OINP is the business stream for the entrepreneurs from outside Canada looking to start a new business or buy an existing business in Ontario. It is an immigration stream under the Ontario Immigrant Nominee Program (OINP); established under the Ontario Immigration Act, 2015 and its regulations. (last amendment was on done on November 23, 2021. For an application to be approved, one must adhere to the process and meet the criteria established under the regulations. It provides an entrepreneur with the chance to be nominated for permanent residence once their business has been established in Ontario (together with up to one foreign national business partner. If selected, the next step is to submit an application to the federal government through Immigration, Refugees and Citizenship Canada (IRCC) and who becomes a permanent resident is ultimately decided by them.
It Is Basically A Two Stage Process:
Stage 1
• Send an email expressing your interest.
• Submit an online application if chosen.
• You must show up for a required interview with your business partner, if applicable.
• You must sign a performance agreement if your stage 1 application is approved.
Stage 2
A temporary work permit support letter is issued in order to submit an application for a temporary work visa to IRCC.
• Setting Up Your Business – Applicants have 20 months from the date they arrive in Ontario to put your business plan into action and submit a final report. If your business meets all requirements, you are then asked for documentation to make sure your nomination for permanent residency is acceptable.
There are certain points which need to be kept in mind before an expression of interest is put on records:
• The mandatory requirements need to be met.
• The listicle of unacceptable types of professions need to be examined.
• An in depth understanding of the expression of interest process is must.
• Go through the registration instructions.
Minimum Standards That Must Be Met In Stage 1
For you to be eligible for nomination as a permanent resident under the Entrepreneur Stream, you must be able to show that you will run a successful company that will likely contribute significantly to either the local economy of Ontario or the state's overall economy.
If appropriate, both you and one foreign business partner must satisfy the eligibility conditions.
You must offer supporting paperwork to prove your eligibility if you are invited to submit an application.
This involves proving that you meet the requirements you stated when registering your expression of interest.
Please To Note, Your Application Must Be Submitted Within 90 Days Of Getting An Invitation.
Business Exposure
You must have at least 24 months of recent, full-time work experience in business. In the most recent 60 months, you must have at least 24 months of full-time work experience in business. You must have prior experience as a senior manager or a business owner (business administration).
You had to be a business owner who had a significant part in the operation and held at least a third of the company's stock.
You must have overseen all or a portion of the day-to-day activities of the company as a senior management with senior decision-making responsibilities.
Net Value --You ( the candidate) must have a certain level of personal wealth.
Not just the minimum, but all of your own net worth must be legitimately acquired and traceable.
You must have a minimum personal net worth of $800,000 Canadian inside the Greater Toronto Area (the City of Toronto and the regions of Durham, Halton, York, and Peel) and $400,000 Canadian outside the Greater Toronto Area. All by you, because your spouse's personal net worth is not included in your own.
Investment Money With No Less Than Level Of Equity
Your personal net worth must be used for the absolute minimal investments in your firm.
When Deciding Where To Locate Your Planned Business:
The applicant must put down a minimum of $600,000 in Canadian on your own behalf inside the Greater Toronto Area where, a minimum personal investment of $200,000 Canadian is required outside of the Greater Toronto Area.
At least one-third of the company's equity must be under your control.
Additionally, regardless of the location of your proposed firm, you must make a minimum personal investment of $200,000 Canadian and hold at least one-third of the equity in the company provided it is in the information technology /digital communications sector.
Please remember that while passive assets, such as mutual and/or pooling fund securities, are eligible to satisfy the minimum personal net worth threshold, they are not permitted to be included in an applicant's required business yield to maturity.
Along with the above mentioned, It is must for an applicant to vigorously involve himself on a continuous basis in the governing of business. Profitability must be the main goal of capital investments in the company. Applicant is not allowed to obtain dividends, interest, or capital gains.
For more information, please contact us.