Ontario immigration is aiming to welcome 100 newcomers outside the Toronto area and draw an investment of $20 million with the launch of a new Entrepreneur Pilot.
The two-year pilot is named the OINP Entrepreneur Success Initiative, administered by the Toronto Business Development Centre (TBDC).
“The initiative will help 100 immigrant entrepreneurs to establish and grow businesses across the province outside of the Greater Toronto Area,” the Ontario Immigrant Nominee Program said.
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Under the pilot, the TBDC will work to secure applications under the existing OINP Entrepreneur Stream.
The basic requirements under the Entrepreneur Stream are a minimum net worth of $400,000 and an investment of $200,000, including ownership of at least 33 percent of the business. Full requirements are given further down this article.
Under the success initiative, additional services will be provided by TDBC.
They will:
The Ontario government hopes the pilot will create jobs in sectors including information technology, life sciences and tourism.
Applicants will be nominated for permanent residence once their business has been operating in Ontario for 18 to 20 months.
The Ontario Entrepreneur Stream is aimed at individuals from outside Canada who want to start a business or buy an already existing business in Ontario.
The existing financial requirements are laid out below. It is not yet known if the new entrepreneur project will reduce some of the requirements in order to attract more candidates.
1) Net Worth
2) Investment and Ownership
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