A new Ontario immigration Entrepreneur Pilot has been launched, with the aim of welcoming 100 newcomers outside the Toronto area and drawing an investment of $20 million.
The two-year pilot is named the OINP Entrepreneur Success Initiative, administered by the Toronto Business Development Centre (TBDC).
“The initiative will help 100 immigrant entrepreneurs to establish and grow businesses across the province outside of the Greater Toronto Area,” the Ontario Immigrant Nominee Program said.
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Under the pilot, the TBDC will work to secure applications under the existing OINP Entrepreneur Stream.
The basic requirements under the Entrepreneur Stream are a minimum net worth of $400,000 and an investment of $200,000, including ownership of at least 33 percent of the business. Full requirements are given further down this article.
Under the success initiative, additional services will be provided by TDBC.
They will:
- Identify business opportunities outside the Greater Toronto Area.
- Market those opportunities to potential international entrepreneurs.
- Support entrepreneurs interested in either establishing a business or buying an existing business outside the GTA.
- Match entrepreneurs to business opportunities.
- Help candidates submit their expressions of interest under the existing Entrepreneur Stream.
- Help candidates receive an invitation to apply to submit their application for permanent residence.
The Ontario government hopes the pilot will create jobs in sectors including information technology, life sciences and tourism.
Applicants will be nominated for permanent residence once their business has been operating in Ontario for 18 to 20 months.
Ontario Entrepreneur Stream
The Ontario Entrepreneur Stream is aimed at individuals from outside Canada who want to start a business or buy an already existing business in Ontario.
The existing financial requirements are laid out below. It is not yet known if the new entrepreneur project will reduce some of the requirements in order to attract more candidates.
Ontario Entrepreneur Stream: Financial Requirements
1) Net Worth
- Minimum net worth of $800,000 if your proposed business will be in the Greater Toronto Area (GTA). Outside the GTA, minimum net worth is $400,000.
- Proposed business in either ICT or digital communications, minimum net worth is $400,000 anywhere in the province.
2) Investment and Ownership
- Invest at least $600,000 in an Ontario business and own at least 33 per cent of business is in GTA.
- Outside GTA, invest at least $200,000 and own at least 33 per cent.
- Proposed business in either ICT or digital communications, invest at least $200,000 and own at least 33 per cent anywhere in province.