KICKSTART BUSINESS IN CANADA THROUGH ONTARIO PNP ENTREPRENEUR PROGRAM
Through the Ontario PNP Entrepreneur Program, the government has the power to nominate particular persons for Canadian permanent residency.
The Ontario Entrepreneur Immigration Program is intended for people from outside of Canada who desire to create a business in Ontario or purchase an existing company. Those who are accepted into the program will be put up for permanent residence in Canada. An applicant is eligible to apply for Canadian permanent residency after being nominated.
ONTARIO PNP ENTREPRENEUR PROGRAM AND PERMANENT RESIDENCY IN CANADA
A businessperson may be nominated for permanent residency after running an Ontario business for at least 18 months. This program is only available by invitation. Through the OINP e-Filing Portal, prospective applicants have to first submit an Expression of Interest (EOI). The Ontario PNP Entrepreneur Ranking System will be used to assign a score to the candidate after they register a profile. The applicants who scored the highest against the competition will be given the opportunity to formally apply to the program.
ONTARIO ENTREPRENEUR PROGRAM REQUIREMENTS & ELIGIBILITY CRITERIA
Before submitting an EOI, make sure all the criteria and conditions have been met in order to start the Canada PR process through the Ontario Entrepreneur Program. After receiving an invitation to apply, a candidate must submit a business proposal together with the required paperwork.
An applicant must be able to demonstrate that they have the interest, capability, and financial means to own and actively manage an Ontario business in order to be eligible for the Ontario Entrepreneur stream. Because of this, the program calls for both a high level of corporate management experience and a sizable financial net worth.
| Express Entry Profile | No |
| Connection to Province | No |
| Job Offer | No |
| Language Proficiency | CLB 4 |
| Level of Education | No minimum |
| Work Experience | Business owner or senior manager (business management) for at least 24 months of the last 60 months. |
| Investment Requirement | Investment: $200,000 CADPersonal Net Worth: $400,000 CAD |
Have a look at the Ontario Entrepreneur Program Requirements before applying for a temporary work permit.
LANGUAGE REQUIREMENTS
Applicants for this category must have valid language test results demonstrating English language ability at or above Canadian Language Benchmark (CLB) Level 4. Although it is necessary as part of the formal application to OINP, it is not necessary to submit an EOI.
BUSINESS PLAN REQUIREMENTS
To be considered, applicants must provide a thorough proposal for their Ontario business plan. At least two full-time, permanent jobs for Canadian citizens or permanent residents must be created by the proposed enterprise.
WORK EXPERIENCE REQUIREMENTS
The candidate must have a minimum of twenty-four months of recent full-time business expertise in order to be considered. The applicant must have taken part in daily operations rather than acting as a passive investment in order for this effort to count. Additionally, the applicant must continue to play a significant role in the business they are proposing in Ontario and must hold at least a third of the stock.
RESIDENCY REQUIREMENT
Applicants must spend at least seventy-five of the time starting their firm in Ontario, where they must live.
INVESTMENT REQUIREMENTS
For this stream, the applicant’s financial worth and investment must be substantial. The precise price varies according to the proposed business’s location and type:
Greater Toronto Area (GTA) – The candidate must have a net worth that is not less than at least $800,000 CAD if the company being considered is based within the Greater Toronto Area (GTA). The candidate also needs to own at least 1/3 of the company’s equity in addition to making an essential personal investment of $600,000 CAD.
Outside the Greater Toronto Area (GTA) – The candidate must have a net worth of a minimum of $400,000 CAD, invest at least $200,000 CAD, and hold at least one-third of the stock in the planned business if it is located outside the GTA.
Digital Communications or Information and Communications Technology (ICT) Industry – The candidate must have an estimated worth of at least $400,000 CAD and must invest at least $200,000 CAD if the proposed business.
HOW TO APPLY FOR CANADA PR THROUGH ONTARIO ENTREPRENEUR STREAM?
Step 1
Make sure you are eligible
Although candidates are strongly encouraged to visit the province in order to evaluate business opportunities and network with residents, your suggested business concept must still meet minimal standards.
Your business idea must not be one of those mentioned as ineligible firms if you wish to apply for an entrepreneur visa in canada ontario under this category:
Inside the Greater Toronto Area
- Existing Franchises in Ontario (new foreign franchises expanding into Ontario are permitted)
- Gas Stations
- Tire Recycling
- Scrap Metal Recycling
- Pawnbrokers
- Bed and Breakfasts
- Holding Companies
- Laundromats
- Automated Car Wash Operations
- Payday loans and related businesses
- Businesses that have been previously owned/operated by current or former OINP business stream nominees
- Businesses involved in producing, distributing or selling pornography or sexually explicit products or services, or providing sexually oriented services
Outside the Greater Toronto Area
- Tire Recycling
- Scrap Metal Recycling
- Pawnbrokers
- Holding Companies
- Laundromats
- Automated Car Wash Operations
- Payday loans and related businesses
- Businesses that have been previously owned/operated by current or former OINP business stream nominees
- Businesses involved in producing, distributing or selling pornography or sexually explicit products or services, or providing sexually oriented services
Step 2
Submit the Online Expression of Interest
The applicant declares their intent to come to the jurisdiction of Ontario through the OES in an EOI. The EOI form is completed online. A points system is used to evaluate the candidate and assign a score. The EOI must be submitted thoroughly and truthfully.
Step 3
Wait for the Ontario entrepreneur stream draw & Get ITA
The authorities evaluate your application and business proposal thoroughly and then offer several points according to your profile. All the candidates applying for the stream are compared based on these points. Candidates, who score the highest points, receive an Invitation to Apply in the latest Ontario entrepreneur stream draw..
Step 4
Submit your Online Application along with the fee
There is a $3,500 processing fee for applications. Applications that are not complete won’t be reviewed. You need to pay this amount along with the final application and required documents.
Step 5
Personal Interview and Performance Agreement
The application will be reviewed and evaluated once the fee and all necessary documentation have been received. Some applicants might have to go to a necessary interview.
You will have to sign a Performance Agreement if your application is accepted. The requirements for your nomination for permanent residency will be outlined in the Performance Agreement.
Step 6
Receive Temporary Work Permit
You will receive a Letter of Confirmation after you have signed the Performance Agreement. You can use this letter to apply to the Canadian government for a temporary work permit. You will be granted a Temporary Work Permit if you satisfy all of the necessary requirements set forth by the Canadian federal government.
Step 7
Run Your Business for atleast 20 Months
You should relocate to Ontario as soon as you have a temporary work permit so you may start setting up shop. Within seven days of your arrival, you must notify the immigration processing office about your visit to Ontario. You must provide a report demonstrating that you are adhering to all OES regulations and the requirements of your performance agreement within 18 months of your arrival in Ontario.
Step 8
Receive a Nomination Certificate from the Province
The Ontario government will propose permanent residence if your report is accepted. As long as you continue to adhere to the performance agreement and the aforementioned OCS requirements, you may make an application to the federal government for Canadian permanent residency.
Step 9
Apply for Canada PR via Ontario PNP Entrepreneur Program
If you are granted permanent residency, you will be closely watched for an additional 36 months to ensure that you are still abiding by all OES regulations and your performance agreement’s provisions.
BENEFITS OF ONTARIO IMMIGRANT NOMINEE PROGRAM ENTREPRENEUR STREAM
- Significant opportunity for growth in the business
- Prospects of being granted permanent resident status in Canada
- The largest decrease in business costs in an established and dynamic economic climate
- The highest possible rate of return on investment investing
CONCLUSION
Overall, the Ontario PNP Entrepreneur Program offers a unique opportunity for foreign entrepreneurs to invest in and start up a business in one of Canada’s fastest-growing provinces. By supporting new business ventures, the Ontario entrepreneur program helps to diversify the economy and promote long-term growth and development.
Contact Basics of Immigration, BOI if you want to know more about the Canada Immigration process, or if you are looking for entrepreneur programs for any other province of Canada.
WHY ALWAYS CONSIDER BASICS OF IMMIGRATION?
- Expert Visa counselors provide Step-by-step guidance through a secure, online process.
- Apt evaluation of credentials and faster visa processing.
- Identifying all potential hazards and roadblocks in securing a visa.
- Assistance with documentation, immigration rules, citizenship, and border control procedures.
- Multiple case assessment for better conflict resolution.
- Designated process managers to provide personalized guidance.
Just like the basics of anything act as “building blocks” forming a strong foundation for constructing complex structures. The Basics of Immigration serve as the foundational elements of moving abroad, for any aspiring immigrant.