This program is for foreign entrepreneurs living outside of Canada to start or buy a new business in Ontario and live in Ontario permanently.
How to apply?
Register an expression of interest under this program to a designated government email address. If you received an invitation to apply, you then need to submit the application online and attend a mandatory interview. If your application was successful, you will be asked to sign a performance agreement. If accepted, then you can apply to IRCC for a temporary work permit so you can come to Ontario and establish your business. Once the business is established in Ontario and you met all the requirements, you can apply for nomination. Once you are nominated by the Ontario government, you can then apply to the federal government (IRCC) for permanent residence.
|Language||Must have CLB/NCLC 4 English or French language skills.|
|Experience||You must have 24 months (2 years) of full-time business ownership or business management experience in the last 60 months (5 years).|
|Others||Business must be permanent, short-term, or seasonal businesses are not allowed. |
Starting a New Business:
You will have a maximum of 20 months (1.6 years) to establish your business to receive a nomination. Networth: you must have $800,000 if you want to start a business in the GTA (Greater Toronto Area), otherwise $400,000 if you want to start a business outside of the GTA. Investment: Must make a personal investment of $600,000 if you want to start a business in GTA, otherwise $200,000 if you want to start a business outside of the GTA. You must control 1/3 of the business equity. If the business is in ICT (information and communication technology/digital technology), you can invest a minimum of $200,000 regardless of location. You must control at least one-third of the ownership in the business. Job creation: Must create 2 permanent jobs if the business is located inside GTA. If the business is located outside of GTA or in ICT/Digital communication, then you must create at least 1 permanent job. Active involvement is required, and the business must primarily be created to make a profit (active income) not for interest, dividends, or capital gains (passive income is not allowed as a primary source).
Buying an Existing Business:
An exploratory visit is required within 12 months of sending an expression of interest if you want to buy an existing business. The existing business must be in the ownership of the current owner for the last 5 years, and the former owner cannot retain any shares in the business once sold to the applicant. Must make 10% of your personal investment in the expansion and business development of the bought business.
LINKS AND RESOURCES:
https://www.ontario.ca/page/oinp-entrepreneur-stream (Accessed in Sep 2021).