in

Ontario Holds First Entrepreneur Draw After Slashing Net Worth, Investment Requirements

Ontario immigration has conducted its first Entrepreneur draw since after greatly reducing its net worth, investment and business experience criteria for the Ontario Immigrant Nominee Program class.

In a September 20 draw, fifteen (15) invites were sent out with a minimum score of 127 points. Only applicants with Expressions of Interest scored as of September 12, 2019, eligible for the draw.

This was the third Ontario first Entrepreneur draw of 2019 and the first since April 5, when twenty-two (22) applicants were invited with a low score of 112. It was also the first time since a couple of changes were launched on July 8, 2019.

Ontario Entrepreneur Stream: 2019 Draws

Date NOIs  Minimum score
20-09-2019 15 127
05-04-2019 22 112
17-01-2019  13 115

The changes introduced included slashing net worth requirements from $1.5 million to $800,000 for businesses inside the Greater Toronto Area, and from $800,000 to $400,000 for those outsides.

The required minimum investment was also cut down from $1 million to $600,000 for businesses inside the Greater Toronto Area, and from $500,000 to $200,000 for those outsides.

The required business experience was slashed from thirty-six (36) months within the last sixty (60) to twenty-four (24) months within the last 60.

Changes Introduced To The Ontario Entrepreneur Stream

Requirement Description Before July 8, 2019 After July 8 2019
Net worth for proposed business inside Greater Toronto Area $1.5 million $800,000
Net worth for proposed business outside Greater Toronto Area $800,000 $400,000
Net worth for proposed business is involved in Information Digital Communications or Communications Technology $800,000 $400,000
Minimum investment for proposed business inside Greater Toronto Area $1 million $600,000
Minimum investment for proposed business outside Greater Toronto Area $500,000 $200,000
Minimum investment for proposed business in involved in Information Digital Communications or Communications Technology $500,000 $200,000
Business experience as senior manager or owner 36 months within last 60 months 24 months within last 60 months

The new changes also saw Ontario cancel the unpopular Corporate Stream, which was targeted at established international corporations that wanted to expand their business into Ontario or buy an existing business in Ontario.

Ontario Entrepreneur Stream: Financial Requirements

1) Net Worth

  • The minimum net worth of $800,000 if your proposed business will be in the Greater Toronto Area (GTA). But outside the Greater Toronto Area, minimum net worth is $400,000.
  • Proposed business in either digital communications or ICT , minimum net worth is $400,000 anywhere in the province.

2) Investment and Ownership

  • Invest a minimum of $600,000 in an Ontario business and own at least tirty-three (33) per cent of the business is in Greater Toronto Area.
  • Outside Greater Toronto Area, invest a minimum of $200,000 and own at least thirty-three (33) per cent.
  • Proposed business in either digital communications or ICT, invest a minimum of $200,000 and own thirty-three (33) per cent anywhere in the province.

Ontario Entrepreneur Stream: Non-Financial Requirements

  • At least twenty-four (24) months of full-time business experience in the last 60 months, as senior manager and an owner.
  • Create two full-time jobs for permanent residents or Canadian citizens in the proposed company is situated inside the GTA. Business located outside the GTA, or in either digital communications or ICT, must create one full-time job.
  • Make an exploratory visit to Ontario in the twelve (12) months before application. Note: This only applies to those applicants buying an existing business.
  • Minimum CLB four (4) in French or English.
  • Intention to live in Ontario for at least 75% of the time you are running the business.