October 30, 2015 – the Province of Ontario announced today that it will launch two new programs as part of its Ontario Immigrant Nominee Program (OINP): The Corporate Stream and the Entrepreneur Stream. The new programs, to be launched later this fall, replace the Ontario Investor Component program.
As of October 29, 2015, no new applications to the Ontario Investor Component program will be accepted. All applications received on, or before, October 29, 2015 will be processed under the criteria as it existed on the date the application was made.
The Entrepreneur Stream
The Entrepreneur Stream is designed to support foreign nationals who are looking to implement new business initiatives or buy existing businesses in Ontario. The program offers entrepreneurs the opportunity to be nominated for permanent residence once they have established their business in Ontario.
In order to be eligible, entrepreneurs must:
- Make a minimum investment of $500,000 CDN
- Have a minimum net worth of $800,000 CDN
- Meet minimum program requirements, including language, within two years, prior to being nominated
The Corporate Stream
The Corporate Stream is designed to support established international corporations seeking to expand into Ontario, or to buy existing Ontario businesses. Key international staff are eligible to apply for a nomination leading to permanent residence.
In order to be eligible, an international corporate must:
- Invest a minimum of $5,000,000 CDN in a new or existing business
- 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
Key staff will have two years to demonstrate minimum language requirement prior to being nominated.
No launch date has been announced for these programs, and other program criteria will likely apply. Green and Spiegel will continue to track these exciting program developments.
If you have any questions about provincial nominee programs or would like assistance in making an application, please contact Green and Spiegel.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.