On September 25, 2023, the Canadian province of Ontario took a significant step in welcoming international entrepreneurs by conducting a draw for its Entrepreneur Stream under the Ontario Immigrant Nominee Program (OINP). This draw, the fifth of its kind in 2023, saw the province extend invitations to 10 candidates seeking to make Ontario their new home through entrepreneurial ventures.
The Entrepreneur Stream Draw: September 25, 2023
Ontario’s Entrepreneur Stream aims to attract individuals with innovative business ideas and the capability to invest in the province’s economy. In the most recent draw, conducted on September 25, 2023, the OINP issued invitations to 10 candidates from the Expression of Interest (EOI) system pool. These aspiring entrepreneurs demonstrated their readiness to invest in Ontario, with their EOI scores falling within a competitive range of 136 to 163.
The Entrepreneur Stream: A Pathway to Permanent Residency
It is a crucial pathway for international entrepreneurs who are seeking Canadian permanent residency in Ontario. This stream also provides a great opportunity for entrepreneurs who wish to invest in new business or acquire an existing business.
Highlights of the Entrepreneur Stream
The stream is tailored for ambitious entrepreneurs residing outside Canada. It caters to those who possess a genuine interest in either launching a new business venture or acquiring an established one in Ontario.
Foreign Business Partner
Entrepreneurs applying through this stream can bring along one foreign national business partner to join them in their entrepreneurial journey in Ontario.
The ultimate goal for candidates in this stream is to secure Permanent Resident (PR) status in Canada, specifically in the province of Ontario. PR status allows individuals to live, work, and contribute to the Canadian economy on a long-term basis.
The Nomination Process
Once a candidate successfully receives a nomination through the Entrepreneur Stream, the next pivotal step involves applying to the federal government through Immigration, Refugees and Citizenship Canada (IRCC). IRCC has the final authority for determining the decision on the candidate’s PR status. On September 25, 2023, Ontario proved its dedication to prioritizing economic growth, innovation, and diversity by providing a pathway for international entrepreneurs to establish themselves in the province. Aspiring entrepreneurs who receive nominations through this stream not only contribute to Ontario’s economy but also have the opportunity to make lasting contributions to Canadian society.