Ontario Closed OINP Entrepreneur Stream on Nov 04 2024

Ontario Closed OINP Entrepreneur Stream on Nov 04 2024

A new update is now seen in the OINP. Yes, Ontario closed OINP Entrepreneur Stream on Nov 04 2024. This move comes after the province paused application intake on Dec 04, 2023.

However, applicants whose applications are being processed must meet the updated regulations.

Entrepreneurs choose the best PR pathway with GVI

Summary of updated regulations as Ontario closed OINP Entrepreneur Stream

• Financial Commitments: Firstly, you must invest a reasonable amount of funds in your business. But this does not include cash reserves or salaries for themselves or family members.
• Job Creation: Secondly, within 20 months of starting your business in Ontario, you must focus on creating jobs. The job roles must align with data from the Government of Canada job bank.
• Hiring Restrictions: Also, you can only hire Canadian citizens or PR holders for your job positions.
• Active Management: Besides, you must actively run and manage your business.
• Residency Requirement: Applicants need to live in Ontario for at least 75% of the time while starting their business.
• Business Control: Applicants must own at least one-third of the business and ensure that the income primarily comes from active business operations rather than passive income (like investments).
• Legal Compliance: You need to make sure your business follows all applicable rules and regulations whether at federal, provincial, or municipal levels.
• Permanent Operations: Moreover, your business should be running year-round and not just for a short term or during certain seasons.
• Third-Party Financing: While taking loans you must do so from approved banks or financial investors.
• Ownership Transfer: If buying an existing business, you must have complete ownership of the same. Also, you must invest in it to improve business and keep current jobs with the same wage rates and terms.
• Ineligible Businesses: Moreover, there are certain business types you cannot run, whether you are in the Greater Toronto Area or not.
• Performance Agreement: Further, you need to sign an agreement with the Canada government. Also, you must meet the agreement terms within 20 months of being in Ontario.

Ontario may have closed OINP Entrepreneur Stream, but the applicants whose application is processing must meet the above terms. By doing so they can secure a provincial nomination to further apply for a Canada PR visa.

Ontario Entrepreneur Stream Closed: Alternative Options for Entrepreneurs

As Ontario closed OINP Entrepreneur Stream on Nov 04 2024, the question arises, which pathway is best for entrepreneurs to get a Canada PR visa? The good news is Canada offers a multitude of options.

You can either choose a direct permanent residency pathway such as a Federal Start-Up Visa or Self Employed Person’s Program OR opt for entrepreneur streams under the PNP.

Irrespective of your choice, Global Vision Immigration (GVI) can help you in the best way. Because as a Canadian CICC-licensed immigration firm, we know what it takes to set up and run a business in Canada.

In short, take our Free Assessment or Contact Us to connect with our Canada Business Immigration Experts. Apply With GVI!

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