Under Canadian Provincial Nominee Programs (PNP), the local government of Canada’s provinces and territories nominate foreign nationals for permanent residence (PR) to the federal government. Entrepreneurs who wish to set up or purchase a business in one of Canada’s most stable economic regions – Ontario – must explore the Ontario PNP Entrepreneur Stream.
To demonstrate eligibility, aspirants under this stream must prove that they fulfill mandatory requirements related to business viability including net worth (CAD $400,000 or CAD $800,000), investment funds (CAD $200,000 or CAD $600,000), equity, employment generation (create at least two jobs), business experience (24 months), etc. – as well as some general business requirements. Eligible entrepreneurs can pursue the following three-stage process:
Step 1: Submit an Expression of Interest under Ontario’s PNP Canada Entrepreneur Stream. The most highly-qualified candidates are invited to apply for nomination. Once the application is submitted, the entrepreneur(s) must appear for an interview in Toronto. If the application is approved, they must sign a performance agreement.
Step 2: Apply to the federal government authority – Immigration, Refugees and Citizenship Canada (IRCC) – for a temporary work permit. Once the permit is issued, establish the business in Ontario within 20 months. If the business meets pre-determined requirements, OINP will request documentation to verify eligibility for provincial nomination.
Step 3: Once nominated, apply for permanent residence to IRCC either online via Express Entry or through a paper-based process. If approved, IRCC will issue the Canada PR Visa to the applicant.
To understand the detailed eligibility requirements for the Ontario PNP and run a profitable business in a conducive economic environment – with the added perks of permanent residence in Canada’s most immigrant-friendly province – contact the experienced consultants at Abhinav Immigration services, who have been delivering customized immigration solutions to businesspersons, investors and new entrepreneurs for over 25 years.
