Ontario Immigrant Nominee Program (OINP) Invites 26 Entrepreneurs in New Immigration Draw to apply under its Entrepreneur Stream.
The invitations were issued to the candidates with scores of a minimum132 through the Entrepreneur Stream.
Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream is designed to attract entrepreneurs and business owners. They can come to Canada to start a new business or buy an existing Ontario business.
The invitations are issued for the candidates with scores between 132 and 200. The only candidates with Expressions of Interest (EOI) received by the Ontario Immigrant Nominee Program (OINP) between 22nd November 2019 and 17th April 2020 were eligible in this draw.
Ontario is the second draw of its kind in 2020. In the last year, 2019 OINP issues 66 invitations but the province has now invited 46 entrepreneurs so far this year 2020. This is the 4th draw since the minimum eligibility requirements for the program underwent significant change.
The required net worth for the proposed business within the Greater Toronto Area (GTA) was lowered from $1.5 million to $800,000, and outside the GTA from $800,000 to $400,000. The minimum investment for the proposed business in the Greater Toronto Area was lowered from $1 million to $600,000, and outside the GTA from $500,000 to $200,000.
The required business experience of a candidate as an owner or a senior manager had also changed this year. It is now required that a candidate has 2 years of experience within the last 5 years. Previously, the candidate was required to have a minimum of 3 years of experience within the last 5 years. These changes may attract many entrepreneurs and business owners around the globe to the prospect of moving to Ontario as it is Canada’s leading destination of immigrants.