Starting 8th July 2019, Ontario has cut down the net worth and investment requirements for its Entrepreneur Stream.
Candidates applying under this stream will also need lesser business experience starting 8th July.
Ontario is the largest province in Canada. With these changes, Ontario hopes to make its Entrepreneur Stream more attractive to overseas entrepreneurs. This will also help the province to compete with other Provincial Entrepreneur Programs in Canada.
Here are the new changes to the Ontario Entrepreneur Stream:
|Requirement||Before 8th July 2019||After 8th July 2019|
|Net worth for suggested business inside the Greater Toronto Area||$1.5 million||$800,00|
|Net worth for suggested business outside the Greater Toronto Area||$800,000||$400,000|
|Net worth for proposed business in ICT or Digital Communications||$800,000||$400,000|
|Min. investment for proposed business inside the Greater Toronto Area||$1 million||$600,000|
|Min. investment for proposed business outside the Greater Toronto Area||$500,000||$200,000|
|Min. investment for proposed business in ICT or Digital Communications||$500,000||$200,000|
|Business Exp as owner or Senior Manager||36 months in the recent 5 years||24 months in the recent 5 years|
These changes were recommended as part of the provincial budget of Ontario in April this year. These recommendations were subject to a public consultation period which ended on 30th May.
Candidates who had submitted their EOIs before 8th July and are awaiting an invitation are not eligible.
To be eligible, such candidates would need to submit a fresh EOI to be considered in the future invitation rounds.
For those who have received invitations before 8th July, the old requirements would apply. Candidates are given 90 days to apply for provincial nomination after receiving an invitation, as per CIC News.
Also, Ontario has scrapped the Corporate Stream. This stream was targeted at overseas corporate establishments that wanted to buy a business or expand into the province.
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