The Entrepreneur Immigration Stream: Opportunities in B.C. and Ontario
Canada has many immigration opportunities for those with a wide range of experiences, including those with a dream of starting their own business. Business Immigration offers PR for the complete family including dependents up to the age of 22. And therefore presents a lucrative opportunity to enter Canada along with your loved ones. This includes two popular business-oriented immigration programs in some of the most populous provinces, Ontario and B.C. Ontario has the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream, which has undergone several changes recently. Meanwhile, on the west coast in British Columbia, there is the B.C. Entrepreneur Immigration Stream.
British Columbia’s Entrepreneur Immigration Stream
The British Columbia Entrepreneur Immigration Stream encourages potential business owners to settle in British Columbia and start their own business. It works in tandem with the British Columbia Provincial Nominee Program (BCPNP) to provide the entrepreneurs with the opportunity to qualify for provincial nominations. For entrepreneurs, these provincial nominations allow them to pursue Canadian permanent residence. After gaining the nomination certificate from the province, they apply for permanent residence with Immigration, Refugees and Citizenship Canada (IRCC). The provincial nomination is usually given once an applicant meets all conditions of the performance agreement (signed with the province). The period is usually 20 months after the start of the business.
To qualify for the BC Entrepreneur Immigration Stream, candidates must make an investment of CAD $200,000 or more into their new business (or an already existing business that they will improve). Their business also needs to create one new job for a Canadian citizen or permanent resident. The program also requires that the entrepreneur should live close enough to their business which they need to oversee directly
Ontario’s OINP Entrepreneur Stream
Similar to the British Columbia and PEI entrepreneur streams, the Ontario Immigrant Nominee Program (OINP) Entrepreneur Stream is aimed at potential business operators who want to set up shop in Ontario. Like the B.C. program, successful entrepreneurs can potentially obtain a provincial nomination and eventually Canadian permanent residence. Since Ontario is home to some of Canada’s largest cities, including the bustling Toronto and the national capital Ottawa, it is a very promising place to set up a business.
The eligibility for the OINP Entrepreneur Stream has recently been revised to make it more lucrative. It requires applicants to have a minimum net worth, but it is dependant on the location of the business. Applicants are required to have a net worth of $800,000 if they are proposing a business in the Greater Toronto Area (GTA). But if they are proposing a business outside of the GTA, their net worth must be at least $400,000. However, if the business owner is proposing digital communications or ICT businesses, the minimum net worth requirement is $400,000 for anywhere in the province.
If they meet the net worth requirements, entrepreneurs then have to invest $600,000 or more if their business is in the GTA. However, outside of the GTA they need to invest at least $200,000 into their business. Regardless of location, they must own a minimum of 33 per cent of the business.
Qualifications for Ontario Stream
To qualify, the business owner needs to receive a Canadian Language Benchmark (CLB) score of 4 or higher. Their business must create two or more full-time jobs for Canadians (either citizens or permanent residents) in the GTA. Or, if the business is outside of the GTA or an ICT/digital communications business, they must create one full-time job. They also must have 24 months of full-time business experience as a senior manager or owner in the past 60 months. Finally, they must live in Ontario after getting the work permit and 75% of their time should be devoted to taking care of and managing their business.
Receive Immigration Consultation
If you are considering applying for either of these entrepreneurial immigration streams but would like a consultation before proceeding, our team of professionals can help you make your way. For help finding your path to Canada, contact our consultants by calling us at +91 84486 30755, +91-9953552224 or sending an email to email@example.com.