Maple News reports that the Ontario Immigrant Nominee Program (OINP) has issued 21 invitations through its Entrepreneur Stream in a draw held on August 26. This round considered candidates who submitted Expressions of Interest (EOIs) between November 22, 2019, and August 21, 2020. Selected candidates had EOI scores ranging from 144 to 200.
This marks the fourth such Entrepreneur Stream draw conducted by Ontario in 2020, bringing the total number of invitations issued this year to 91. The stream is designed to attract experienced business professionals who wish to launch or acquire a business in the province.
Notably, recent changes have made the Entrepreneur Stream more accessible. Minimum net worth and investment requirements have been significantly reduced, lowering barriers for aspiring business immigrants. For entrepreneurs targeting locations within the Greater Toronto Area (GTA), the minimum net worth requirement has decreased from $1.5 million to $800,000, and the investment threshold has been lowered from $1 million to $600,000.
Outside the GTA, requirements are even more lenient. The minimum net worth needed is now $400,000, down from $800,000, while the required investment is reduced to $200,000 from the previous $500,000. These adjustments align with Ontario’s goal to attract more entrepreneurial talent to a wider range of communities across the province.
In another key reform, the required business experience has been reduced. Candidates now need just 24 months of experience as a business owner or senior manager within the last 60 months, previously set at 36 months.
Entrepreneurs who are selected receive a temporary work permit support letter to help them establish their proposed business in Ontario. This letter is contingent on a performance agreement, outlining objectives for investment and job creation. If the entrepreneur meets these conditions, they may be nominated for permanent residency in Canada.
The OINP Entrepreneur Stream is part of Ontario’s broader effort to stimulate economic growth and innovation by attracting global business leaders. For those ready to invest and build in Canada’s most populous province, this pathway presents a compelling opportunity for permanent residency.
Maple News will continue monitoring developments in Canada’s provincial nominee programs and other immigration streams aimed at business innovators.