24 immigrant entrepreneurs invited in latest OINP draw

Ontario Immigrant Nominee Program [OINP] held its latest draw on June 24, 2020. Targeting immigrant entrepreneurs, 24 Invitations to Apply [ITAs] were issued under the OINP’s Entrepreneur Stream [OINP: ES].

70 Entrepreneur Stream candidates have been invited by the OINP in 2020 so far. On April 22, the OINP issued ITAs to 26 entrepreneurs. Earlier, 20 entrepreneurs were invited in a February 26 draw.

In 2019, no individuals were nominated by the OINP through the Entrepreneur Stream. Nevertheless, 7 applicants were in the last stage of the compliance process of the stream.

For the latest draw, Expressions of Interest [EOIs] received as well as scored by the OINP Entrepreneur Stream from November 22, 2019 to June 19, 2020 were considered to be eligible. Along with having their EOIs scored during the stipulated period, the eligible candidates were also required to have EOI scores between 134 and 200.

In situations wherein a prior notice is sent by the OINP stating that the EOI was eligible for receiving an ITA but an ITA was not received in the latest round, the EOI would have scored below the required 134 points.

An EOI lodged with any of the provinces that are a part of Canada’s Provincial Nominee Program [PNP] remains eligible to receive an invitation to apply or notification of interest for 12 months from the day that it was submitted.

The OINP’s Entrepreneur Stream is a Canada immigration stream for entrepreneurs from outside of Canada that are interested in either setting up a new business or purchasing an existing business in Ontario.

Through the OINP: ES, an entrepreneur – along with up to 1 business partner who is a foreign national – gets an opportunity for being nominated for permanent residence once their business has been successfully established in Ontario.

If nominated, the next step would be to apply to Immigration, Refugees and Citizenship Canada [IRCC] for permanent residence.

OINP Entrepreneur Stream Eligibility requirements will be based on where in Ontario is the business being proposed.

The required net worth for a proposed business that is within the Greater Toronto Area is now $800,000 [earlier $1.5 million]. Currently, the required investment is $600,000 [down from the previously required $1 million].

Similarly, entrepreneurs looking at businesses outside the GTA will now need $400,000 in net worth [earlier $800,000] and a minimum required investment of $200,000 [in place of the earlier required $500,000].

Candidates under the OINP: ES must have 24 months of business experience – within the past 60 months – as either the owner or a senior manager. Prior to recent reforms, candidates required 36 months of experience during the same period.

If you are looking to Study, Work, Visit, Invest or Migrate Overseas, talk to Y-Axis, the World’s No. 1 Immigration & Visa Company.

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