Suppose you are a business owner or investor wanting to utilize the Ontario entrepreneur immigration program. You’re definitely at the right place; check below for the entrepreneur immigration programs in 2023. Without a doubt, the Ontario Immigrant Nominee Program makes way for business immigration. However, this OINP Entrepreneur stream is for applicants that have a successful business background- Read to learn more!
In this article
- Ontario entrepreneur immigration
- Expression of interest
- Requirements for the Ontario entrepreneur immigration
- #1. Net Worth
- #2. Investment and Ownership
- #3. Work experience
- #4. Business plan
- #5. Language requirement
- Business partner requirements for Ontario entrepreneur immigration
- Non-financial requirement for Ontario entrepreneur stream
- Ineligible business in the Greater Toronto Area, Ontario
- How to Apply for Ontario Entrepreneur Immigration
- Frequently Asked Questions
Ontario entrepreneur immigration
The Ontario entrepreneur immigration program is a business stream of the OINP that is focused on foreigners who want to start a business or buy an existing business in Ontario.
Undoubtedly, it is a program that targets senior business managers or business owners that want to live and work in Ontario. Successful candidates must participate in daily management duties concerning business growth and enlargement.
Expression of interest
An expression of interest is not an application. The file states an interest in the Ontario entrepreneur immigration program.
The expression of interest is composed of two components for a maximum score of 200 points. They are:
- self-declared score (maximum 126 points)
- business concept score (maximum 74 points)
Undoubtedly, the OINP will score and assess your business concept. So, you need to score at least 37 points from the available 74 points to get your business concept into the EOI selection pool. After the whole process, only top-rank candidates are sent an invitation to apply.
You will receive an invitation to submit an application and provide supporting documents to validate the information in your EOI- if selected.
So, if you have a successful stage 1 application, the information you give in your EOI will be part of your obligation in the performance agreement.
But if you are invited to apply and can’t demonstrate that you have the qualifications you claim to have, your application will be refused, and your application fee will not be returned.
Likewise, you will not be eligible for permanent residence after establishing your business in Ontario, and you do not meet the commitment you set out in your performance agreement.
Requirements for the Ontario entrepreneur immigration
Without a doubt, to be eligible to apply for the Ontario entrepreneur immigration, applicants must meet the following requirements to be able to enter the Ontario entrepreneur stream draw.
#1. Net Worth
Most certainly, the minimum net worth you can have to enter the Ontario entrepreneur stream draw in the Greater Toronto Area is $800,000, while your minimum net worth to Enter the Ontario entrepreneur immigration stream outside the Greater Toronto Area is $400,000.
However, the minimum net worth for a business you propose in either digital Communication or ICT is $400,000 anywhere in Ontario.
#2. Investment and Ownership
Most certainly, applicants have to invest at least $600,000 and own at least 33% of the business (if the business is in Greater Toronto Area). However, applicants will have to invest at least $200,000 and own at least 33% (if the business is outside Greater Toronto Area).
Also, applicants must invest at least $200,000 and own at least 33% of the digital communications or ICT business in any province.
#3. Work experience
To qualify for the Ontario entrepreneur immigration program, applicants must have at least two years of full-time business experience. In addition, applicants must be active and participate in day-to-day operations rather than passive business investors to be eligible for this Immigration process.
#4. Business plan
Without a doubt, applicants must provide a thorough business proposal for their business plan in Ontario. Note that the business must be able to create at least two permanent jobs for permanent residents or Canadian citizens.
#5. Language requirement
Most definitely, communication is essential in any organization. To apply for the Ontario entrepreneur immigration program, you must demonstrate considerable knowledge of the official Canadian language.
Therefore, candidates must have a valid language test score showing language proficiency. The test score must be equivalent to the Canadian language benchmark level 4 or higher in English or French.
Note that this language requirement is not necessary for the submission of an expression of interest, but it is part of the official application for the Ontario immigration nominee program.
Business partner requirements for Ontario entrepreneur immigration
Importantly, applicants that want to establish a business in Ontario with a partner must not have more than one business partner. However, the business partner must also meet all minimum requirements as stated by the Ontario entrepreneur immigration scheme.
Non-financial requirement for Ontario entrepreneur stream
The following are the non-financial requirements for applicants to apply for the Ontario entrepreneur immigration.
- As a senior manager or business owner, you must have at least 24 months of business experience (full-time) in the past five years.
- You must be able to create about two full-time jobs for permanent residents or Canadian citizens in the proposed company (if your business is located in the Greater Toronto area).
- You should be able to create a full-time job for Canadian citizens or permanent residents if the business is outside of the Greater Toronto area or in digital communications or ICT.
Ineligible business in the Greater Toronto Area, Ontario
Most certainly, the following types of businesses are ineligible to apply for the Ontario entrepreneur immigration program stream.
- Existing franchises in Ontario (except for foreign franchises expanding into Ontario)
- Gas stations
- Tire recycling
- Scrap metal recycling
- Bed and breakfasts
- Holding companies
- Automated car wash operations
- Payday loans and related businesses
How to Apply for Ontario Entrepreneur Immigration
Applying for the Ontario immigrant nominee program entrepreneur stream (OES) involves several steps before permanent residency will be achieved. However, due to their performance, the successful applicant will be on temporary residence before they can attend a permanent residency.
#Step one: Satisfy all requirements and criteria of the OES
Without a doubt, the first thing to do before applying for the Ontario entrepreneur immigration is a self-evaluation before registering an expression of interest (EOI). Primarily, self-evaluation includes making sure you satisfy all minimum requirements.
If you are applying with a business partner, you must satisfy the minimum requirements before applying under the OES.
#Step two: Submit a completed online expression of interest (EOI)
This is the second step of the Ontario entrepreneur immigration that allows the applicant to state their intention of Immigrating to Ontario under the Ontario immigrant nominee program entrepreneur stream (OES).
This form must be filled out accurately and honestly and submitted online through the OINP e-Filing Portal. Unquestionably, the expression of interest is valid for just one year, after which the applicant can submit another.
#Step three: Invitation to apply
The third step of the Ontario entrepreneur immigration program is the invitation of eligible applicants from the EOI pool. The applicants from the EOI pool can then apply for the Ontario entrepreneur immigration program. The successful candidate will be invited to apply for nomination under the EOI (expression of interest).
#Step four: Submission of application
The fourth step of the Ontario entrepreneur immigration program after the invitation to apply is the submission of a business case. Not only will applicants submit a business case but also other supporting documents and necessary forms within 90 days.
In addition, applicants must submit a review report of personal net worth. A vendor from the Ontario immigration nominee program will analyze the net worth. However, you will have to pay a $3500 application fee. And if you are applying with a partner, your personnel must also pay the processing fee.
#Step five: Assessment of application
The next step of the Ontario entrepreneur immigration program after submission of the application and payment of the fee is the assessment of the application at the OINP offices.
The applicant and business partners must attend this mandatory interview in person.
#Step six: Signing a performance agreement
Without a doubt, you will have to sign a performance agreement if your application is successful. The performance agreement will outline the rules you must follow to gain permanent residence in Ontario.
#Step seven: Temporary work permit
After signing the performance agreement, you will get a letter of confirmation. This letter will enable you to apply for a temporary work permit under the Ontario entrepreneur immigration program.
So, If you meet all the criteria of the Canadian government, you will receive a temporary Work Permit.
When you obtain your temporary work permit, you should immediately move to Ontario and establish your business. It is crucial to inform the immigration processing office about your presence in Ontario within seven days of getting there.
Subsequently, within 18 to 20 months, you are to submit a report. This report must show that you abide by all rules and terms of your performance agreement.
#Step eight: Nomination for permanent residence
The next step in Ontario entrepreneur immigration after obtaining the temporary work permit is to get nominated for permanent residency by the Canadian government.
No doubt, the nomination certificate holder can apply to the Federal Government as long as he continues to abide by the requirement of the OES and performance agreements.
Fortunately, if you can obtain a permanent residence in Ontario, you’ll be monitored for about three years. Unquestionably, the basis of your monitor is to ensure that you keep abiding by the terms of the OES’s performance agreement and the rules.
Frequently Asked Questions
What are the minimum criteria for the OINP Entrepreneur Program?
The minimum criteria for the OINP is a minimum of 24 months of full-time business experience.
What are the three entrepreneur streams?
The Creator, Builder, and Operator are the three entrepreneur streams.
Most certainly, the Ontario entrepreneur immigration program is beneficial. Hence, individuals all over the world can establish and own a business in Ontario. However, participants must ensure to meet all requirements for the application.