Ontario province has introduced new business immigration programs
ONTARIO IMMIGRANT NOMINEE PROGRAM – ENTREPRENEUR STREAM
The greatest interest in OINP is the new program for individual entrepreneurs, the Entrepreneur Stream. It targets business people who want to operate a business in the province of Ontario.
In many ways, this program is similar to the former federal Entrepreneur program, which closed in June 2014, and currently it can be considered among the most attractive of all active immigration programs for business people in Canada (and not only in Canada).
Who is eligible for this program?
The following business people may be eligible for this program:
• Have experience owning a business or working as a Senior Business Manager. Experience working or owning a business for at least 3 of the last 5 years is required.
• Have personal liquid assets of at least CAD 800,000 if the business will be outside the GTA (Greater Toronto Area), or at least CAD 1.5 million if the business will be inside the GTA (Greater Toronto Area).
If the business is planned in the field of information technology (ICT / Digital Communications), it is sufficient to show liquid assets of at least CAD 800,000, regardless of where you intend to operate the business (including the Greater Toronto Area).
• Must invest in the business at least CAD 500,000 if the business will be outside the GTA (Greater Toronto Area), or at least CAD 1 million if the business will be inside the GTA (Greater Toronto Area).
If the business is planned in the field of information technology (ICT / Digital Communications), it is sufficient to invest CAD 500,000 in the business, regardless of where you intend to operate the business (including the Greater Toronto Area).
You must own at least 33% of the business if the business has multiple owners.
• Must create two jobs for Canadian citizens or permanent residents. The jobs must be created at least 10 months before the end of the probationary period.
• Demonstrate English or French language proficiency at least CLB 5.
How the immigration process works
Before applying for this program, you must choose the business you plan to operate in Canada and prepare a detailed business plan. It is crucial to understand that choosing the type of business, developing a growth strategy, and creating a realistic business plan are critical to the entire immigration process.
Once the business plan is prepared and all documents are ready, an application is submitted through the Expression of Interest (EOI) system. Selection will be based on the business plan review and the number of points accumulated based on several criteria.
The provincial immigration authorities will regularly conduct draws (every 120 days) and select applicants who are of the greatest interest. They will be issued an Invitation to Apply for a complete package of documents.
After receiving the Invitation to Apply, you must submit a complete package of documents, including the immigration application, to the provincial immigration authorities. As a condition, the realism and potential of your business (based on the business plan) must be assessed by an organization from a list approved by the provincial immigration authorities. This same organization must verify the indicators of your previous business and the source of your liquid assets, as well as assess their current value.
You are given 90 days to submit the application and for the third-party document verification, so documents must be prepared in advance.
If a positive decision is made on your application and submitted documents, you will be issued a temporary work permit for 2 years, allowing you to live in Canada and operate the business.
If your application submitted to the Expression of Interest system (initial stage) is not selected within 12 months, it is removed from the system. After your application is removed, you may submit a new application with an updated business plan and updated information.
Obtaining permanent resident status in Canada
A feature of the new program is that you do not receive permanent resident status immediately – initially you are issued only a temporary work permit for 2 years.
To obtain permanent resident status in Canada, you must fulfill the program requirements within 2 years, including the following:
• Establish a new or purchase an existing business, making the required investments (at least CAD 500,000);
• Create at least two jobs. The jobs must be created no later than 10 months before you apply to have met the program requirements;
• Pass an English or French language exam at a level not lower than CLB 5;
• Reside in the province of Ontario for at least 75% of the time (9 months per year).
If you have fulfilled all the requirements of the Performance Agreement, you will be nominated by the province of Ontario for permanent resident status in Canada. After receiving the nomination from the province of Ontario, you must within 6 months apply for immigration to the federal Ministry of Citizenship and Immigration (IRCC). After your case is reviewed, you will be granted permanent resident status in Canada.
Additional points
All applicants will be interviewed without fail. An exploratory visit to the province will be of great importance. In the case of starting a new business, such a visit is highly desirable but not mandatory. In the case of purchasing an existing business (or a share in an existing business), an exploratory visit is mandatory.
Provincial immigration authorities reserve the right to conduct inspections within three years after issuing you a nomination for permanent residence status to monitor how your business is developing. If you violate the terms of the nomination (for example, close the business, withdraw invested funds, or commit similar actions), you may be stripped of your Canadian permanent residence status.
Financial Costs
The application processing fee is 3,500 Canadian dollars. You must also pay for the services of a third party that will evaluate your business plan and the documents you provide regarding your business or work experience, sources of funds, and available liquid assets. You will be provided with a list of such organizations from which you can choose whom to contact.
The cost of such organizations' work usually ranges from 3,000 to 5,000 Canadian dollars, depending on the volume of work on your documents. The result of their work will be a Verification Report, which they must prepare within a maximum of two months from the day they receive all necessary documents from you, and which you must submit to the provincial immigration authorities together with your application.
Conclusion
It appears that the new Ontario program may become a prototype for a new federal program for entrepreneurs and for modifications to immigration programs for businesspeople in other provinces. It is worth noting that the new program formalizes an approach that has previously appeared in other immigration programs and that will apparently become a mandatory element of Canada's new immigration policy. This means that you must first fulfill the program conditions for two years, and only then will you be granted permanent residence status.
In particular, this approach is already entrenched in the federal Start-Up Visa program for businesspeople and in a number of provincial business programs. Moreover, the family sponsorship program for spouses also has a similar rule—permanent residence status is granted only after two years from the completion of the immigration process and entry into Canada.
If we compare with the former federal Entrepreneur program, to which the new Ontario program bears a great resemblance, the investment amounts have changed—from 300,000 under the former federal program to a minimum of 500,000 under the new Ontario program. This is quite understandable, as the conditions of the former federal program were developed more than 20 years ago, and the previous amounts required adjustment even based on the inflation rate over the years.
It cannot be ruled out that the new Canadian government will soon open a similar program at the federal level. At least, the new Ontario program provides grounds for such thinking.
Read the continuation of the article:
ОНТАРИО ЖДЕТ БИЗНЕСМЕНОВ. Часть 2 – Corporate Stream