Ontario immigration for entrepreneurs: A new pilot project launched

Highlights: The launch of the new Entrepreneur Pilot for Ontario immigration

• A new Ontario immigration Entrepreneur Pilot has been launched.
• The aim is to invite at least 100 potential entrepreneurs and draw investment to the tune of CAD20 million.
• The new pilot project has a period of validity of two years and will be administered by TBDC.
• The basic requirements under the Entrepreneur Stream include that candidates will need a minimum net worth of CAD400,000.

An important step in Ontario immigration was taken recently with the launch of a new immigration pilot program. This Entrepreneur Pilot aims at welcoming at least 100 potential businesspeople as newcomers in the Canadian province of Ontario. It’s also intended to draw CAD20 million from entrepreneurial immigrants.

The pilot project is named OINP Entrepreneur Success Initiative. It’s slated to run for two years and is administered by TBDC (Toronto Business Development Centre).

Also read: Canada Start Up Visa immigration on the rise; Three times more PRs in 2022

More about the new OINP Entrepreneur Success Initiative (ESI)

To be eligible for the new pilot project, OINP ESI, you need to have at least CAD400,000 as net worth and an investment of CAD200,000. You must also have at least 33 percent of the business to run in Canada.

TDBC will provide the following services under the OINP ESI:

• Identifying opportunities for business outside the GTA (Greater Toronto Area).
• Marketing the opportunities found to international entrepreneurs with ample potential.
• Supporting entrepreneurs who have an interest in setting up a business or buying a business that’s already there outside the GTA.
• Matching potential entrepreneurs to opportunities for business.
• Helping immigration candidates file their EOI (expressions of interest) under the Entrepreneur Stream that currently exists.
• Helping immigration candidates receive an ITA (invitation to apply) to lodge their application for Canada PR.

Also read: Six tech jobs in Canada you can migrate for through Ontario PNP Streams

What is expected from OINP ESI on the ground?

The OINP ESI pilot project is expected to create jobs in key sectors of the industry in Ontario including IT, tourism, and life sciences. The applicants for OINP ESI will receive nominations for Canada PR if their business completes at least 18 months of operation in Ontario.

Know your eligibility to immigrate to Canada through Y-Axis Canada Immigration Points Calculator.

Ontario Entrepreneurship Stream

This immigration Stream is meant for foreigners who are willing to start a business or buy a business in Ontario that’s already existing.

You can go through the financial requirements for this immigration stream listed below. The new pilot project for entrepreneurs will reduce a few requirements so that more entrepreneur candidates are attracted.

For more expert guidance on opening a business in Canada visit our entrepreneur migration page.

Financial requirements under the Ontario Entrepreneurship Stream

• Net worth
  • If your business is in GTA, at least CAD800,000 must be your net worth.
  • If your business is outside GTA, at least CAD400,000 must be your net worth.
  • Your proposed business must be in digital communications or ICT. Your minimum net worth has to be CAD400,000 at any location in Ontario.
• Investment & ownership
  • You have to invest a minimum of CAD600,000 in a business in Ontario. You must also own a minimum of 33 percent in case the business is situated in GTA.
  • If your business is outside GTA, you have to invest a minimum of CAD200,000. You must also own a minimum of 33 percent of the business.
  • Your proposed business has to be in digital communications or ICT. You must make a minimum investment of CAD200,000. You must also own a minimum of 33 percent of the business at any location in the province.

If you are willing to migrate to Canada, talk to Y-Axis, the leading immigration and career consultant in the UAE.

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