The province of Ontario has announced that they are embarking on a new Canadian immigration project to recruit 100 international entrepreneurs to invest $200k each for starting or buying the businesses outside the Greater Toronto Area.
On Tuesday, the province announced that Toronto Business Development Center (TBDC) has been selected by the public bidding process and will be working with the Ontario Immigrant Nominee Program (OINP) in a Pilot program.
The investments and jobs generated by this project will help the most needed regions or areas that are still recovering from the Covid-19.
The government expects the project to create jobs in the information technology, life sciences, and tourism sector. To get permanent residence, the applicants will be nominated if they fulfill the criteria of operating the business in Ontario for 18-20 months. This project is designed to help entrepreneurs find the right business opportunities that are a good fit.
Only two nominations have been submitted through the OINP Entrepreneur Stream since its launch in 2015.
Last year in October, the government of Ontario announced great news for all the international professionals like lawyers, accountants, architects, engineers, electricians, and plumbers that they no longer need to submit Canadian work experience under a new provincial law.
The provincial law proposed that:
- Canadian work experience requirements would be eliminated for professional registration and licensing unless an exemption is granted on the basis of demonstrated public health and safety risk.
- There will be a reduction in the official language proficiency tests. People in these occupations don’t have to give the tests multiple times to get the immigration and licensing.
- Speeding up the licensing process to help the immigrants work in their area of expertise.
Ontario Entrepreneur Stream is aimed at immigrants interested in starting a business or buying an existing business in Ontario. The Financial requirements for this are:
1. Net worth requirement:
- If the business is in the Greater Toronto Area (GTA), the minimum net worth required is $800k, and if it is outside the GTA, the minimum net worth required is $400k.
- The business must be in ICT or digital communications and invest at least $400k in the province.
2. Investment and Ownership:
- Minimum investment of $600,000 in Ontario and own at least 33% if it is in GTA. Minimum investment of $200,000 and own at least 33% if it is outside GTA.
- The business must be in ICT or digital communications, which invest at least $200k and own 33% in the province.