Ontario opens Entrepreneur & Corporate Stream for foreign investors
Canada’s province Ontario, renowned for being a pioneer in direct investment among other Canadian provinces and North America, has opened yet 2 additional streams for inviting foreign investors under business immigration programs. The province has introduced the Entrepreneur Stream and the Corporate Stream.
Ontario currently has Ontario Immigrant Nominee Program (OINP) which allows it to nominate investors whose business investments will benefit Canadian labor market. The 2 newly introduced streams will work under OINP.
This stream is for investors who wish to start a new business in Ontario or wish to buy an existing business. It follows Express of Interest (EOI) model and eligible investors have to first receive an invitation post which they can submit the application under the business stream. Applicants who receive an EOI, are issued a temporary work permit support letter. The investor has to furnish a performance agreement which details the business proposal and how it will benefit Canadian labor market in terms of investment and job creation in the province. On achieving the outlined prospects in performance agreement; entrepreneurs will be nominated for Canadian PR status through OINP.
The Corporate Stream
This stream is for international corporations who are already established in a country and are looking for business expansion in Ontario or buy an existing business. On successful establishment of business, the key stakeholders can apply for provincial nomination certificate and upon approval, they are granted Canadian PR. This stream crucially analysis aspects like investment involved, the minimum number of local jobs predicted to be created in Ontario, key stakeholders background etc.
The new streams replace OINP Investor Category and are expected to be of great benefit for both Canada as well as foreign entrepreneurs who wish to make Canada as their place of business settlement or expansion. Above all successful applicants to either of these streams will have an opportunity to expand their careers and portfolios in a promising region of North America.
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