Ontario Announces two new Business Immigration Streams
Posted on November 10, 2015
The Canadian province of Ontario has announced that two new business streams for Canadian immigration will be launched in the near future. The Entrepreneur stream and the Corporate stream will be part of the Opportunities Ontario Provincial Nominee Program (OOPNP), which allows the province to nominate individuals for immigration to Canada based on provincial and local labour market needs.
Ontario has also announced that it has closed its Investor stream. As of October 29, 2015, no new applications to the Investor stream will be accepted.
As the most populous province in Canada and the leader in attracting foreign direct investment of any province or state in North America, the two new business streams are likely to be popular.*Canada’s largest city, Toronto, is located in Southern Ontario, close to other major North American markets.
OOPNP Entrepreneur Stream
The OOPNP Entrepreneur Stream is designed to attract individuals who are looking to implement a new business initiative or buy an existing business in Ontario. Successful applicants will obtain a temporary work permit support letter – based on a performance agreement – to establish the business in Ontario. If the investment and job creation agreements outlined in the performance agreement are adhered to, entrepreneurs will have the opportunity to be nominated for Canadian permanent resident status.
In order to be eligible, applicants must:
• Make a minimum investment of $500,000 CDN, depending on location and sector;
• Have a minimum net worth of $800,000 CDN, depending on location and sector;
• Meet minimum program requirements, including language proficiency, within two years, prior to being nominated; and
• Create at least two full-time, permanent jobs for Canadian citizens or permanent residents.
Other criteria will be announced in due course.
OOPNP Corporate Stream
The OOPNP Corporate Stream helps and supports established international corporations looking to expand into Ontario or buy an existing business. Once the business has been successfully established, key staff are eligible to apply for a provincial nomination certificate, allowing them to eventually become permanent residents of Canada.
In order to be eligible, international corporations must:
• Invest a minimum of $5,000,000 CDN in a new or existing business in Ontario;
• Currently employ key staff seeking nominations, and these key staff must be essential to the business operation in Ontario;
• Create five full-time permanent positions for Canadian citizens or permanent residents for each nominee position being sought; and
• Key staff nominees will have two years to demonstrate a minimum language requirement prior to permanent residence nomination
No launch date has been announced for these programs, and other program criteria will likely apply.
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