OINP Invites 21 entrepreneur in the latest provincial draw

OINP Invites 21 entrepreneur in the latest provincial draw

Ontario PNP invites 21 skilled immigrants registered under the Entrepreneur stream through the round of invitations held on August 26.

Candidates who received their EOI scores between November 22, 2019, and August 21, 2020, were considered for the draw. Invitations were issued to candidates with EOI scores between 144 and 200 points. This draw is the fourth draw of its kind in 2020, bringing the total number of invitations issued to 91.

The eligibility criteria for the Entrepreneur Stream depend on where in Ontario the business is proposed. Recent reforms have also reduced minimum net worth and investment requirements.

The equity required for the proposed business in the Greater Toronto Area is now $ 800,000, compared to $ 1.5 million, and the required investment is now $ 600,000 compared to $ 1 million. Entrepreneurs looking outside of the GTA need a net worth of $ 400,000 instead of $ 800,000. They now need a minimum investment of $ 200,000 instead of $ 500,000.

Applicants need 24 months of business experience as an owner or senior manager within the past 60 months. Previously, applicants needed 36 months of experience within the same time frame.

Minimum requirements for OINP’s Entrepreneur Stream

The following criteria must be met when entrepreneurs apply for an Ontario appointment after the business is established:

  • Demonstrate language proficiency ​​at a CLB level 4 or equivalent;
  • Meet the program residency requirements, applicants must be physically resident in Ontario for 75 percent (nine months per year) of the period in which they establish the business in Ontario (i.e., the period of performance agreement);
  • Entrepreneurs must be actively involved in the day-to-day management of business activities.

Applicants must also continue to meet the terms of the performance agreement, including the information provided in the expression of interest and business plan, within 20 months of arriving in Ontario.

Reference is taken from CIC News

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