Ontario has announced a new Canada immigration scheme to attract 100 international entrepreneurs who would each invest $200,000 to develop or purchase firms outside of the Greater Toronto Area (GTA).
The province intends to seek $20 million in investment through the current Entrepreneur Stream of the Ontario Immigrant Nominee Program (OINP) to assist regions impacted hard by the epidemic. The Ontario government anticipates that the two-year initiative would generate jobs in fields such as information technology, biological sciences, and tourism.
According to the Ontario government, applicants will be recommended for permanent residency once their firm has been functioning in Ontario for 18 to 20 months.
"As we rebuild, we want individuals across Ontario – regardless of where they live – to find satisfying, well-paying jobs in their communities," said Monte McNaughton, Minister of Labour, Training, and Skills Development. He further added that "Our government is fighting for workers and distributing the employment and possibilities that entrepreneurs bring to all corners of our province, not just our major cities."
According to an Ontario provincial government news release, just two nominations have been filed under the OINP Entrepreneur Stream since its inception in 2015. "To strengthen this program, our initiative will better support entrepreneurs who apply and help link them with business possibilities that best match them," according to the press release.
McNaughton also restated recent recommendations for Ontario's 9,000 immigrant nominee allotment to be increased in 2022 'to help meet key labour shortages and fuel economic development.'
The new entrepreneur program is one of several efforts launched by Ontario to recruit more immigrants. The province recently announced that in October, foreign-trained attorneys, accountants, architects, engineers, electricians, and plumbers would no longer be required to have Canadian work experience to practice in Ontario under a proposed new provincial law.
The province proposes that professional registration and licensing requirements for Canadian work experience be repealed unless an exemption is granted based on a documented public health and safety danger.
Reduce the duplication of official language-proficiency testing so that people with foreign credentials in these occupations do not have to take multiple tests for immigration and professional licensure, and; accelerate the licensing process, which can now take 18 months or more, to help internationally-trained immigrants begin working in careers that match their skillset.
The Ontario Entrepreneur Stream is designed for individuals outside Canada who desire to establish a business or purchase an existing firm in Ontario.
Financial Requirements for the Ontario Entrepreneur Stream
If your planned firm is located in the Greater Toronto Area (GTA), you must have a minimum net worth of $800,000. Outside of the Greater Toronto Area, the minimum net worth is $400,000 and if it is located anywhere in the province, a minimum net worth of $400,000 is required for a proposed enterprise in ICT or digital communications.
Investing and owning
Entrepreneurs are required to invest at least $600,000 in an Ontario firm and own at least 33% if the business is located in the GTA. Outside of the GTA, they are required to invest at least $200,000 and hold at least 33%. If they have proposed a firm in ICT or digital communications, investment of at least $200,000, and ownership of at least 33% will be required to set it up, anywhere in the province.
Stay up to date with the latest news