Ontario launched a new Entrepreneur Pilot Program

Highlights of the new Entrepreneur Pilot Program by Ontario

• Ontario launches a new initiative, Ontario Entrepreneur Pilot Program for attracting Immigrant Entrepreneurs to the province.
• Using this initiative the applicants can set up and expand their businesses in and across the Greater Toronto Area (GTA).
• To be eligible under Entrepreneur pilot program the applicant must have a minimum of net worth CAD 400,000.
• The applicant has to invest a minimum of CAD 200,000 and must possess at least a 33% share in the business ownership.
• Ontario government expects to create more jobs in the sectors like Life Sciences, Information Technology, and Tourism.
• The applicants under this stream might get offered Canada PR once their business is 18-20 months old.

Ontario’s new initiative Entrepreneur Pilot Program

Ontario immigration (OINP) initiated a new Entrepreneur Pilot Program by aiming at newcomers from outside GTA and drawing an investment of $20 million. This Entrepreneur initiative is a 2-year pilot which will be administered by TBDC. Immigrant Entrepreneurs can establish and expand their businesses across Ontario outside GTA.

Requirements of Entrepreneur Stream

• Under the Entrepreneur Pilot Program, the TBDC secures the applications under the present existing OINP Entrepreneur stream.
• The candidate must have a minimum net worth of assets of $400,000.
• The applicant must invest $200,000 which includes 33% ownership of the business.

The additional services that will be provided to the Entrepreneur immigrant by the TDBC.

Note:

The government of Ontario aims that this new initiative of the Entrepreneur stream will help in creating many jobs in the sectors such as Tourism, Information Technology, and Life Sciences. These applicants can get a chance to apply for Canadian PR, once their business is up in operation for at least 18 – 20 months.

• Identify the trade for business opportunities that are outside the GTA.
• Sell these opportunities to the identified potential foreign entrepreneurs.
• Uphold the entrepreneurs who are interested in starting a business or acquiring an existing business that is outside the Greater Toronto Area.
• Match the traders to opportunities in businesses.
• Will help the applicants to submit the EOI using the existing stream of Entrepreneurs.
• Also help the applicants to obtain ITAs in order to submit their PR applications.

Entrepreneur Stream of Ontario

The Ontario Entrepreneur Stream aims to target foreign individuals who can either establish or start their business or purchase a currently existing business that is present in Ontario.

The current Entrepreneur stream requires financial requirements listed below. The government can minimize some of the requirements to encourage more candidates.

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Financial Requirements for Ontario Entrepreneur Stream

1. Net Worth for the new Entrepreneur pilot stream

• The minimum net worth of the proposed business inside the GTA is $800,000 and outside the GTA, the minimum net worth must be $400,000.
• If the proposed business is either digital communication or Information & communications Technology, then the minimum net worth can be $400,000 wherever in the province.

2. The Investment & Ownership requirement

• The applicant must at least invest $600,000 in any Ontario business and must own a minimum of 33% of the business in GTA.
• If the business is outside GTA, the investment allowed is $200,000 and 33% ownership.
• If the proposed business is of either digital communications or Information & communications Technology, then invest at least an amount of $200,000 and 33% business ownership in the province.

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