Ontario issues invitations to 24 immigrant entrepreneurs during new draw
Canada imposed temporary travel restrictions on March 18 because of the coronavirus pandemic. International candidates were apprehensive about how the country would manage its immigration process during this time. However, Canada came through and has been continuing the immigration process both at the federal and the provincial level.
Provinces in Canada have been organizing draws regularly in order to invite candidates to apply for a provincial nomination. Ontario is no exception. The Ontario Immigrant Nominee Program (OINP) had already issued invitations to 70 Entrepreneur Stream candidates in 2020.
Details of the draw:
In a recent draw held on June 24, Ontario distributed 24 invitations among candidates belonging to the Entrepreneur Stream. The recipients of their Expressions of Interest (EOIs) scores in the period between November 22, 2019, and June 19, 2020, were included in the draw. The candidates with EOI scores between 134 and 200 were given invitations during this draw.
The June 24 draw was the third of its kind this year. Ontario has invited a total number of 70 entrepreneurs in the first half of this year.
The Entrepreneur stream has certain eligibility requirements that candidates have to meet in order to qualify. The location in Ontario where the business will be set up is an important consideration. Canada also introduced new reforms that have lowered the required investment requirements and minimum net worth.
The current required net worth for the suggested business within the Greater Toronto Area (GTA) is $800,000, which is down from $1.5 million. The required investment is currently $600,000, which was slashed from $1 million.
Entrepreneurs who want to set up their businesses outside the GTA will require $400,00 in net worth. They require a minimum investment of $200,000 as compared to the previous $500,00. All candidates should have two years of business experience as a senior manager or an owner within the last 60 months. The old rules needed the candidates to have 36 months of experience in the same period.