Immigration Announcement
Ontario issues invitations to 26 entrepreneurs during the new immigration draw
The coronavirus pandemic has caused significant damage to countries all around the world. Canada also introduced multiple measures in order to combat the spread of the coronavirus. However, the country is still conducting draws so that the number of immigrants does not see a huge dip.
The provinces are continuing to organize draws targeting specific streams. Recently, Ontario held a successful draw and issued invitations to candidates having a minimum CRS score of 132 via its Entrepreneur Stream. The OINP or the Ontario Immigrant Nominee Program was responsible for distributing invitations to apply among 26 entrepreneurs belonging to the Entrepreneur Stream.
What is the OINP Entrepreneur Stream?
Ontario introduced the OINP Entrepreneur Stream in order to attract business owners and entrepreneurs from all over the world. The eligible candidates can start a new business in Canada, or they can choose to purchase an existing Ontario business. All the invitations were given to candidates who had scores between 132 and 200.
In order to be eligible, the candidates must have received Expressions of Interest (EOI) by the OINP in the period between 22 November 2019 and 17 April 2020. Such a draw was held for the second time in 2020. The province issued 66 such invitations in 2019. This year, 46 entrepreneurs have been invited via this stream so far.
Changes made to eligibility requirements
The minimum eligibility requirements for acceptance in the program underwent some changes recently, and this was the fourth draw to take place since then. The necessary net worth for the new business within the Greater Toronto Area (GTA) was changed to $800,000 from $1.5 million. The requirement for the candidates who want to establish their business outside the GTA was reduced to $400,000 from $800,000. If candidates want to be the owner or the senior manager of a company, they should have at least 24 months of experience in the last 60 months.
