Ontario invites 24 immigrant entrepreneurs in new draw
Ontario has issued 24 invitations to apply under the Entrepreneur Stream.
The Ontario Immigrant Nominee Program (OINP) held the draw on June 24. Candidates who received their Expressions of Interest (EOIs) scores between November 22, 2019 and June 19, 2020 were considered for this draw.
Invitations were issued to candidates who had EOI scores between 134 and 200.
This is the third draw of its kind in 2020, bringing the total number of entrepreneurs invited up to 70.
Eligibility requirements for the Entrepreneur stream depend on where in Ontario the business is being proposed. Recent reforms have also lowered minimum net worth and investment requirements.
The required net worth for the proposed business within the Greater Toronto Area (GTA) is now $800,000, down from $1.5 million, and the required investment is now $600,000 down from $1 million.
Entrepreneurs looking outside the GTA need $400,00 in net worth instead of $800,000. They now need a minimum investment of $200,000 instead of $500,00.
Candidates need 24 months of business experience as an owner or senior manager within the past 60 months. Previously, candidates needed 36 months of experience within the same timeframe.
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