Ontario is relying on immigrant entrepreneurs to get the province back on its feet. The pandemic has resulted in massive job losses across the region. Especially, areas outside Greater Toronto have suffered the most due to lack of employment.
The province has a goal of inviting 100 business leaders to boost the economy of the region. Entrepreneurs can express their interest under the Ontario Immigrant Nominee Program (OINP). immigrant entrepreneurs can take advantage of the Entrepreneur Stream and invest in the province.
However, any business owner who is selected will need to inject $20 million in investments. Additionally, they can receive a nomination from the province only when they operate in Toronto for at least 1.5 years.
Next, they can apply federally for permanent residence in Canada.
Ontario aims to invite 100 entrepreneurs over the months till 2023. It wants to facilitate optimum immigration across all programs. However, since 2015, the province has only invited two candidates under the program.
Now, Ontario plans to address the issue. It wants to attract business owners by aligning them with the right opportunities. Additionally, the move will help Ontario generate the $6 million required to boost the economy. The new businesses will also create enough jobs to employ all residents of the region.
Ontario is also focusing on streamlining its immigration processes. Candidates will now find it easier to apply to the province’s PNP. Additionally, eligible international workers can work in regulated professions without hassle.
In addition, Ontario wants the federal government to allow the province to invite more immigrants. Currently, it has the freedom to invite 8,600 candidates under its immigration programs. The government wants the figure to be doubled for 2022, as things get normal.
Monte McNaughton, labour minister of Ontario, expressed his hopes for the project. He thinks it will help residents in all regions of the province lead a better life.