The province of Ontario released a reboot of their Entrepreneur Stream through their Ontario Immigrant Nominee Program (OINP) which is expected to generate $20 million in business investment and create good local jobs. The change comes after the previous initiative launched in 2015 by the former Liberal government issued only two nominations for permanent residency through the Entrepreneur Stream.
During the same conference, the Ontario government has also called on the federal government to increase the number of immigrants allowed under OINP from 9,000 to 18,000 per year. The OINP is a great way for Ontario to attract skilled and in-demand labour to the province of Ontario and help the province recover after the pandemic.
New Ontario Entrepreneur Stream
In an effort to further help the post-pandemic growth, the province of Ontario is starting a two-year entrepreneur initiative with the intention to recruit 100 international entrepreneurs to start or develop businesses outside of the Greater Toronto Area (GTA).
These nominations will be through the Entrepreneur Stream of the Ontario Immigrant Nominee Program (OINP).
The goal of this initiative is to help create more local jobs in various sectors of the economy including information technology, life sciences, and tourism and bring new investment opportunities to regions sometimes overlooked by entrepreneurs.
To be considered, the applicants will be required to invest a minimum of $200,000 into their business. Applicants will be nominated for permanent residency once their business is operating in Ontario for a period of 18-20 months.
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