Understanding The OINP Entrepreneur Stream
Are you looking for entrepreneurial opportunities to immigrate to Ontario, Canada? If you have a business idea or are capable of purchasing an existing business in Ontario, you can take advantage of the Entrepreneur Stream of the Ontario Immigrant Nominee Program (OINP).
The OINP Entrepreneur Stream is an immigration stream for entrepreneurs from outside of Canada. Under this program, the authorities of the Ontario province invite registered and eligible candidates to apply for a temporary work permit, enabling them to establish their business here.
In time, if the terms of your Performance Agreement are met, you may then apply for provincial nomination. That is the next step to becoming a permanent resident of Canada. Once you obtain an OINP Certificate of Nomination, you can then apply for permanent residence to Immigration, Refugees and Citizenship Canada (IRCC). Certain other conditions need to be met as well before the IRCC grants you a permanent residence.
Eligibility criteria for the OINP Entrepreneur Stream
1. You must have at least twenty-four months of full-time business experience as a business owner or senior manager in the last sixty months.
2. You must maintain a minimum net worth, which varies depending on where your business will be located. Ideally, the minimum net worth required is $400,000 (Canadian dollars) along with an investment amount of $200,000 (Canadian dollars).
3. You must hire at least one full-time staff from Canada if your business is located outside the Greater Toronto Area (GTA) area and two if it’s in the GTA.
4. You must provide an in-depth proposal for your business plan in Ontario.
5. You must reside in the province for at least 75% of the time while establishing your business.
6. If you plan to have a business partner from outside of Canada, both of you must meet all the minimum requirements.
Benefits of the OINP Entrepreneur Stream
Besides enabling you to move to Ontario, one of the most popular provinces in Canada, you get to take advantage of the newly revised low immigration investment and net worth thresholds. Ontario is the economic engine of Canada with a lot of opportunities to business entrepreneur. Many leading universities and colleges are located in Ontario providing an abundance supply of professionals and skilled workers.
To know more about the OINP Entrepreneur Stream, reach out to Esquire Canada Immigration and Education at patrickmiu@esqedu.com. We are licensed Canadian immigration consultants with offices based in Hong Kong and Canada. We offer innovative Canada immigration and education consulting to provide a new perspective for people planning to move to or study in Canada. With our personal experience and professional skills, we can help you to make this journey smooth for your immigration, study, or visa application. All you need to do is get in touch with us by clicking here or take a look at our services here.