In an important development, that’s likely to have far reaching consequences, Ontario has, reportedly, not only cut the minimum investment and net worth thresholds for the popular Ontario Immigrant Nominee Programme’s Entrepreneur Stream–called the Ontario Entrepreneur Stream (OES–but also ended the Corporate Stream under its new plans.
As per the concerned authorities, the target is to not only make the popular stream more appealing to the job creators, but also make it more competitive with other provincial entrepreneur immigration streams.
Thanks to the improvements made to the category, that came into force from July 8, 2019, now the applicants also don’t need business experience of several years.
OES Amendments — At A Glance
Requirement Description–Net worth for the planned business inside GTA
- Prior to July 8, 2019–$1.5 million
- Post July 8 2019–$800,000
Requirement Description–Net worth for the planned business outside GTA
- Prior to July 8, 2019–$800,000
- Post July 8, 2019–$400,000
Requirement Description–Net worth for the planned business in involved in Information Communications Technology or Digital Communications
- Prior to July 8, 2019–$800,000
- Post July 8, 2019–$400,000
Requirement Description–Minimum investment for the planned business inside GTA
- Prior to July 8, 2019–$1 million
- Post July 8, 2019–$600,000
Requirement Description–Minimum investment for the planned business outside GTA
- Prior to July 8, 2019–$500,000
- Post July 8, 2019–$200,000
Requirement Description–Minimum investment for the planned business in involved in Information Communications Technology or Digital Communications
- Prior to July 8, 2019–$500,000
- Post July 8, 2019–$200,000
Requirement Description–Business experience as owner or senior manager
- Prior to July 8, 2019–36 months inside the preceding 60 months
- Post July 8 2019–24 months inside the previous 60 months
While the improvements were proposed, as component of the provincial budget in April, 2019, and were subject to a public consultation period that came to an end on May 30, this year, after a statement by the OINP, these have now, reportedly, been established.
Candidates–who presented an Expression of Interest (EoI) for the OES prior to July 8 and are still to get an Invitation to Apply (ITA)–are not entitled any more.
To be entitled for the rounds of invitations carried-out in the future such applicants will now have to register a new EoI.
However, the concerned immigration authorities will consider the applications of those who obtained invites prior to July 8, 2019 under the previous requirements.
Applicants have 90 days to present a complete application, post getting an ITA.
As per the involved authorities from the largest Canadian province, those who are keen would do well to evaluate the new EoI registration procedure.
Ontario Corporate Stream Ended
In the meantime, the province has also, reportedly, ended the unpopular Ontario Corporate Stream (OCS), which was targeted at established global corporations interested to either expand into the Canadian province or purchase an already running business there in.
Curtains were brought down on the OCS permanently as of July 2019. So, now those– keen to move as business applicant to the province–should consider the OES.
Summary: Canadian province of Ontario has decreased the Investment, Net Worth and Experience Requirements for the popular Ontario Entrepreneur Stream.
