Who Can Apply for the OINP-Entrepreneur Stream?
Foreign entrepreneurs and investors who want to establish a business in Ontario and meet the following requirements:
- have at least 2 years of business ownership or senior managerial experience in the past 5 years.
- Experience in export trade business, international trade or high-growth businesses is an asset.
- have a net worth of $400,000+
- $800,000+ for those planning to locate their business within the Greater Toronto Area
- have a post-secondary educational diploma;
- have language skills at CLB level 4 or higher;
- plan to relocate to Ontario and spend at least 75% of the time per year in Ontario.
What Are the Investment Requirements for the OINP-Entrepreneur Stream?
- At least $200,000 in a business outside of the Greater Toronto Area (GTA) or in the tech industry;
- At least $600,000 in a business inside of the GTA.
- Create at least 1 permanent full-time job for Canadians outside of the GTA or in the Information and communications technology/Digital Communications industry
- 2 jobs if the business is in the GTA
- A mandatory exploratory visit to Ontario in the last 12 months if purchasing an existing business.
How Does the OINP-Entrepreneur Stream Work?
This program comes with several different stages, offering foreign entrepreneurs work permits first, and later on permanent residence.
Applicants must be prepared to provide evidence of their qualifications and of their business plan to be considered for the OINP-Entrepreneur Stream.
What Are the Steps in the OINP-Entrepreneur Stream?
There are a number of steps that are involved in the program:
- Submit your Expression of Interest;
- Submit your application once selected from the pool;
- Attend an interview with a responsible Officer;
- Sign a Performance Agreement with Ontario;
- Apply for a Work Permit to come to Canada;
- Establish your business in Canada and perform the terms of the Performance Agreement within 20 months;
- Apply for a Provincial Nomination;
- Once you get the Provincial Nomination, apply for permanent residence;
How Much Time Does OINP-Entrepreneur Stream Take?
- Stage 1: From registering your interest to a work permit in Canada – 1 year on average;
- Stage 2: From work permit to getting a Nomination – 2 years on average;
- Stage 3: From Nomination to permanent residence – 1.5 years on average.
In total, you’re looking at around 3-4 years to become a permanent resident. While you are working on your permanent residence, you can continue running your business in Canada and living with your family, sending your kids to school and etc. i.e. enjoying all the best that Canada can offer.
How to Increase your Chances for Success in the OINP-Entrepreneur Stream?
- Have a solid business plan that clearly identifies and describes your proposed business activities in Ontario;
- Provide evidence of market research and effective market entry strategy;
- Start a business or buy a business in key economic sectors:
- Key sectors are: aerospace; automotive; chemical & biochemical; cleantech; financial services; food & beverage manufacturing; forestry; industrial automation & robotics; information technology; life sciences; mining; tourism;
- Invest more than the required minimum investment amount;
- Create 5+ jobs in Ontario;
- Visit Ontario at least once;
- Improve your language skills.
Sobirovs Law Firm team knows the OINP inside out and we have successfully represented our clients who applied for this program.