If settling in Ontario is what you wish for, you must inquire about the OINP Entrepreneur Stream.
Ontario is the most multicultural and densely inhabited province in Canada. About half of the population resides in such a fabulous Canadian province. Furthermore, the capital of Canada lies in Ontario which is the largest Canadian city as well. Ontario takes great pride in being the centre of Ontario’s economic and political life.
Most of the IT-related jobs are found in Ontario. It is home to plenty of rivers, including the renowned Niagara River. This province invites foreign direct investment into Ontario through its OINP – Entrepreneur Category program.
About OINP Entrepreneur Stream
The OINP Entrepreneur Stream is the only PNP stream in the Canadian province, which is dedicated to global entrepreneurs living outside Canada who wish to invest their money in Ontario. When receiving a nomination under this program, entrepreneurs completing this program successfully can apply for PR (Permanent Residence) in Canada.
The Government of Ontario primarily introduced this program to encourage Ontario’s economic development. This was done to create new jobs for the citizens of Canada as well as permanent residents.
Even though the OINP entrepreneur program gives an applicant a pathway for Canadian PR, they receive permanent resident status only after certain qualifying conditions are met. Eligible applicants have to first receive an ITA (Invitation to Apply) prior to making an application. The invitations are then issued based on a specific points-based system.
Minimum Eligibility Requirements for OINP Entrepreneur Stream
The candidates possibly will apply to the OINP Entrepreneur Stream alone or with a business partner. In a condition of multiple business partners, all parties are required to fulfill criteria for all the factors. To be eligible to make an EOI (Expression of Interest), the following is the minimum requirement for each element:
Business Experience
The applicant is required to have 2 years of full-time work business experience in the last five years as a senior manager or business owner. The business owner must have been actively involved in the business management activities. Also, they must have owned one-third of the business. The candidate, as a senior manager, should have been a part of senior management’s decision-making responsibilities.
Investment
The minimum amount to be invested also depends on the area of the proposed business. If the business is to be located within the GTA, CAD$600,000 as a minimum personal investment is to be made. And if the proposed business is situated outside GTA, then a minimum amount of CAD$200,000 is to be invested. The personal investment should include expenditures of the business operations. If the business caters to the Digital Communications or ICT sector, a minimum amount of CAD$200,000 as an investment should be made.
Net Worth
If the proposed business is to be located within GTA (Greater Toronto Area), the applicant is required to have a minimum net worth of CAD$800,000. If the business is outside the GTA, the candidate is required to have a net worth of CAD$400,000. The net worth evaluation verification report must be conducted by a third-party service provider.
Job Creation
The candidate should create no less than 2 full-time permanent positions for a Canadian citizen or Permanent Resident. If the business is located outside GTA, the candidate must generate one full-time permanent position for a Canadian citizen or Permanent Resident.
Exploratory Visit
The candidate is required to make a business visit to the province of Ontario 12 months before submitting the Expression of Interest.
Equity Ownership
The candidate must have a minimum of 33.3% (one-third) of equity ownership.
Benefits of Investing in Ontario
Here is a list of some of the most significant benefits of investing in Ontario:
- Canadian permanent residency
- Access to free high-quality education for children
- Spreading business
- Opportunity to explore new, diverse markets
- Easy access to neighbouring countries in North America
- Eligibility for citizenship after 4 years of stay in Canada
Ineligible Types of Businesses
Certain proposed businesses are considered to have a risk of no long-term benefit to Ontario. The applications for these types of businesses shall not be processed by the province. Here is a list of ineligible businesses that candidates must avoid:
- Gas stations
- Bed and Breakfasts
- Tire Recycling
- Holding Companies
- Payday loans and connected businesses
- Scrap Metal Recycling
- Pawnbrokers
- Automated Car Wash Operations
- Laundromats
- Any businesses with regard to producing, distributing, or selling pornography or sexually explicit products or services, or providing any sexually oriented services
- Businesses that have either been previously owned or managed by any current or former nominees in the OINP stream
Ineligible Businesses outside the Greater Toronto Area
- Tire Recycling
- Laundromats
- Holding Companies
- Scrap Metal Recycling
- Automated Car Wash Operations
- Payday loans and connected businesses
- Pawnbrokers
- Any businesses with regard to producing, distributing, or selling pornography or sexually explicit products or services, or providing any sexually oriented services
- Businesses that have either been previously owned or managed by any current or former nominees in the OINP stream
Process of Applying to OINP Entrepreneur Stream
The following are the steps you need to consider when applying to OINP Entrepreneur Stream:
STEP 1: To begin with, make sure you register online with OINP followed by the submission of EOI (Expression of Interest)
STEP 2: Once the candidates are issued an ITA (Invitation to Apply), they should arrange and submit the application to Entrepreneur Stream with all the necessary documents as well as application fees.
STEP 3: The candidate then is required to appear for an interview as part of an evaluation of the application process.
STEP 4: Once the application is approved, the candidate signs a Performance Agreement with the OINP affirming the investment made and the number of jobs created.
STEP 5: Now obtain a temporary work permit support letter with the IRCC (Immigration, Refugees and Citizenship Canada) from OINP (Ontario Immigrant Nominee Program).
STEP 6: Arrive in the Ontario province and establish the proposed business compliant with the business plan. The entrepreneurs must do this within 20 months of arriving in the province.
STEP 7: The candidate receives a nomination from the Ontario Government if all the conditions in the Performance Agreement are met.
STEP 8: As a final step, the candidate needs to apply for a Canadian PR (Permanent Residence) to IRCC within six months of obtaining the nomination from Ontario.
Required Supporting Documents for OINP Entrepreneur Stream
After being chosen by the Ontario Immigrant Nominee Program, make sure you submit the full application, including supporting documentation. Kindly note it must be done within 90 calendar days.
Documents required if you are a Business Owner:
- Employment reference letters
- License for business registration
- Registration with taxation authorities
- Shareholding proof
- Employees list
- Business income tax returns
- Financial statements
- Articles of incorporation
OINP Entrepreneur Stream is designed for individuals with high net worth, intending to make an investment in the province (either in a start-up or in an existing business). The individual invests in Ontario to obtain Canadian permanent residency.
