Ontario invites 14 Entrepreneur stream candidates in latest OINP draw
On May 12, 2023, Ontario, Canada held latest Entrepreneur Stream draw of the Ontario Immigrant Nominee Program (OINP) to invite 14 candidates. Only applicants who were found eligible for the Entrepreneur Stream were considered in this particular draw of the OINP.
The candidates who submitted their Expressions of Interest (EOIs) by May 9, 2023 considered in the draw. The OINP chose applicants for Entrepreneur stream, based on their EOI scores, and only those with a score between 135 and 178 received ITA (Invitation to Apply).
Entrepreneur stream Draw Result- 12 May
Entrepreneur Stream of the OINP
The Entrepreneur Stream of the OINP is designed to lure people who are interested in starting or buying a business in the province of Ontario. Successful candidates are provided with a pathway to Canadian PR visa so that they can contribute to the economic development of Ontario.
To be eligible for OINP- Entrepreneur Stream, candidates need to fulfil certain criteria, i.e.
- having a net worth of at least CAD $800,000
- a minimum investment of CAD $600,000 in the proposed business in the Greater Toronto Area (GTA) or
- CAD $200,000 outside the GTA.
- The business also needs to create minimum two permanent full-time jobs for Canadian citizens or permanent residents.
Applicants are required to submit an EOIs to the OINP and if selected, they will get ITA (Invitation to Apply) to submit a comprehensive business plan that shows their commitment to the projected business. The Ontario government shall evaluate the business plan and if approved, issue a Temporary Work Permit (TWP) support letter which will allow the candidate to setup and operate their business in the province of Ontario.
After the candidate meets the terms of the TWP support letter, they can then apply for nomination for PR visa to the OINP. Successful candidates will get a provincial nomination certificate and thus will be able to apply for Canadian Permanent Residency (PR) Visa to the federal government of Canada.