Introduced in 2015, the Ontario PNP Entrepreneur stream allows foreigners to buy an existing business or to create a brand new company in the province. Post business establishment, the entrepreneurs can be nominated to get Permanent Residency in Ontario under this stream. There is a set of requirements that must be met in order to become eligible under this Ontario PNP stream.
Ontario PNP – Entrepreneur Stream Eligibility Requirements…
You may be initially considered eligible for this stream in case your proposed business attracts economic benefits to Ontario. Post approval, you may apply for a temporary work permit for establishing your business within the province. Post successful establishment of your business, you may become eligible for being nominated under this stream.
Please note that in case you have a business partner, all eligibility requirements set for you must be met by your business partner too.
Let’s now take a deeper look into the prominent eligibility requirements for Ontario PNP Entrepreneur Stream –
- Minimum 3 years full time experience in business in past 5 years
- The experience needs to be either as a business owner or senior manager
- Net worth Requirements: You need to have a minimum net worth of –
- $1,500,000 CDN – If your proposed business is planned to be set up within Greater Toronto Area (which includes cities like Toronto, Durham, Halton, York and Peel regions
- $800,000 CDN – If your proposed business is planned to be set up outside GTA
- $800,000 CDN – If your proposed business is planned to be in ICT/Digital Communications sector
- Personal Investment Requirements: You need to have a minimum equity ownership of 33.3% and minimum personal investment of –
- $1,000,000 CDN – If your proposed business is planned to be set up within the GTA
- $500,000 CDN – If your proposed business is planned to be set up outside GTA
- $500,000 CDN – If your proposed business is planned to be in the ICT/Digital Communications sector
- Your business must create minimum 2 full time jobs for Canadian citizens or the permanent residents.
- If purchasing an existing business, you must have made a business-related visit to the province before you file your application
As mentioned before, your business partner also needs to fulfill the criteria if you apply with a business partner for nomination.
Ontario PNP Entrepreneur Stream – The Process Involved…
In order to apply under this program, you must register an Expression of Interest (EOI) online. Once your online EOI enters the selection pool, it will be assigned a score and ranked accordingly among other EOIs existing in the pool.
Now, if you meet the eligibility as set for this stream, you may get an Invitation to Apply and upon receiving the same you need to submit a more detailed application along with the applicable fee to OINP.
If you get the final approval, you will have to sign a Performance Agreement that outlines all of your commitments (regarding investment, creating jobs etc.) as announced in your EOI. IRCC will also issue you temporary work permit to allow you establish business in Ontario.
If you do meet your Performance Agreement’s commitments, OINP authorities may nominate you for permanent resident status. On being nominated by OINP, you can apply to IRCC for permanent residency status.