Canada immigration news: The Ontario Immigrant Nominee Program (OINP) has updated the list of approved organizations it uses to verify net worth and legal accumulation of funds through the Entrepreneur Stream.
To qualify for the Ontario Entrepreneur Stream (OES), candidates must have a minimum net worth of $800,000 if the proposed business is in the Greater Toronto Area (GTA), $400,000 if the proposed business is outside the GTA and $400,000 if the proposed business is involved in Information Communications Technology or Digital Communications anywhere in the province.
To verify that net worth, candidates can use one of the following as of June 1, 2022:
- Grant Thornton LLP
- KPMG LLP
- MNP LLP
“Any reports on applicants received from vendors up to and including May 31, 2022 remain valid,” an OINP statement said.
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Ontario Entrepreneur Pilot
Ontario is aiming to recruit 100 international entrepreneurs to invest $200,000 each to start or buy businesses outside the Greater Toronto Area via a new pilot.
The two-year pilot was originally announced in December 2021.
Under the existing Entrepreneur Stream of the OINP, the province aims to help regions hit hard by the pandemic by attracting $20 million in investment.
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.
About The Ontario Entrepreneur Stream
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. Those who are approved for the program will be nominated for Canadian permanent residence. Once nominated, an applicant qualifies to apply for Canadian permanent residence.
Applicants under the OES must:
- Have at least 24 months of full-time business experience in the past 60 months.
- The experience must be as an owner or senior manager of a business.
- Have a minimum net worth of $800,000 if your proposed business will be in the Greater Toronto Area (GTA).
- If your proposed business will be outside of the GTA, the minimum net worth requirement is $400,000.
- If your proposed business will be involved in Information Communications Technology or Digital Communications anywhere in the province, the minimum net worth requirement is $400,000.
- Be ready to invest at least $600,000 in an Ontario business and possess at least 33% equity ownership if the business is in the GTA.
- If the business is outside the GTA, you must be ready to invest at least $200,000 and have at least 33% equity ownership.
- If the business will be involved in Information Communications Technology or Digital Communications anywhere in the province, you must be ready to invest at least $200,000 and have at least 33% equity ownership.
- Commit to creating two full-time jobs for Canadian citizens or permanent residents in the proposed company if the business is located inside the GTA.
- If the business is outside the GTA, you must create at least one job for Canadian citizens or permanent residents.
- If the business will be involved in Information Communications Technology or Digital Communications anywhere in the province, you must create at least one job for Canadian citizens or permanent residents.