Exciting Changes Announced to Ontario’s Immigrant Nominee Program
The Ontario Immigrant Nominee Program (OINP) will release two new business application streams, Corporate and Entrepreneur, to reflect the current economic and labour market needs of Ontario. The main objectives of these new streams are to attract foreign talent and investment, create job opportunities for Ontario residents, and to strengthen the connection between Ontario and global markets.
These two new streams are replacing OINP’s Investor Component stream, which closed on October 29, 2015. OINP is not yet accepting applications under the new streams, but we anticipate an update on these new programs shortly.
While complete program details have not yet been released, here is what we know about these new programs so far:
Ontario Immigrant Nominee Program’s Entrepreneur Stream
OINP’s Entrepreneur Stream will support individuals outside Canada to implement a new business initiative or to buy an existing business within Ontario. Those with viable business activities that will bring an economic benefit to Ontario will be able to apply for a temporary work permit once their proposal is approved. Upon the successful establishment of a new business in Ontario, these entrepreneurs will then have the opportunity to receive a provincial nomination for permanent resident status.
The full eligibility criteria has not yet been released, but we do know that a minimum investment of CAD$500,000 will be required for each potential nominee, and each individual will be required to prove a minimum net worth of CAD$800,000, depending on location and sector. Entrepreneurs will be able to identify a business partner for nomination to assist in the establishment of their business in Ontario and will have two years to meet the minimum program requirements prior to their nomination for permanent residence. To be eligible under this stream, the new business in Ontario must create a minimum of two full-time permanent jobs for Canadian citizens or permanent residents.
Ontario Immigrant Nominee Program’s Corporate Stream:
OINP’s Corporate Stream will aim to support established international corporations looking to expand their business to Ontario, or to buy an existing business within the province. Similar to the Entrepreneur stream, once the business has been successfully established, key individuals will be eligible to apply for a provincial nomination for permanent resident status.
While additional eligibility criteria will be announced in the near future, we do know that corporations under this stream will be required to invest a minimum of CAD$5,000,000 in a new or existing business, and must create a minimum of five full-time permanent positions for Canadian citizens or permanent residents. Current employees of the corporation who are essential to the operation of the Ontario business will be eligible to seek provincial nomination, and will have two years to demonstrate the minimum language requirement prior to their nomination for Canadian permanent residence.
We will continue to provide updates on these new programs as additional information becomes available.
To discuss your eligibility under the various Ontario Immigrant Nominee Program streams, please do not hesitate to contact our office at email@example.com or 647-875-2119.