To bring in 100 new immigrants, Ontario Immigration launches the Entrepreneur Pilot Program.
With the goal of integrating 100 newcomers from outside the Toronto area and attracting $20 million in investment, Ontario Immigration’s Entrepreneur Pilot has been established.
The Toronto Business Development Centre (TBDC) is in charge of the two-year trial, which is known as the OINP Entrepreneur Success Initiative.
According to the Ontario Immigrant Nominee Program, “the initiative will assist 100 immigrant entrepreneurs in starting and expanding enterprises around the province outside of the Greater Toronto Area.”
The TBDC will concentrate on securing applications under the current OINP Entrepreneur Stream as part of the experiment.
The Entrepreneur Stream’s fundamental conditions include a minimum net worth of $400,000, a $200,000 investment, and ownership of at least 33% of the company. The article’s full criteria are shown below.
The TDBC will offer more services as part of the successful effort.
– Find commercial possibilities outside of the Greater Toronto Area.
– Promote those possibilities to future global businesspeople.
– Support business owners who want to start a company or buy one that already exists outside of the Greater Toronto Area.
– Connecting business opportunities with entrepreneurs.
– Encourage candidates to submit their interest forms for the current Entrepreneur Stream.
– Assist applicants in receiving a request to submit their application for permanent residence.
The Ontario government anticipates that the pilot will lead to the growth of tourism, life sciences, and information technology industries.
As soon as a candidate’s business has been functioning in Ontario for 18 to 20 months, they will be recommended for permanent residence.
Ontario Entrepreneur Stream
The Ontario Entrepreneur Stream is intended for those from outside of Canada who desire to launch a business in Ontario or purchase an existing one.
The following lists the current financial requirements. It is unknown at this time whether the new entrepreneur project will relax some of the restrictions to draw in more applicants.
Financial Requirements for the Ontario Entrepreneur Stream
1. Personal wealth
If your intended business will be located in the Greater Toronto Area, you must have a minimum net worth of $800,000. (GTA). The minimal net worth outside of the GTA is $400,000.
Anywhere in the province, the proposed business must have a minimum net worth of $400,000. It can be in ICT or digital communications.
2. Capital and Ownership
If the company is located in the GTA, you must invest at least $600,000 and own at least 33% of it.
Own at least 33% of the company and invest at least $200,000 outside of the GTA.
ICT or digital communications-related proposed businesses must invest at least $200,000 and own at least 33% of the province.