.
- Once this is achieved, the investor is ready to apply for Provincial nomination through the OINP. For that, the investor should prove that –
i. He or she has stayed in Ontario for more than 75% of the 20 months
ii. His or her language ability is up to the benchmark defined (4 for OINP) in reading, speaking, listening and writing
iii. He or she has actively participated in the day to day activities of the business.
XIPHIAS Immigration is a pioneer in the field of investment immigrations. We work with multiple business houses in Ontario and are well prepared to help our clients relocate to the province. We are a committed certified expert team of international investor service providers. We believe in building long term relationships in every dealings of ours. Partner with us for a successful investment in Ontario.
To Know more about the Application Process and your Eligibility