Ontario is planning to welcome around 100 business owners. This is for a business person who is willing to commence their business in Canada. They are specifically targeting outside regions of Greater Toronto. The goal is to get this implemented within the next two years.
Ontario Immigrant Nominee Program (OINP) is a pathway for interested candidates for this opportunity. Entrepreneur Stream under OINP allows an applicant to apply for entrepreneurial immigration, provided they have at least $200,000 to invest.
Once the business is functional for at least 18 months, the applicant may become eligible for a nomination from Ontario. The nomination can be utilized while applying for federal streams.
The project is targeted at the specific regions that were hit hard by the pandemic. It is to support and create more jobs for the unemployed population. It is estimated that it will cost around $6 million to the government, which they are hoping to get repaid by entrepreneurs. They are estimated to generate around $20 million in investment, which will help create more job vacancies.
Ontario’s labour minister Monte McNaughton stated that the government is trying to support people by bringing in more business which will help them find more rewarding career options to choose from. He added that the government is working hard to spread more such opportunities so small provinces can thrive post-pandemic, not just the big cities.
So far, Ontario has given only two nominations since the inception of Entrepreneur Stream. The new project will help tackle this situation, creating more opportunities for foreign business people as well as local jobseekers.
The project aids the government’s effort of bringing more immigrants to the province. This year, Ontario has made major changes and streamlined its immigration systems for nomination. They have also made it much simpler for skilled foreign nationals to come and serve in some specific fields.
The government of Ontario is attempting all the measures to improve the immigration number. The labour minister of the province has requested the federal government to increase the allotted nomination number for the province. IN 2021, it stood at 8,600, which they are demanding to increase two times.
Till October, the country has been able to onboard over 300,000 immigrants this year. This is as per the latest data made available by the government.
