The Canadian province of Ontario recently distributed 21 invitations to apply via the Entrepreneur Stream. The draw took place on August 26, and the Ontario Immigrant Nominee Program (OINP) took advantage of this opportunity to invite skilled candidates with potential.
Details of the draw
The candidates who got their Expressions of Interest (EOIs) scores in the period between November 22, 2019, and August 21, 2020, were taken into consideration for this draw. Overall, 2020 is turning out to be a good year for the Ontario Immigrant Nominee Program. The province has issued invitations to 91 immigrant entrepreneurs until now.
The August 26 draw distributed invitations among candidates with EOI scores between 144 and 200. It was the fourth draw of this kind in 2020, and many entrepreneurs have benefitted already.
If you are curious about the eligibility requirements for the Entrepreneur stream, you have to do your research based on the area in Ontario where the business will set up. The government has recently introduced quite a few reforms that have reduced the minimum investment requirements and net worth.
Currently, the required net worth is $800,000 for any proposed business within the Greater Toronto Area, and the required investment is $600,000. Entrepreneurs who are targeting areas outside the GTA should have a net worth of $400,000 and they also require a minimum investment of $200,000.
Interested candidates must have 24 months of business experience, either as an owner or as a senior manager. The work experience must have been collected in the past 60 months.
The entrepreneur stream has been introduced to attract talented and passionate individuals who want to start a new business initiative or purchase an existing business in the province. Candidates who are successful receive a temporary work permit support letter.