Ontario has a plan to welcome around 100 immigrant entrepreneurs

Ontario welcome around 100 immigrant entrepreneurs

Over the next two years, Ontario is looking for 100 immigrant entrepreneurs to start or grow businesses in areas outside of the Greater Toronto Area.

Interested business owners and developers can apply under the Ontario Immigrant Nominee Program’s existing Entrepreneur Stream (OINP). Each selected entrepreneur will be expected to invest a minimum of $200,000 in their company. Once an applicant’s business has been operating in Ontario for 18 to 20 months, they may be eligible for a provincial nomination. They can utilize the nomination to apply for Canadian immigration through the federal government

According to a government press release, the recruitment endeavor aims to create more local jobs and assist regions that have been heavily hit by pandemic job losses. It would cost the provincial government an estimated $6 million, which will be returned by immigrants who come to Ontario to create or acquire a business, according to Ontario’s labor minister, Monte McNaughton. These newcomer entrepreneurs are expected to bring in $20 million in company investment and create jobs in the province.

“We want individuals across Ontario—no matter where they live—to find rewarding, well-paying professions in their communities as we continue to rebuild,” McNaughton said in the announcement. “Our government is working for workers and expanding the employment and possibilities that entrepreneurs bring to every region of our province, not just the main cities,” said the premier.

Since its inception in 2015, the province has only issued two nominations through the Entrepreneur Stream. To remedy this, the province claims that this new project will assist entrepreneurs in finding the greatest business prospects for them.

The government’s efforts to lure more immigrants to Ontario are being bolstered by this program. So far this year, the province has taken steps such as streamlining the provincial nomination application process and making it easier for globally trained individuals to work in regulated professions.

More immigration has been pushed by the Ontario government. Minister McNaughton has asked the federal government to increase Ontario’s allocation in 2022 from the 8,600 immigrants the province was allowed to nominate in 2021 to 20,000 in 2022.

According to the most recent available data, Canada accepted 313,838 immigrants between January and October 2021.

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