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It was a rare draw announced on 26th August 2020, in which 21 entrepreneurs were invited through the Ontario Immigrant Nominee Program (OINP) Entrepreneur stream. This is the fourth of its kind draw in 2020, and with this, the entrepreneurs invited by the province has gone up to 91.
On 26th August 2020, an Ontario Immigrant Nominee Program (OINP) draw was held in which 21 applicants were issued invited to the Entrepreneur Stream. The shortlisted applicants were those who had received the Expressions of Interest (EOIs) scores between 144 and 200. the candidates who met this score between 22nd November 2019 and 21st August 2020 were the only ones considered for the Provincial draw.
It is a rare draw of the Ontario Immigrant Nominee Program (OINP) draw and only fourth of its kind in 2020. With this draw, the total number of entrepreneurs invited by the province has gone up to 91.
The Entrepreneur stream's eligibility requirements rely on the applicants' proposed business. As per the recent reforms, the net worth and the investment requirements for the Ontario province have been lowered.
In the Greater Toronto Area (GTA), the net worth required is now $800,000, and it was $1.5 million earlier. Further, the investment requirement has also been reduced from $1 million to $600,000
For those outside the GTA, the net worth has been lowered from $800,000 to 400,00 and the minimum investment from $500,000 to $200,000. It is exactly half of what was required earlier.
Apart from this, the applicants are also required to have at least 24 months of business experience either as an owner or a senior manager in the last 60 months. It is also a reduced experience time as earlier a 36 months of experience within the same timeframe was required for selection.
This stream is specially designed for applicants looking to start a new business initiative in Canada or buy an existing one. The candidates who meet the eligibility criterion receive a temporary work permit support letter to start a Business in Ontario. The support letter is like a performance agreement where the creation of jobs for the investment details are outlined and emphasized. The selected candidates have the chance to selected for the Canadian permanent residency as well.
To be nominated, the following eligibility requirements need to be met by the Entrepreneurs. Successfully getting the nomination means the applicant can apply for Canadian permanent residence.
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